Don’t let the spotlight on recent layoffs fool you. You know, headlines like “Facebook owner Meta slashes business teams in final round of layoffs” and “Amazon starts layoffs in HR and cloud units.”
The technology industry is thriving.
For example, the financial technology (fintech) industry is expected to grow at a compound annual growth rate (CAGR) of nearly 20% between 2020 and 2028. Meanwhile, the global cybersecurity market is pegged to grow at a CAGR of 12.3% between now and 2030, while the IT industry will do so at a 7% clip.
The technology industry is anything but on its last leg, and many companies will find themselves fighting for top talent for the foreseeable future, including thousands of job seekers recently let go by these tech giants.
If you’re nodding your head, keep reading. This article explores how to hire in these fast-growing and competitive industries.
How to Hire Top Talent in Fast-growing Tech Industries
The technology industry is radically different than it was before the pandemic.
New technologies reign supreme, society relies more on digital than ever, and expectations are through the roof. Overall, the pandemic accelerated the digitization of customer interactions by 3 years.
Recruiting and hiring strategies look different, too. Millennials and Generation Z are at the core of the tech scene, forcing companies to change how they recruit and hire, especially as remote and hybrid workplaces take hold.
If you’re hiring this new-look workforce in these fast-growing industries, there are two things you must do ASAP: Tailor your pitches to them and think ahead (and be ready to act).
Tailor Your Pitches and the Hiring Process to Them
The biggest difference between then (before the pandemic) and now is the expectations of job seekers.
Today—and every day in the future—a few non-negotiables will exist:
- Work-life balance and personal wellbeing
- Workplace flexibility
- Job stability and security
- Diversity, equity, and inclusion (DEI)
- Career growth and development
Pay and compensation-related benefits are still important, too.
According to Gallup, pay is the top factor candidates consider when looking for a job, up from number four a few years ago.
Understanding the current and ever-changing demands of the tech talent pool in these industries is key. For nine out of 10 candidates you come across, the above list is chock-full of non-starters. If you want to hire them, your pitches must revolve around them. Full stop.
Think Ahead—and Be Ready to Act Fast
Again, the widespread layoffs are painting a distorted picture. Layoffs are seemingly commonplace at some companies, and thousands of tech workers are on the hunt for their next gig. Conventional wisdom would have it then that the companies would be in control, right?
That’s not the case.
Job seekers hold an incredible amount of power in the current market. Yet, despite tens of thousands of tech workers getting the pink slip, few struggle to find work, especially if they’re open to exploring the green grass outside of big tech.
According to a 2023 survey, about 79% of recently laid-off (or terminated) tech workers found a new job within three months of starting their search.
The high demand means you have to be ready to act fast. But to do that, you have to think ahead.
That means embracing an active recruiting strategy, i.e., always hunting for candidates who could be a great fit, regardless of your current listings or employment status. That could even mean building a relationship with someone not currently looking for a new job or hunting candidates for a position you don’t plan to open for a few quarters.
By building these relationships, you can act quickly when one of your “chosen ones” enters the job market or you decide to open a position. Think of this like skipping the small talk and getting right down to business—or in this case, signing an offer letter.
Prepare to Fight
According to Gartner, 86% of Chief Information Officers (CIOs) say they’re experiencing more competition for qualified candidates, and 73% are worried about IT talent attrition.
The writing is on the wall: Job seekers know they’re in demand, and companies know that the best of the bunch will only be on the market for a fraction of a second.
It’s time for companies targeting these candidates to flip their recruitment strategies on their heads and think about the big picture. Ultimately, if you’re not ready to swoop up someone anxious for their next role, your competitor will be.
Reach out today to learn how we can help you stay ahead in tech’s fastest-growing industries.