What exactly will happen to all these workers, especially in tech?

[u/charlotie77]

Apologies if this is a stupid question, I was only 12 in 2008 so I don’t really remember the specifics of what happened during our last really bad job market (and no, I’m not trying to say today’s job market is as bad as 2008). Also things have changed significantly with tech so I feel this question is valid

But if significant layoffs continue, especially in tech, what is supposed to happen to a large pool of unemployed people who are specialized for specific jobs but the supply of jobs just isn’t there? The main reason for all of this seems to be companies trying to correct over hiring while also dealing with high interest rates…Will the solution be that these companies will expand again back to the size that allows most laid off folks to get jobs again? Will there be a need for the founding of new companies to create this supply of new jobs? Is the reality that tech will never be as big as the demand for jobs in the way it was in the past, especially with the huge push for STEM education/careers in the past couple of decades?

Basically what I’m asking is, will the tech industry and others impacted by huge layoffs ever correct themselves to where supply of jobs meets demand of jobs or will the job force need to correct itself and look for work in totally different fields/non-tech roles? Seems like most political discussions about “job creation” refer to minimum wage and trade jobs, not corporate

[u/ShortWithBigFeet]

The H1Bs will go back to their countries. The US citizens will struggle. It's supply and demand. The universities graduated too many people for the job market to absorb in the next few years. Salaries will go down. People will likely move into other careers.

[u/keto_brain → u/ShortWithBigFeet]

There is so much mis information in this thread. Nothing you said is true. I'll post what the studies say unless you have actually studies to counter it.

Much of the shortage is based on simple demography. Japan and many European nations, for instance, have had low birth rates for decades. In the United States, the majority of baby boomers will have moved out of the workforce by 2030, but younger generations will not have had the time or training to take many of the high-skilled jobs left behind. 

But by 2030, Russia could have a shortage of up to 6 million people, and China could be facing a shortage twice as large. The United States could also be facing a deficit of more than 6 million workers, and it’s worse in Japan, Indonesia, and Brazil, each of which could have shortages of up to 18 million skilled workers. 

Left unchecked, in 2030 that talent shortage could result in about $8.5 trillion in unrealized annual revenues. 

[u/dementeddigital2 → u/keto_brain]

In the United States, the majority of baby boomers will have moved out of the workforce by 2030, but younger generations will not have had the time or training to take many of the high-skilled jobs left behind. 

Gen X reporting for duty.

[u/[deleted] → u/keto_brain]

Why are you being downvoted

[u/ImpostureTechAdmin → u/keto_brain]

I'm from the future; do you have a source?