In 2022, most successful businesses know exactly what they need – the right technology throughout their processes. These technologies, such as AI and blockchain, have proven to provide better customer service, marketing and security, enabling companies to deliver products and services that are more aligned with customer needs.
What most decision-makers struggle with is where to find qualified talent to carry out the tasks.
Over the last few months, well-known tech corporations have been drastically downsizing, mainly due to the aftereffects of the global pandemic. Companies that have recently laid off workers include Lyft, Twitter, Snap, Amazon and Meta, which reduced staff by 13%, letting go more than 11,000 employees.
According to Layoffs.fyi, over 144,554 tech employees have been laid off in 2022. In 2020, store closures and fear caused many consumers to turn to online shopping, accelerating the shift to e-commerce by years. Due to supply chain issues, inflation, and other unknown reasons, e-commerce has returned to pre-pandemic levels, putting a halt to large tech companies’ hiring spree. And while other tech organizations haven’t downsized, many have entered hiring freezes or are hiring at much slower rates amid economic uncertainty.
With a flurry of displaced tech professionals hitting the market, companies in adjacent industries now have a unique opportunity to add innovative talent to their teams. Businesses not traditionally software-driven in the past can attract the talent needed to add new technologies and streamline processes. On top of acquiring the technical skill needed for growth, companies can also add modernized value to operate in a digital environment.
As more companies shift towards a hybrid work model, the need for specialized high-level skills becomes imperative. Hybrid work requires organization and restructuring of workflows, cybersecurity, problem-solving, innovation, teamwork and more – many of the skills in which the recently laid off tech professionals performed on the daily. Roughly 60% of tech workers prefer to work 100-percent remote or at a hybrid approach, according to a Dice survey. Granting employees flexibility in their schedule opens the door to finding a more diverse candidate pool.
As laid off tech professionals reprioritize what they look for in a company, companies must adapt to their needs. This means offering much more than an impressive salary. Candidates are looking for companies that can offer them innovative cultures, a healthy work-life balance, better benefits and a sense of purpose. Employees are also looking for companies that are transparent with them. Transparency establishes a level of trust and can increase an organization’s productivity and its employee retention rate. Overall, talent is looking for companies that can help them pursue both personal and professional goals.
As the global need for innovation remains, tech professionals are ready to help make it happen. With the flood of talent on the market, companies have the rare opportunity to add cutting-edge value to their traditional businesses. Employers should focus their efforts on finding creative ways to stand out from the competition to attract these professionals. They may not be on the market long.
Looking for your dream career or team in tech? CSI Companies has the resources and talent for success. Visit CSICompanies.com to learn more.
For nearly three decades, CSI Companies has provided customized workforce solutions for leading businesses and Fortune 500 companies. As a boutique division of RGF staffing, one of the world’s largest providers of HR services, CSI has the tools to deliver solutions in talent, technology, advisory, and managed services.
