After an explosion of technology talent hiring through the pandemic, leaders are now pausing to consider how best to shape and grow technology fire power.
Overall, there is simply not enough technology talent for the number of jobs available. McKinsey predicts that we will experience more technological progress in the next decade than we did in the previous 100 years.
However, in reality the technology talent conundrum is more nuanced. While there is a demand surplus in general, the pandemic-fuelled hiring frenzy has cooled. In 2021, the technology sector saw also the highest resignation rates among all industries in the US. Yet the need for specific, emerging capabilities is hotter than ever.
A number of tech giants like Meta, Google, Netflix and more recently Twitter, traditionally attractive homes for top talent have announced hiring freezes or layoffs this year. Whilst a symbol of greater economic uncertainty, this presents an opportunity for others in the industry to catch the eye of high-quality talent which would otherwise be unavailable.