What's up everybody how's it going I know I've been away from YouTube for far too long now it's been almost three months since my last video life got in the way I am back with a vengeance I've got some Banger videos already filmed and coming very soon including this oneWhat better way to come back to YouTube than by diving into the state of the tech industry in 2023. I want to look at two things layoffs and hiring I did a lot of videos in late 2022 and a few in early 2023 January February where ITalked about all that was going on with the tech industry but a lot has happened since there's been three four five months in some of those videos and so let's jump into layoffs so layoffs it's no secret we have been having layoff announcement after a layoff announcement after a layoff announcement fromCompanies of all shapes sizes colors and flavors we've had layoffs from small companies from big companies from companies that aren't profitable from companies that are profitable from struggling companies from thrive driving companies you get the idea it seems like every single company is affected no company is immune to layoffs to goThrough a few of the recent examples we've had Clubhouse which was super popular in early 2021 mid-2021 which apparently laid off 50 of its staff recently we've had Lyft which is not a profitable company that laid off 26 percent of its staff and apparently paused hiring or eliminated like 250Open positions we've had layoffs from big fan companies again like the second or third wave of layoffs from them meta Amazon now LinkedIn which isn't really Fang but it's owned by Microsoft and Linkedin is just a company that is not you know struggling right now but theyDid a layoff and then even companies like Dropbox and Shopify that are profitable they are not companies that are really struggling Dropbox did say that they're slowing down growth wise because you know they're a mature company but overall they're not struggling yet they did layoffs so ofCourse here it begs the question what is happening is the tech industry imploding it feels like this death spiral of Doom and Gloom and terrible news and I am here to tell you that that is not quite the truth that is not quite what is happening the real truth is thatBasically every single company out there not all but most including the most successful ones the biggest names in the game like Google like Facebook like Shopify they all made huge mistakes over the last let's say five years or so but especially the last couple of yearsWhere they over hired if they were not profitable companies or if they were struggling companies this was particularly harmful to them but even if they were successful even if they were profitable over hiring hiring people whether it be Engineers or recruiters or marketers or whatever that you do notActually need for your business who are not actually useful for your business not because they're bad employees not because they're bad people but because you just don't need them is silly to say the least and so they had to do these layoffs and here it's important to kindOf not fall into the Trap of just blaming these companies because you feel bad for the people who got laid off which is totally fair we should feel bad for them and hopefully you know they will all rebound and recover and find better you know new jobs but the truthOf the matter is that these companies had to do these layoffs I know that Shopify a CEO apparently uh compared the employees and the teams and projects that he was cutting from the company to Side Quests in a video game and although that might not have been the mostTasteful comparison it's exactly the issue all these companies started doing these side quests which they had no business doing it's like if you started subscribing to five different streaming services like Netflix Hulu Disney plus Amazon Prime video Apple TV you get the idea and now you realize wait a secondI'm not watching any of their shows or movies on any of these streaming services I'm just watching Clement on YouTube you know why would you stay subscribed to them so that's what happened and I think we are reaching the point where companies they've realized this they've done the layoffs they'veTaken the Band-Aid off and I think we're approaching the end rest assured that these companies do not want to perform layoffs first of all most of the people running these companies are not like devoid of emotion and empathy they don't enjoy ruining families and people's livelihoods but also they realize thatIt is also not a good look on their company to be performing layoffs especially multiple waves of layoffs for example at meta you know it's been clear that there's been a lot of uproar amongst employees like morale is down because of these layoffs also to be clear there are only so many employeesThat certain companies can lay off a lot of companies do have a minimum threshold past which they can no longer function and not every company can sort of do a giant makeover or redo like Twitter two point know for example so I do think we're nearing that end of layoffs butNow let's look at the state of a hiring which kind of goes hand in hand with layoffs so I have three data points that suggest to me that we are reaching a sort of uh promising moment in time for the state of tech hiring in 2023 and inThe future the first data point is going to be my company algo expert as a lot of you know I run algoexpert.io which helps software Engineers prepare for technical interviews coding interviews front-end interviews ml systems design and we have a few other products coming down the pipeline now our product and Company isDirectly tied to hiring the state of hiring if there's a lot of hiring going on then there's going to be a lot of demand for our product and therefore we will be thriving and if there's less hiring going on we are going to suffer along with it now we have certainly seenAn impact from everything that's been going on in the tech industry if we compare q1 2023 the last you know three months or first three months of the year compared to q1 2022 we are doing quite a bit worse than back then when things were completely euphoric in in the techIndustry and hiring in general however we still have a lot of demand we still have a lot of new customers first-time customers and tremendous usage on the platform which suggests that there is still hiring and interviewing going on otherwise the platform will just you know be completely dead which isAbsolutely not the case and this makes sense there are a lot of companies out there that are hiring right now and I'll touch on them in just a second and so if you're a software engineer who's interviewing at a company like that you're going to want to prep for yourInterviews and you're going to go to algoexpert.io and use the promo code clemclm to prep for those interviews now this