Advone Katsande at Beauhurst has recently released an article about how the Tech market is currently experiencing redundancies and a talent shortage all at the same time...I know, you couldn't write it (no pun intended!)
Our saas recruitment team talk to tech professionals all day, everyday and 9 times out of 10 we get asked the same question - "what do you make of this downturn in tech?"
It's always a funny one to talk about.
When you look at LinkedIn, you see start-ups ceasing operations, or tech companies cutting 20%-30% of their work force.
But on the other hand, data shows that 33.5% of equity investment announced in H1 2022 was intended for hiring or job creation.
How can these record amounts being raised in 2022 alone, explain the redundancies at top tech startups and scale-ups?
Could it be down to a saturated sub industry tech market?
Beauhust talks about how many on-demand grocery delivery start-ups there were who wanted to capitalize on the working from home initiative and how consumers were reluctant to visit public places. However just last week the Financial Times reported that more than half of these companies founded in the pandemic have ceased to operate.
The tech market is a sink or swim market for companies, so redundancies happen but there isn't an infinite supply of tech professionals, so these people will get picked up very quickly.
Figures show a top candidate is only on the market for 10 days.
So how long would the same candidate who is immediately available be on the market for? Especially in a candidate short market?
The job market is an ever changing beast with the tech market being the biggest beast of them all.
Could the answer for these shortages be companies looking at up-skilling candidates from other industries? Maybe to look at people who are in a completely different type of role but may have transferable skills?
Who knows!? At the end of the day I'm just a saas recruitment consultant from Buckinghamshire trying to stay a float in a ever changing market.
Given the record amounts being raised for hiring in 2022, how can we explain the redundancies at top tech startups and scaleups that have featured so prominently in the news?
Read the original article here