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Job Market for Tech Companies Still Hot, At least for now


The tech industry is full of sullen faces right now. stock up and cryptocurrency prices are falling and anxiety increased. It’s like every day some tech company or start lay off workers or putting hiring on hold. Crypto exchange Coinbase on Tuesday aforementioned was cutting 18 percent of the workforce.

The pain is real for people who lose their jobs, but there is a bigger picture behind it: The job market for people at tech companies and with high-tech skills is on fire, and remains so, at least for now.

Unemployment rates for high-tech jobs in the U.S. range from puny to non-existent. According to Julia Pollak, a labor economist with career website, as soon as a company announces a layoff or hiring freeze for people with these skills, ZipRecruiter sees other employers searching to find and hire them. Employment firm Robert Half said that on average, every job-seeking tech worker receives more than two job offers.

Ryan Sutton, regional head of technology procurement for Robert Half, said, “When people say things are slowing, they say, ‘According to what data?’ I ask,” he said. “Everyone wants to say that the stock market is down. Well, the stock market isn’t always an indicator of hiring.”

Hiring specialists for tech jobs said hiring was slowing in some regions as the stock market fell and fears of an impending recession rose.

But right now, the worst thing you can say about the tech job market is that it’s gone from crazy to just insane.

The market for tech talent and workers of all kinds at tech companies is so hot that even recruiters are head-hunting non-stop. When Georgena Frazier, a recruiter for rental real estate company Divvy Homes, spoke to potential new recruits this year, they instead tried to persuade Frazier to work for their company.

There are two big reasons why workers stay in demand. There is a long-term trend in companies looking to hire more tech workers, and the number of qualified candidates has not kept up. In addition, hiring at many tech companies is still catching up from the first months of the pandemic, when many companies have frozen or fired employees, having to hire staff only when their jobs don’t fall apart.

Susan Dominus, staff writer for The New York Times Magazine, has found the power of tech workers to jump from job to job and quickly demand and often receive the compensation and working conditions they want. great article It was published in February.

“I was really impressed with a technician who never left anything to chance,” Dominus told me. “Even if someone accepted the offer, he continued to recruit for the position in case a better offer came along if that person accepted the second offer.”

There are signs that tech hiring is cooling on the margins. Shauna Swerland, general manager of Fuel Talent recruiting company in Seattle, said she’s seen some big tech companies abruptly pause their hiring plans for certain positions—sometimes ending interviews with job candidates in the middle of second- or third-round interviews.

a handful of companies coin base, excitement and redfin Have few job offers canceled from people who accept them. Technical recruiters said it’s unusual for job offers to be canceled in the absence of a widespread crisis such as a recession or recession. a pandemic. Some companies like Coinbase aforementioned Tuesday may have hired too many people too quickly last year when did technology explodeg.

Stephanie Ciccone-Nascimento, who coaches tech workers, said she was surprised when a company recently received an offer for a sign-in bonus from a candidate she worked with. (The job offer continued.) “There was a post-pandemic moment when candidates had too much power to want what they wanted,” Ciccone-Nascimento said. “This is a bit of a reversal.”

Having a little less power over employers may sound confusing for tech workers, but don’t feel too bad for them.

According to US government data on various technical job categories that ZipRecruiter’s Pollak analyzed for me, more people are in tech-related occupations than at this point a year ago. Even Elon Musk aforementioned This month he said he was worried about the economy and Tesla should cut salaried workers, also that the automaker probably has more employees in a year more than now.

Sutton said that about half of the tech workers Robert Half spoke to hadn’t changed jobs in several years. He said they’ve probably made fewer new hires because tech salaries have increased over the past few years. (Yes, he says, many high-paid tech workers can be underpaid.)

Ciccone-Nascimento said he advises tech workers to stay in their current jobs if possible, but sees this moment as a moment in the frenzied demand for technologists in many fields. “There is always work,” he said.

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