Tech Layoffs Do Not Reflect Overall Job Market, Expert Believes

Tech Layoffs Do Not Reflect Overall Job Market, Expert Believes

News by Roberto Orosa
Published: March 05, 2023

The number of employees affected by the big tech layoffs continue to grow, but according to Hays Director James Hallahan, these are not reflective of the overall job market. 

In an exclusive interview with DesignRush, Hallahan shares his thoughts as the seasoned director of his recruitment agency Hays and why the layoffs are not a good basis for determining the job market.  

“There will always be opportunities for talented, hard-working individuals, so our role is to make candidates aware of these and to offer crucial advice, particularly as the tech skills gap intensifies,” he explained. 

Over 100,000 workers have been laid off by U.S.-based tech companies in 2023 so far, but data shows that the demand for tech skills and workers has not gone away, according to Hallahan.  

“In terms of the technology sector specifically, the demand for tech skills isn’t going away. Hiring plans remain strong as 84% of employers intend on recruiting this year,” the director shared.  

“When it comes to pay, the industry witnessed a 7% average salary increase over the last year and, promisingly, 78% of employers plan to improve salaries in the upcoming months,” he added.  

With over 20 years of experience in technology and digital recruitment, Hallahan also gives advice to employers who may have been laid off.  

We urge people to keep their CV up to date to ensure it reflects their skills, experiences and potential,” he shares. “Especially when it comes to tech, it’s essential to be on top of the latest developments." 

When it comes to job trends that employers and job seekers should know, the Hays director emphasized the importance of setting yourself apart as an organization in order to attract and retain talent.  

On the other hand, he shares that it’s also important for professionals to be open to upskilling in the future, as majority of employers (93%) last year experienced skill shortages.  

A flexible hybrid working set-up is another important thing to consider according to the director, as 62% of employees would consider moving to another company if they had the option to work at home or in the office.  

“As well as this, we have recently seen work-life balance become a top priority for employees,” he adds. 

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