Q1 2023 has created a lot of uncertainty for the tech industry. News of layoffs and a continued unstable economy are worrying to most of the industry. Let’s take a step back and look at the facts.
Here is the latest update on hiring in technology and what lessons the tech industry should learn from it.
Hiring in Technology Q1 2023
While the end of 2022 may have been a low point in the year for tech, the year had some positives, too. The most considerable shadow looming over 2022 was the signs pointing to the beginning of a recession. This was expected in the first half of 2023, but most experts anticipate this will be a shallow and relatively short recession.
The end of 2022 also saw unemployment rates drop and jobs added across the industry.
While we are still determining the long-term implications of the current economic situation on the technology industry, we should keep in mind that there was massive growth across the tech industry during and post-pandemic, so layoffs and less-than-stellar reports from tech giants could be just a sign of normalizing.
Shifts in Types of Employees
A typical quality we see across industries in the first months of a recession is moving from salaried to contracted employees. Hiring in technology is expected to dip for most countries in the first half of 2023; this may be a theme we see in tech. This is positive news for employees that were sad to be called back into the office post-Covid. Many contracted employees are happily enjoying the work-from-home lifestyle.
Hybrid Work is Sticking Around
There is no slowing down for remote work in 2023. 34% of the jobs posted in 2022 specified a work-from-home option, an increase from 27% in 2021. Working from home is very popular among employees, too. Up to 65% of workers say they want to work remotely full-time.
More Flexible Talent
As hiring in technology continues to change, there is a push for talent to be more flexible in their skillset. For employees, it’s wise to continue to learn new coding languages and expand your skillset to meet a growing field. Employers can accomplish this by providing existing employees with workshops or hiring staff with diverse skills and backgrounds.
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