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Shaky tech talent market remains hungry for hires

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Summary

Despite reports of tech layoffs in 2023 outnumbering those in 2022, the need for tech talent remains stable and the job market is still favorable for job seekers. Companies are responding to the market uncertainty by outsourcing, upskilling, and retaining top talent. It is difficult to find experienced tech workers and organizations are struggling to fill roles. To stay ahead of the competition, companies are looking to increase usage of technology service providers and consultancies.

Q&As

What indicators have been seen in the tech job market this year?
The tech job market has thrown mixed signals this year, with layoffs outpacing 2022 levels according to Layoffs.fyi, yet tech employers increasing headcount last month and IT unemployment remaining far behind national averages.

What strategies have tech executives employed to fill skills gaps?
Tech executives have employed strategies such as increasing reliance on outsourcing, upskilling, and retaining existing talent to fill skills gaps.

How has the tech talent market been affected by the pandemic?
The pandemic has not had a major effect on the tech talent market, as the need for technology hires remains stable across industries.

What have been the long-term effects of tech layoffs?
The long-term effects of tech layoffs have been that employees hit by layoffs have been quickly reabsorbed by talent hungry organizations, often from outside of the technology sector.

What measures have been taken to retain in-house experts?
Measures taken to retain in-house experts include understanding what the top talent is and making sure they are appropriately compensated.

AI Comments

👍 This article provides a comprehensive overview of the tech talent market and provides valuable insights on how executives can respond to the current uncertainty.

👎 This article fails to provide any tangible solutions for tech employers struggling to find qualified personnel.

AI Discussion

Me: It's about the tech talent market and how there is still an increasing need for IT skills despite the mixed signals from the economy. There's been a lot of layoffs this year, but the need for tech hires remains strong across different industries. Executives are responding by outsourcing, upskilling, and retaining existing talent to meet their goals.

Friend: Wow, that's really interesting. It sounds like companies are having to get creative in order to keep up with the demand for tech talent.

Me: Yeah, it definitely shows that the tech industry is resilient despite the economic conditions. It also suggests that those with IT skills are in a great position to find work and that companies are willing to invest in them to stay competitive.

Action items

Develop a strategy to retain existing IT talent and ensure they are appropriately compensated.
Invest in upskilling initiatives to backfill critical skills gaps in IT.
Consider outsourcing IT services to meet organizational goals in the face of recruitment roadblocks.

Technical terms

Layoffs.fyi: A website that tracks job cuts.
U.S. Bureau of Labor Statistics: A government agency that collects and publishes data on the labor market.
CompTIA: An IT trade group.
Info-Tech Research Group: A research and consulting firm.
IT Executives Council: An organization that provides resources and support for IT executives.
Boston Consulting Group: A management consulting firm.
NTT DATA: A global IT services provider.