Tech winter? How cold is it really
We’ve read a lot about the carnage of recent layoffs by the so-called big tech ‘FAANG’s. You could say that they’ve certainly dug their teeth in, which hasn’t been pretty. Many employees have taken to social media to air their feelings about how poorly they’ve been treated.
With recent layoffs surpassing those seen during the initial dot com bubble crash the question everyone is asking is - are we really heading into a bleak ‘tech winter’?
I don’t think so. In fact, there are plenty of opportunities for the companies going through digitalisation and business transformation projects right now who need skilled tech workers. The mass redundancies that we’ve seen – by the way this hasn’t just affected the US, it’s had a global impact – means that there are many experienced and talented tech professionals out there looking for work.
The demand for tech talent won’t just disappear because Elon Musk has decided to administer brutal cuts to halt the $4m daily losses incurred by Twitter. In fact, if has created a huge opportunity for companies, particularly in the 2,000-5,000 headcount bracket to signal their intent and secure the services of the best talent in the marketplace.
Here are my three top tips for making the most of Big Tech Winter, before it thaws out:
1. Get your messaging and EVP right
Perhaps the most crucial aspect is to get your brand messaging right. It’s about telling the market how you have futureproofed roles and have robust plans for business growth which in turn secures employment. Be open about company direction and any pivots you’re making to strategy. Communicate with staff regularly, whether you’ve imposed a hiring freeze or not. And if you’ve had to make enforced redundancies, do so with care and compassion – it is the right thing do. Acting with empathy and compassion will reduce the chance of it playing out in public and damaging your brand.
When you get your employer value proposition (EVP) right, focus on retention, build and nurture talent pools, you’ll be in a strong position in 2023. But you must act now because the longer you leave it, the smaller the talent pools become and you will miss out on those hard-to-find skills.
You must have a competitive EVP. Many companies I’m talking to are still unsure about what flexible working will look like – I would strongly argue that a hybrid model is here to stay. It might also mean an office redesign to include both collaborative and private spaces (pool tables and bean bags are old news). Above all, make your digital transformation projects sound exciting, which they are, to temp the top talent into your company!
Top takeaway: individuals want to feel reassured and valued.
2. Retention must be a business imperative
I cannot stress enough the importance of reassuring existing and new employees at this time. Recognise that people are feeling uneasy, their incomes are being squeezed and they’re seeing their friends losing their jobs – they need to feel secure and supported. So whatever your situation, do the right thing by your people.
Keeping hold of talent is key irrespective of whether your company is in growth mode or not. Organisations must address salary and benefits concerns to help with the cost of living crunch. Support provided to help with falling disposable incomes will filter through to the market. Word spreads fast in tech communities. Will they want to refer their friends to your company when the economy rebounds?
Top takeaway: improved retention boosts loyalty, productivity and performance.
3. Adopt a multifaceted hiring strategy
No matter whether you’re a start-up or large organisation, companies have a golden opportunity to focus on their talent attraction and retention strategies. The ‘winter tech’ notion may apply to the big tech players but certainly not to skills, which are very much in demand across all industry sectors.
Understanding skills gaps is critical to workforce planning and how effectively you can scale. Flexible RPO solutions and rolling subscription models, which we offer at Resource Solutions, can make a big difference when the landscape is ever changing and unpredictable. We recently provided data-insights in the form of skills heatmaps for clients showing where the top talent hubs, hotbeds and universities are in Europe.
Top takeaway: market intelligence will lead to smarter hiring outcomes.
Want to know more about how Resource Solutions can help you find tech talent, powered by market research, intelligence and insights? I’d love to hear about your specific challenges and talk to you about our flexible RPO, rolling subscription models and a whole lot more!
Don’t hesitate to email me via email@example.com