Tonic Thinking

The opportunity for employers as the tech sector slows down

Written by Abigail Meaker | Sep 21, 2022 7:45:00 AM

Investment and confidence seem to be ebbing away from the tech sector, and employment seems more fragile than ever in that sector. This represents an opportunity for employers from other sectors to step in to recruit talent with changed priorities...

A few months ago, when I was preparing for a client presentation, I was thinking about how we could help solve some of their specific recruitment challenges in light of the current market conditions. The client needed tech talent, but wasn’t seen as one of the big tech employers, so what was the solution?

Interestingly, I saw an opportunity for them to take advantage of the current decline in the tech and crypto sectors - investment is falling away, and with it the rapid growth of the last few years. A sense of conservatism is creeping in, with firms keen to preserve cash, and consequently, high levels of layoffs and hiring freezes are increasingly the order of the day.

Work by TrueUp sets the scene (with thanks to Recruitment Brainfood for the share). The full - and live - data report is here

My thinking was that in an era of rapid change and instability, they'd stand a great chance of snapping up great talent that would have otherwise been more difficult to reach even a few months ago. This is because their company could portray a sense of stability, and so their offer would be appealing to those who’ve just been laid off or were perhaps nervous about signing up for something more ephemeral.

Truthfully, I already see many companies taking advantage of this opportunity, so the competition is still tough. And even in a labour market that has loosened up a little, it's still critical to be seen as the Employer of choice and tell the right story. But what is that?

Of course, getting it right means understanding the things people are interested in. It means being empathetic to what the people you need to hire want, rather than trotting out the same story as every other employer. Stability is of course important, but there's much more than that. The best report we've seen recently is by Landing.jobs - their Global Tech Talent Trends 2022 is excellent, and we've done the downloading so you don't have to. The headline career drivers they cite are below, but there are loads more useful resources in the report. So have a look - it might help you to get your offer lined up -and make your marketing more effective. 

Is this an opportunity you should be taking advantage of? Probably yes. Like all downturns, there will be an upcycle, so now's the time to get your story straight.