For most of the 2020s, the technology industry seemed to be an irresistible force. During the pandemic, technology products and occupations were held up as the key drivers enabling pivots to remote work and online commerce. In the recovery phase, organisations doubled down on technology investments and hiring in an effort to quickly regain any lost momentum. Following the immediate recovery, technology continued to offer horizons for future growth, especially with the introduction of generative artificial intelligence (AI).
In mid-2024, the irresistible force met the immovable object of market realities. Tech hiring slowed, along with hiring across the general economy, as companies grappled with rising interest rates and the complexity of digital transformation. While AI hype remained high, questions of cost and efficacy started popping up, and the CrowdStrike incident in July highlighted the fragile nature of highly integrated technology stacks and the perpetual need for human intervention when technology goes awry.
The slowdown will be temporary, as all market cycles are. The larger question is what lessons businesses will learn from the current conditions. The digital fatigue and frustration that marked the early stages of the correction were a sign that organisations have not fully embraced a mindset and culture around strategic technology and the challenges of building tech-enabled workflows.
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