Hi guys,a s you know, since late 2022 and early 2023, the global economy, including Vietnam, has shown clear signs of recession. This has significantly impacted the job market, with companies cutting personnel costs, leading to higher unemployment rates and fiercer competition for jobs.
In this post, I'll analyze the overall situation and trends in the BA job market for 2024, based on my personal perspective.
1. Impact of the Economic Downturn
Remember back in 2021 and 2022 when everyone was saying "IT is the king of all professions"? In the post-pandemic period, the IT industry, especially software development, experienced rapid growth. Numerous technology solutions and digital transformation initiatives were launched, leading to a surge in demand for IT professionals. It was truly a boom time.
However, as the economy started to decline, many businesses, especially tech startups, were forced to shut down due to insufficient funds. This resulted in a significant surplus of labor in the IT sector. Moreover, large companies also cut budgets, paused new projects, or prioritized projects with quick returns. This directly affected the demand for BAs, particularly for strategic BA positions or those involved in long-term projects.
Not only is competition increasing, but due to the labor surplus, most jobs now require more experience and knowledge compared to 1-2 years ago. Salaries haven't increased and might even be lower (considering inflation).
2. Opportunities for BAs
This is a challenging time not just for BAs but for various professions. However, opportunities always exist for those who are prepared. You've probably heard this many times, right? So, what does it mean to be prepared?
Skills & Knowledge
For those with BA experience:
Hone your BA skills: Aim to master and solidify your professional skills. Focus on learning from reliable sources like IIBA, PMI, and diagram technique websites like omg.org and bpmn.org.
Develop data analysis skills: The ability to analyze big data and utilize data analysis tools will be a significant advantage for BAs in making data-driven decisions.
Find ways to improve efficiency: Ask yourself how to complete tasks faster without compromising quality, or even improve it.
Cultivate soft skills: Communication, task management, negotiation, problem-solving...
Build your personal brand: Create an online presence (LinkedIn, personal blog, etc.) to showcase your expertise and experience, making it easier for recruiters to find you.
Explore different domains:
The market has various domains besides fintech. I've seen many people jump on the fintech and banking bandwagon without considering if it's the right fit for them.
Take the time to choose a domain/field that interests you: SCM/logistics, Healthcare, Transportation, Human Resources, Education, Real Estate, Marketing, Finance, Travel, Sales, Big Data...
Once you have a direction, identify the relevant technologies and case studies within that domain to enhance your knowledge.
For those new to BA:
Practice with a project: If you're stuck for ideas, choose any app on the App Store/Google Play and write documentation for it as a case study.
Take online courses: Online BA courses can help you build a solid foundation and save on costs.
Self-study: Be persistent if you're self-learning, as it can be difficult to know if you're doing things correctly. You can join communities or find a mentor for feedback. Or you can ask me; I'm happy to review and provide advice. You can contact me via Facebook, Zalo, or leave a message on my blog.
Read more about BA: Explore blogs, ebooks, or experience-sharing groups. Or check out my blog 😉 tankbaclass.com/blog
Seek internship opportunities: BA internships can be a crucial stepping stone to gain practical experience and expand your network. Even in a tough market, there are still companies offering internships. What you need is to be fully prepared to compete.
Adaptability to Trends
Embrace new technologies: AI, blockchain, IoT, etc., are changing how various industries operate, creating both challenges and opportunities for BAs.
Be proactive in seeking opportunities: Don't just wait for opportunities to come to you; actively seek them out and create your own. Research companies hiring BAs, submit applications, and participate in training and development programs.
The economic downturn certainly presents challenges for the BA profession, but it also opens up new opportunities for those who are prepared and adaptable. I hope my sharing will motivate and give you confidence to overcome this challenging period.
Comments