Recently, the news focused on how some of the big tech giants have been making significant layoffs of their tech staff. At the beginning of 2022, over 228,000 redundancies were made – with 63,000 at the beginning of January 2023.
Redundancy is something that no one wants to face, and with the number of redundancies being reported, it could look like the tech market is shrinking; however, this is not the case.
Instead of the big tech giants, businesses are struggling to find the tech talent they need 48% of companies are currently advertising open data roles, and 46% of businesses admit to struggling to recruit the tech talent they need.
Cultural fit
Those who are coming out of big tech have excellent skills. They have been well-trained and know a lot, so they can be a great source of talent for smaller businesses. However, one key difference between big tech and smaller businesses is now looking for someone to fit with a business culturally is a priority, sometimes even over skill set.
A transition between big corporate tech and smaller intimate groups is a shift in mindset, but with workers looking to be more valued by a company, the change is likely to be welcomed by those who want to embrace it.
The shortage remains
With corporate redundancy packages being quite substantial, the market hasn’t seen a vast flurry of new candidates as it might have hoped. People are taking their time to consider their next move and options.
With 450 new software developer roles being open daily in the UK, there is a lot to consider for anyone looking to move. So while there may be ease, it may not be for some months. Meanwhile, the level of tech roles continues to grow in the UK and worldwide. Those looking for great talent still need help to get the right people in-house.
Is the Grass Greener
Although following redundancy from a large corporation can be scary, the current market means that smaller companies are considering the employee value proposition more fully, which has seen more flexibility for workers, clearer career paths within a business and more creative opportunities.
Corporation roles historically have felt like they were more secure. Now the values, integrity and culture of a business are something that matters to people when looking for new roles. With tech roles continuing to be a sort-after skill, there is a change in the decision-making process on both sides. Candidates are looking for work which is fulfilling and matches their values, while businesses are looking for skill sets which fit within their cultures.
While it might feel like a challenging moment for those who have been hit with redundancies in the tech community, some fantastic opportunities are still up for grabs.
If you are looking for great talent or your next role in tech, get in touch today.
