I spent a day researching about the 2024 coding job market

Summary

The video discusses the correlation between market trends and hiring in the tech industry, focusing on the recent layoffs and the importance of being proactive and adaptable. It advises against 'quiet quitting' and overcharging, emphasizing the value of a maker mindset, differentiating oneself, and seeking opportunities in growing markets like AI and web 3. The speaker shares tips for retaining a job in a volatile market and suggests strategies for career advancement, such as gaining internships, contributing to open-source projects, and targeting emerging tech sectors.

Takeaways

• 📉 Observe common patterns in stock and cryptocurrency markets reaching all-time highs, which may influence the job market in 2024.
• 💡 Understand that tech layoffs are common, and many people are asked to voluntarily resign, suggesting actual numbers may be higher than reported.
• 🚫 Avoid 'quiet quitting' by not just doing the bare minimum at work, as it makes you more susceptible to layoffs.
• 💰 Be cautious about overcharging for your skills, especially during economic downturns, as high salaries can make you a target for cost-cutting.
• 🔗 Increase job security by becoming indispensable to your company, as those with high dependency on your role are less likely to be let go.
• 📈 Recognize the senior engineer market and aim for positions that require 2 to 8 years of experience, which are often preferred by companies.
• 🌱 Gain experience through internships, even if underpaid, to build a portfolio and demonstrate your abilities to potential employers.
• 🏆 Aim to be in the top 5% of your field by adopting a maker mindset, differentiating yourself, and seeking outsized outcomes.
• 🎯 Focus on emerging markets like AI and web3, which are currently experiencing growth and offer opportunities for skilled engineers.
• 🛠️ Stay ahead of the curve by continuously learning and adapting to new technologies and trends in the tech industry.
• 🌟 Keep an eye on where new value is being generated, as being part of a growing market can lead to significant career opportunities.

Q & A

What is the common pattern observed in the graphs of Facebook, Amazon, Bitcoin, Ethereum, and Solana over the past 3 years?

The common pattern is that these assets have been reaching all-time highs, suggesting a trend of growth and potential market optimism.

What does the speaker suggest as a strategy to avoid being laid off in a company that might be downsizing?

The speaker advises against quiet quitting, not overcharging for one's salary, and ensuring that the company has a high dependency on you, as these factors can reduce the likelihood of being laid off.

What is the '5% rule' mentioned in the context of the remote job market?

The '5% rule' refers to the idea that among 100 people in tech, only about 5% are doing something different or exceptional to stand out and avoid being laid off, such as having a maker mindset, differentiating from the crowd, and being in the right place at the right time.

How does the speaker suggest one can gain experience in the tech field if they are struggling to get hired?

The speaker suggests getting an internship, even if it's underpaid, as it provides valuable experience and can be leveraged to appear as full-time experience. Alternatively, one can contribute to open-source projects or small bounties to gain practical experience.

What are the two markets that the speaker identifies as clear winners for the future?

The speaker identifies AI and Web 3 as the two markets that are clear winners, with AI having a high demand for problem solvers and Web 3 offering opportunities for application engineers and developers.

What advice does the speaker give for those who are not interested in pursuing a career in AI or Web 3?

The speaker advises focusing on what excites you in the tech field and learning new technologies, as passion and continuous learning will eventually lead to financial rewards in various forms.

How does the speaker view the importance of staying updated with new technologies and market trends?

The speaker emphasizes the importance of staying updated with new technologies and market trends, as it helps in differentiating oneself from the crowd and being prepared for the next big opportunity.

What is the speaker's perspective on the stress associated with market cycles and job security?

The speaker suggests that stress is inevitable in the tech industry due to market cycles, but it's important to focus on building and learning rather than getting caught up in the stress or the hype of the market.

What is the speaker's stance on the role of luck in achieving success in the tech industry?

The speaker acknowledges that luck plays a role, especially in getting the right opportunity, but emphasizes that skills and consistent effort are crucial for long-term success.

What is the speaker's advice for those who are not satisfied with their current salary or job stability?

The speaker advises considering a lower salary if job stability is more important, and to not overtax the company, especially if the company is not comfortable with high salaries during a potential downsizing.

How does the speaker propose one can maximize their chances of getting a remote job?

The speaker suggests having a maker mindset, standing out from the crowd, being in the right place at the right time, and keeping an eye on where new money or value is being generated in the tech industry.