goes hand in hand with the second data point that I have to share with you which is this website called true up dot IO I'll put a link to it in theDescription below I'm not affiliated to this website but it basically tracks the number of open tech jobs at any given moment and it's done so since the beginning of 2022. now as you can see this is a pretty Grim chart but it does have one promising sort of aspect to itGrim because it basically starts out you know super high goes even higher with a sort of like little bump at the beginning of 2022 and then just goes down and down and down and down that would be interesting to see the data for before 2022 I would love to see like2020 2021 or even 2019 I think we would have just seen like this huge you know upwards trending maybe linear curve that starts to get exponential that Peaks at this sort of like little Hill at the beginning of 2022 the q1 2022 and then we start to go down down and down butYou will notice this little glimmer of hope which is that at the beginning of 2023 or rather since the beginning since around late January early February we seem to have plateaued in the number of open jobs at any given time and mind you these are jobs that Tech unicorns at BigTech companies like Fang at startups Etc and so we seem to have plateaued it's been like three months now that we've been in the same sort of range as going up and down or like a stable coin and this suggests that maybe the bulk of theDamage has been done to hiring in the tech industry now of course some of you might be you know performing technical analysis on this chart and saying well Clement maybe we are just consolidating before we get another leg down and that could happen I'm not going to sit hereAnd tell you it's certainly not going to happen however if we rationalize about this and we think about you know what caused this chart to go down for example the fact that virtually no Fan company right now is hiring like all fan companies the biggest tech companies outThere that we're hiring the most have effectively entirely paused hiring or almost entirely right that caused a huge dip in this chart but now there are no more jobs that they can close because they have closed all of them or basically all of them so for them which are the biggest players biggestContributors to this chart the only way now is either flat or up right and then you look at a bunch of other companies which are doing it's the same thing right a bunch of other companies that have completely paused hiring like the lifts of the world or the startups likeClubhouse they've paused hiring or they've completely laid off you know tons of people and are no longer hiring for a while and eventually they will probably start to rehire they might not hire at the same magnitude or at the same speed so perhaps when we start toCurve back up this is going to go a little bit slower or less steep than before we may not recover to those you know insane Peaks but we will recover and then the other reason that I don't think this chart is going to suddenly break down is because all the otherCompanies right now that are effectively keeping this chart afloat don't really have a reason to stop hiring you take a look at all the companies right now that are doing decently well you know the banks the airlines the travel companies Healthcare companies these are the companies that historically over theLast five years or so were struggling to hire Tech Talent either because they hadn't gotten the memo and didn't really realize that software engineering was so important or because they just were struggling to hire Tech Talent compared to you know Fang or these Tech unicorns but now they see that they have thisOpportunity they're like oh okay like these other companies aren't hiring we still need to hire if anything we need to catch up on our Tech talent and so they have all the reason to hire quite aggressively right now so that's why I just don't think that this chart isGonna suddenly break down I think it's gonna flatten out or stay flat for the next couple of months and then maybe during the summer during the the you know fall it's going to start creep back up and we will see the speed at which it does so the third and final data pointThat I have is a little bit more anecdotal but it's the data point that there are certain companies in certain industries and I guess I touched on some of them like banking Healthcare traveling but that are still doing well and that are still hiring namely if youRemember a video that I made at the end of 2022 I think where I predicted three big trends that I saw in tech for the 2020s namely blockchain development mlai and iot internet of things we can clearly see so far that some of these Trends have turned out to be true andHere I'm not trying to Pat myself on the back this is not some sort of like genius prediction but the truth is like the blockchain industry whether you agree with me or not based on asset prices is doing very well there's huge amounts of Investments and development like software development happening andBuilding in the blockchain industry right now and mlai I don't think I need to convince anybody right now it's like blowing up and so you can look at a couple of anecdotal examples like companies in those Industries and you'll see that they're hiring aggressively like open ai go to their jobs pageYou'll see they have quite a few engineering jobs open you look at chain link Labs chain link Labs is a crypto company I actually interviewed a couple of their Engineers a few months ago and posted the videos on his channel he would look at their job stage they'reHiring tons of Engineers and not just blockchain Engineers although they are hiring blockchain Engineers if you want to learn blockchain development check out blockchain expert on algo expert but they're also hiring front-end developers they're also hiring back-end engineers and for engineers because all these companies while they might beSpecializing in a niche they still need these other other types of software Engineers they still need like normal software Engineers you know the ones that we know and love front and back-end infra and these two companies that I named are not the only two in their respective spaces that are doing wellRight now and that are hiring there are many other companies like them that are hiring and so this is my third data point that suggests that there is still at least some amount a decent amount of hiring activity happening in the tech industry right now in 2023. that's whatI've got for you let me know what you think about it in the comments below don't forget to smash the like button if you enjoyed the video subscribe to the channel if you haven't already follow me on LinkedIn and Twitter if you enjoy the short former and content Instagram ifYou like pictures and I will see you in the next video