The job market is getting saturated with tech talent

The recent turn of events in the tech industry saw too many unfortunate employees being laid off, despite being incredibly talented individuals. However, the massive layoffs by tech giants such as Meta, Twitter, and Amazon have given hope to many tech startups, that couldn’t grow their businesses due to the lack of talent. Businesses that were struggling to modernize can now easily recruit these laid-off talented workers with attractive packages and better benefits than those provided by their previous employers.

The current job cuts in the tech industry will pave the way for traditional businesses to acquire top talent with invaluable experience capable of converting their outdated business models into digitally agile models in preparation for the turbulent business environment about to unfold in the future US. What did really cause all of these large-scale layoffs in the tech sector?

The ultimate result of over-hiring during the pandemic

The root cause of current layoffs can be traced back to the massive hiring spikes in the tech industry during the pandemic years. Mark Zuckerberg, the CEO of Meta, wrote an explanatory message about the layoffs saying, “At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth.” But according to Zuckerberg, although predicted to be a permanent acceleration, the trend did not continue to play out the way they expected after the pandemic.

CEO Patrick Collison of Stripe too initiated a 14% job cut in his staff and explained it as, “At the outset of the pandemic in 2020, the world rotated overnight towards e-commerce.” Collison says that they were able to see much higher growth in e-commerce during the years 2020 and 2021 than they saw before. However, the situation is changing for the world once again.

Are you looking to hire tech employees who got laid off?

If you are the owner of a traditional business planning to recruit tech workers amidst these layoffs, you should focus on the individuals whose talent will benefit you the most in your journey for growth. If your major goals revolve around achieving a fully remote workforce, optimizing customer engagement, automating your customer service, using AI-driven data to improve sales, and optimizing your HR planning, you should hire workers with these skills:

• DevOps
• Customer experience
• Cloud
• Automation
• Product and platforms
• Data management, and
• Cybersecurity and privacy

Don’t limit yourself to laid-off tech workers

True, those who are recently unemployed seem like an easy catch, but don’t consider them as the only source of talent for your business. The entire tech sector is in turmoil. More than a few workers are already planning career shifts, considering the volatile nature of their jobs at present. Many tech firms will continue reducing the head count to battle expenses, causing more layoffs. You should aim to create attractive packages with better work flexibility, competitive salaries, and impressive benefits to get the attention of tech workers who are already employed. Rather than working for big tech where their future is uncertain, most employees will gladly work for a smaller-scale employer that guarantees the stability of their jobs.