These days much is being said about the IT sector and its current state. Is there a crisis or is it just a normal slowdown? What will be the impact for employees and people who are planning to reskill and start a career in IT? - These are just some questions that come to mind.
One thing is certain, there is change, but it is important to speak about it accurately.
Our CEO Alexandra Mechkova recently participated in an interview for Bloomberg TV, in which she touched upon those topics. Here are some key highlights:
- We are witnessing a transition to a more stable IT sector in Bulgaria, which is good for its long-term stability compared to the chaotic period in the last 2-3 years. Although there has been a decrease from the high levels seen after COVID-19, the IT sector in Bulgaria is still strong. It's growing by 11-12% yearly, which makes it a consistently appealing field (having in mind that the growth of the Bulgarian economy on an annual basis is 2-3%). As Georgi Brashnarov – president od BASCOM, says: “The crisis in the IT sector, is just a slight decline.”
- 8500 people are the newly employed in the IT industry for 2023.
- There will be an ever-growing demand for tech talent in non-tech companies (healthcare, banking, e-commerce, etc.) since all industries should digitalize to adapt to changing market requirements (according to a recent survey 2/3 of the Bulgarian companies state that their level of digitalization is “average”.)
- In Bulgaria, the prevailing situation leans more towards a halt in new appointments rather than widespread layoffs. Instances of job reductions exist, primarily within global companies that occasionally make decisions to release employees. However, it's crucial to note that there is no current trend of layoffs.
- Over the past year, we've registered a growing interest in starting an IT career and Telerik Academy’s Alpha trainings have been recognized as the fastest and most effective way of doing so. 83% of the learners in our Alpha programs are actually career changers coming from diverse industries and backgrounds.
- Our post-program success metrics depend on how quickly graduates secure employment. As the industry enters a more sustainable development phase, the period for actively seeking employment extends (compared to the situation in the post- COVID period which was marked by a rapid embrace of digitalization). Still, those who actively pursue opportunities continue to be successful in securing positions.
“Over the past five years, Telerik Academy has experienced remarkable growth, doubling its programs, learners, and revenue. This surge is a direct result of the increasing interest in starting careers within the IT industry. However, it's crucial to note that our expansion is not unchecked; rather, it is carefully aligned with the genuine demands of the market. At Telerik Academy, we prioritize quality over quantity, emphasizing a controlled and sustainable approach that resonates with the current stabilizing phase of the IT job market”, highlighted Alexandra Mechkova during the interview.
For more than 14 years, Telerik Academy has been committed to assisting individuals who aspire to transition into a career in the IT industry. Quality skill development is our top priority, ensuring that our learners are equipped with the knowledge and abilities necessary to thrive in the IT field. That is also the reason why 3 out of 4 of our partners confess that the talent coming from the trainings of Telerik Academy are better prepared than other candidates. We strongly believe that in times of stabilization of the IT industry quality will remain a differentiator and will continue to be a recipe for success.
Listen more on the state of the IT industry and the achievements of Telerik Academy in the whole interview
here.
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