According to the November 2022 SoftBank Investment Advisers survey, 74% of executives said that acquiring talent was easier last year than in 2021 — and the reason may be surprising.
Executives agree that massive labor shortages in recent years have complicated the hiring process. However, because recent layoffs have left several tech professionals in career limbo, other companies have been able to easily swoop in and fill in their own labor gaps.
In fact, despite the seemingly widespread nature of recent layoffs, another survey from ZipRecruiter showed that recently laid-off tech workers were able to find a new position within three months.
While 2023 will likely be defined as a time of conservation due the incoming recession, 1 in 5 execs still believe that it will also be a time to “invest aggressively to gain market share.”
“The [tech] industry is nowhere near done with layoffs [as it] struggles with making this chasm shift from … ‘How do we grow as fast as possible’ to ‘How do we get more efficient about our growth,’” said Lydia Jett, managing partner at SoftBank Investment Advisers.