It’s been a challenging few months for the tech industry. The IT market is going through a vicious cycle of companies wanting to hire but not being able to due to skill gaps. At the same time, companies that froze hiring due to the pandemic want to catch up, and businesses that hired too boldly post-pandemic are cutting back on workers.
Towards the end of 2021 and early 2022, The Great Resignation led to thousands of tech workers leaving their full-time jobs and re-entering the job market or striking out independently as freelancers. The priorities for workers continue to shift towards more flexible work options, like remote work, as well as higher pay, improved benefits, and ample growth opportunities; business leaders are scrambling to meet demands without busting their bottom line.
The technology workforce seems to be taking hit after hit. Tech industry leaders are warning that the good times are rapidly coming to a close, and a once-in-a-generation down-cycle is here.
In 2022 alone, over 80,000 employees lost their jobs at tech startups. And layoffs and freezes aren’t just happening at tech startups that grew too fast. Tech world veterans like Oracle and Apple, and retail giant Walmart, are among the enterprise leaders that announced cutbacks in recent weeks. As inflation continues to make goods and services more expensive, layoffs have begun in earnest and are likely to continue into 2023.
Top talent is likely to be pouring into the workforce, searching for job security, competitive wages, premier benefits, and more. However, many business leaders are not prepared to adapt to meet demand. Whether by holding onto legacy systems, outdated processes, or mismanaged priorities, employers need to reevaluate their hiring process and business model through the lens of today’s tech workers.
To attract and retain top talent, you need to create an environment that allows them to grow and develop. That means offering competitive salaries, cultivating a culture of collaboration, providing ample learning opportunities, and investing in the right technologies. It’s a jungle out there, and the most successful business leaders to emerge will be those that took every side into perspective, strategized accordingly, and embraced innovation.
Will your business be one of them?
To learn more about the current market landscape of tech workers, download 3Ci’s newest white paper!