There’s no denying the job market has cooled, some industries more than others. Considering all the economic uncertainty, it’s no surprise. But let’s put it into perspective.
The last 18 months of absolute job madness were never going to last. The market couldn’t sustain it. The desperate clamber to secure any talent took things to new heights. We’re seeing some normality (or sensibility) returning to the hiring market. The business community is taking stock, focusing on critical hires as we prepare for a cold and expensive winter.
So, what does that mean for the technology recruitment market over the next six months?
If you’re a business owner, leader, or investor?
You will be casting a critical eye over budgets and spending while keeping the other eye focused on keeping pace with competitors, growing revenue, and remaining at the forefront of all tech trends.
Hiring the best talent must stay top of the agenda. Maintaining a flow of the best people is critical if you want to be top of your industry. It’s hard to shake a reputation for being either a feast or famine hirer, a stack’em high fire them early type of mentality, especially with techies. It creates an environment of uncertainty and will only halt the progress of your technology roadmap.
A by-product of this could be the demise of many Managed Service Programmes (MSPs). They claim to be the saviour of all businesses and profess to be your one-stop talent shop. Unfortunately, despite what seems cost-saving, it will leave you short in the long run. That ‘lower’ cost model is adept for covering your low-hanging hires but doesn’t bear fruit for challenging tech roles.
If you’re looking to cut costs, don’t start with redundancies. Instead, look at unnecessary recurring expenses that aren’t delivering at the most critical time.
Partnering with MSPs may have been fashionable when the only focus was getting bums on seats. Still, as the economy tightens, you need a recruitment partner who delivers on those business-critical roles.
What about if you are a jobseeker?
Firstly, don’t panic if you haven’t found the right job and certainly don’t compromise by taking a job that isn’t right for you. It will affect your career.
Several external factors will impact your decision-making, and many of those can be more superficial than you think. Building a career and choosing the correct path should be your primary driver, not knee-jerk reactions. Time goes so quickly, and too many people have a short-term view of choosing the right job.
If you aren’t clear in your thinking, this can come across in an interview. So take the time to prepare, get advice and, most importantly, ensure you know what you are looking for in your next role. If you don’t find it immediately, don’t panic.
As a society, we have become so used to the immediacy of everything. At the touch of a button, you can get whatever you want, whenever you want. I think this has made us impatient. Whether growing a career or a business, it will take time to become truly successful.
You will have ups and downs throughout your career, but this shouldn’t distract you from the path you are trying to follow. Instead, use these experiences to learn from, get better and ultimately achieve the goals and career aspirations you set out to achieve. Don’t let the lure of a quick pay rise or payday influence your decision-making. It will only cost you in the long run.