There are just too many jobs and not enough qualified devs. Even in the pandemic. It's worse if you block our international people by limiting visas.
There's already a shortage of devs of course in he US. Plenty of companies have thousands of openings even in the pandemic - of course there are places that stopped hiring or even shutdown and people lost jobs.
If you lower the labor pool size, pay should go up, ease of employment should go up for those who can work here. There's already a shortage of engineers in those special fields like cobol. So it will be even harder for banks for hire for them if you can't get say people from India to move here and work on that. If you are working on a modern language with modern tools, libs etc (c++ or java) why would you want to go back to that old world where there were probably not tests, automation like we have today? If you have 10 years exp in one of the say top 10 tech cities in the us you are probably making at least 300k. I just don't see banks hiring someone like me and paying me enough more to match that far less desirable job. So that leads to banks only having a hiring pool of people who will work for less for various reasons (location, less exp, not interested or trained on c++).
I think this will just lead to more outsourcing to other countries, even though that has its own +/-, and imagine a world where some large us banks lost so much tech ability they are dependent on people in other countries (maybe already happened).
I saw it as the underlying issue. It's because CS is hard, people don't think they can do it, they don't know about the opportunities, they don't have the education or the pay is not enough for the intellectual demands. If a job is too stressful or they treat you like shit or demand overtime (ie gaming world for overtime) then just work somewhere else.
There's already a shortage of devs of course in he US. Plenty of companies have thousands of openings even in the pandemic - of course there are places that stopped hiring or even shutdown and people lost jobs.
If you lower the labor pool size, pay should go up, ease of employment should go up for those who can work here. There's already a shortage of engineers in those special fields like cobol. So it will be even harder for banks for hire for them if you can't get say people from India to move here and work on that. If you are working on a modern language with modern tools, libs etc (c++ or java) why would you want to go back to that old world where there were probably not tests, automation like we have today? If you have 10 years exp in one of the say top 10 tech cities in the us you are probably making at least 300k. I just don't see banks hiring someone like me and paying me enough more to match that far less desirable job. So that leads to banks only having a hiring pool of people who will work for less for various reasons (location, less exp, not interested or trained on c++).
I think this will just lead to more outsourcing to other countries, even though that has its own +/-, and imagine a world where some large us banks lost so much tech ability they are dependent on people in other countries (maybe already happened).