Hiring in the Cloud: Your 2024 Headache
The last few years have been weird.
COVID. Rising interest rates. The end of a decade plus bull stock market. An exponential increase in remote jobs and a decrease in many traditional onsite jobs. Bank closures. A war in Europe.
By many respected economists’ accounts, these factors should have led to a recession and driven unemployment upwards. However, it's looking more probable over the last 6 months that we may indeed achieve the “soft landing” that many thought impossible.
Pandemic concerns and impacts have faded. The NASDAQ is up almost 40% YTD. Financial stability seems to have returned to the banking sector. The Fed has paused interest rate hikes. And all throughout, we have remained at an incredibly low level of unemployment, with a Tech Sector unemployment rate of 2.5% in May.
In a way, this is great news for the economy in general. However, this should not be overlooked by companies planning to get back on the same growth track they were in a pre-COVID world. Talent, especially in the tech space, will be harder than ever to attract and retain going into 2024.
While companies attempt to get back to pre-pandemic norms, the market is and will continue to resist that train of thought. For example, according to recent statistics:
A survey by Owl Labs found that 77% of tech workers are more likely to accept a job offer if it includes the option to work remotely.
A study conducted by Buffer revealed that 97% of tech professionals would like to have the option to work remotely at some point in their careers.
According to a report by FlexJobs, 82% of tech professionals cited work-life balance as their top priority when considering a job opportunity.
The companies that can truly be introspective over the next several quarters will have an easier time navigating this competitive market. Leaders who learned a certain way of operating over the last several decades that can learn to adapt, change, and make strategic concessions to meet the needs of their current and future employees will land the top talent. Companies can start by asking themselves 3 key questions:
Does our work-from-home policy align with our business goals and objectives?
Are we effectively supporting employee productivity and engagement in a remote work environment?
How does our work-from-home policy impact employee well-being and talent acquisition?
As we continue to build BUILDSTR (no pun intended), we are embracing what the market is screaming: Remote work. Work-life balance. Flexibility. Income Stability. A culture of openness that encourages growth. Those are the core principles on which we will continue to build our team.
We can also help you build or supplement your teams as companies struggle to find a balance between a return to normal and a permanently changed tech landscape. BUILDSTR offers professional services, staff augmentation, and traditional staffing services all with onshore, nearshore, and offshore capabilities.