Tech layoffs can be a goldmine for businesses looking to hire top-tier talent. Learn how to seize this opportunity in our latest post.
Tech workers have been in short supply in recent years. A post-pandemic hiring boom saw IT job postings soar by 25 percent, with tech companies like Amazon, Google and Facebook snapping up the best tech talent.
The same companies now find themselves overstaffed, leading to several high-profile reductions in force. Major tech companies have laid off over 70,000 people in recent months, and social media is filled with stories of talented employees suddenly finding themselves jobless.
Does this mean that the tech sector is in a recession? Hardly. Digital jobs now account for one in 10 of all job vacancies advertised online, and digital technology is reaching into every part of almost every business. The digital economy is still growing — and right now, so is the pool of tech workers looking for new opportunities. Here are some tips for seizing the moment and recruiting the best available tech talent.
offer the right rewards
Giant tech companies offer giant salaries, which makes it difficult for other employers to compete. The good news is that you don’t need to break your salary structure. You can lure tech talent by offering compensation packages tailored to their needs.
Recently laid-off workers may be concerned about their career progress, especially if they’re in junior positions. You can attract these people with professional development opportunities, including subsidized training for certifications and hands-on experience. Other workers are more concerned about their well-being. They may respond to work/life balance benefits, like flexible working arrangements, comprehensive health insurance and paid time off.
celebrate what makes you different
The most iconic tech companies can leverage their brand to attract tech talent. After all, who wouldn’t be excited about being part of the team at a company like Apple or Tesla? Most employers don’t have that kind of brand recognition — but you can still make your company stand out from the crowd.
When communicating with elite tech talent, having an employer brand that focuses on your unique mission is crucial. What drives your work? How are you changing the world? How does your team support those goals? Your employer brand should also discuss your organizational culture, especially your commitment to diversity and inclusion. Tell your story, and give candidates a chance to get excited about joining your team.
be understanding (but ask questions)
Involuntary terminations tend to look bad on a resume. Candidates worry about explaining gaps in their employment history, and this anxiety might affect the kind of job they apply for. You can put them at ease by acknowledging that being laid off is not a dealbreaker.
However, it’s also essential to determine why candidates were not chosen for retention. In some cases, it may have been due to performance issues in their previous role. Ask smart interview questions to evaluate the candidate’s employment history before the workforce reduction.
move quickly on great candidates
Demand for tech talent remains high, so top candidates may be juggling multiple offers. A slow hiring process could cost you, so may sure you get buy-in on the job requirements from all stakeholders ahead of time. When you’ve found the right person, move quickly to make them an offer they can’t refuse.
Last but not least, it helps to have a partner with decades of experience finding the best available tech talent. Learn more about how Randstad can help you optimize your recruitment of top IT professionals.