Looking around the tech industry, you’ll see one recurrent theme: Layoffs. Large or small companies are eliminating (often) a large proportion of their workforce. Tech giants such as Meta, Google, Unity, and countless more have announced they are shrinking their workforce. These often profitable companies cite various reasons, from a need to increase efficiency to AI (Artificial Intelligence). Could The Quantum Industry be the salvation for many tech workers?
Despite the growth in fields such as AI, some pundits have suggested that it may not create that many jobs, and the jobs created will not be enough to compensate for those lost in the quest for higher productivity.
Job Layoffs in Tech
The Tech Jobs Apocalypse?
According to layoffs.fyi, There has been a dramatic uptick in the number of companies laying off employees and the number of employees it tracks. Layoffs are focused on the tech industry and cover a range of companies. You can see that 2023 has already been a brutal year for many tech workers, and 2024 looks to have already built on this trend even though we are not at the end of Q1 of 2024.
Whether it’s the WSJ or a specialist tech magazine reporting the news, it’s clear that companies are shrinking headcounts. Many have suggested that the shrinking is in response to the vast overhiring spree while the COVID-19 pandemic ensued, which saw tech flourish and companies struggle to recruit.
Every company will have its reasons for the job losses. However, despite this, there is a commonality to this worrying trend for many, highlighting the importance of remaining employable throughout what almost “feels” like a jobless recovery.
Artificial Intelligence and the Rise of Job Layoffs?
Many have posited job losses emanating from the rise of AI, and it’s easy to see why. For base-level tasks such as simple coding, tasks such as Chat GPT from OpenAI or Microsoft Co-pilot can provide working clean-code examples for numerous problems. Arguably, the AI won’t replace all the coders and developers, but it could shrink their number. Suppose AI acts like a bit of a productivity multiplier. In that case, each developer can achieve more with less, and we can expect that businesses will want to explore how they can boost productivity but with a lower headcount.
Despite AI being cited, we don’t think this reason is correct. It’s too early. Instead, we believe it’s a simple matter of businesses being opportunists in seeing that they can juice their quarterly numbers with these job losses. Add to that the fact the workers are getting ever more compliant (as the news reinforces) their belief that their job is at risk. Voila.
There you have it! In its latest financial filing, Meta managed a 25% increase in revenue with a massive decrease in headcount. This only works if existing employees feel that they have no alternative but to suck it up. We’re not saying they’re maltreated, but many employees right now will be feeling the pressure even if they have a job; they’ll feel their options might have just become severely limited.
The Rise of Quantum Computing
Quantum Computing might be one of our most significant transformative technologies. AI is already here, but Quantum computing isn’t quite here yet. Hundreds of companies are exploring Quantum Computing and innovations like the Quantum Internet and Quantum Security.
In some ways, the Quantum Industry could provide rapid employment opportunities because, like AI, those working on building the tools and technologies are less likely to suffer redundancies and job losses.
Various technologies are competing to build a quantum computer at scale. We have Quantum Computers, but they typically comprise no more than 1,000 qubits, which is excellent for exploration work. Still, the real benefits will likely come at much higher numbers of qubits, which means that there are a lot of technical problems to be ironed out.
Retraining in the Quantum Industry?
So, if Tech is in decline and throwing off jobs, where should you put your attention and effort? How does someone navigate the world of a declining tech world as far as jobs are concerned? Should you retrain, and if so, in what?
One trend that we are seeing is retraining in quantum technologies. Coupled with the fact that the industry is in its infancy, it could make a lot of sense. Likely, there are multiple years of development to generate larger machines among the competing technologies.
There are roles for hardware engineers, control engineers, and software engineers to develop the frameworks and platforms, and that is before anyone considers the application developers. The Quantum Industry might have already had its “Quantum Winter.” Since companies such as Rigetti and D-Wave first IPO’d via an SPAC on the public markets, their share price has been massively destroyed.
However, we think this was somewhat of the first quantum winter, which saw companies put their ideas out there and see what sticks. Interestingly, companies have been able to increase the number of qubits and processing power of their quantum devices. Granted, not always at the same pace. However, they have managed to deliver enhanced machines and improved revenue streams.
More and more customers are exploring quantum computing in a growing Quantum Industry, with luminary investors such as Chris Dixon stating, “Major New Technologies historically, about every 10 to 15 years happen”. Could Quantum be one of those significant new cycles? I doubt many would disagree that AI is now one of those cycles that Chris Dixon talks about.
Get Quantum Inspired!
Knowledge is key in today’s economy. But the cost of that knowledge is driven towards zero. Many online courses, tools, and tutorials can offer training in the skills needed for quantum computing and associated technologies. Mainly, you’ll need to bring your commitment and dedication to learning. But what should you learn?
Learning to Quantum Program
This section focuses on the core principles of quantum computing, including the manipulation and measurement of qubits, quantum gates, and the concept of quantum circuits. Understanding how quantum algorithms are constructed and how they differ from classical algorithms is also essential. Key algorithms such as Shor’s algorithm for factoring, Grover’s algorithm, and Deutsch-Jozsa for database searching should be introduced to illustrate the potential of quantum computing.
Quantum Mechanics
One of the primary entry points is quantum mechanics or understanding the basics of quantum physics. For the most part, understanding vast details is not crucial for programming a quantum computer.
A deeper dive into quantum mechanics is essential for grasping the underlying principles of quantum computing. Topics should include wave-particle duality, the Heisenberg uncertainty principle, and the Schrödinger equation. Understanding these concepts is crucial for appreciating how quantum computers leverage quantum states to perform computations.
Applications of Quantum Computing
Exploring quantum computing’s potential applications provides insight into its transformative power across various sectors. These include quantum cryptography, quantum simulation for materials science and chemistry, optimization problems, and quantum machine learning. Understanding the practical applications and limitations of quantum computing is crucial for those looking to enter the industry.
Quantum Computer Hardware
An overview of the physical realization of quantum computers is necessary to understand the challenges and current state of the technology. This includes different approaches to qubit implementation, such as trapped ions, superconducting circuits, and topological qubits. The challenges of quantum decoherence and error correction are critical topics in this section.
Programming for Quantum Computers
Learning to program quantum computers involves understanding quantum programming languages and software frameworks. This section should cover popular quantum programming languages like Q# from Microsoft and Qiskit from IBM. It should also introduce quantum simulators, which allow for the testing and development of quantum algorithms on classical computers.
Quantum Courses
An online course is one of the best ways to enter the Quantum Industry. Many classes are tailored to people from various levels, from beginner to expert. We have covered a range of quantum computing courses for beginners and quantum courses on multiple platforms, such as EdX. For those who want to take things further, there are even Masters courses in Quantum Computing.
Quantum Winter Over?
We think the Quantum Winter is over for now. At least the first one, anyhow. So now could be the time to get into the quantum industry! There are a variety of books available from a great many capable authors. So, if you aren’t quite ready for a foray into a quantum course, consider one of the best quantum books to help you learn everything from quantum fundamentals to quantum programming.