Recession Proofing Your Tech Talent Pipeline

Recession Proofing Your Tech Talent Pipeline

As we reach the final day of the first month of 2023, there has been a lot to unpack with the state of the economy, the labor market, and the future of work. While it may seem like things aren’t looking up for America’s economy despite many recent layoffs, there are still more than 246,000 tech jobs expected to be available in 2023 and massive opportunity for return on talent  investments. 

Despite the fact that the majority of these layoffs are coming from tech companies, the need to fill tech jobs remains strong for all industries. Whether in finance, real estate, automotive, professional services, healthcare, or other industries, you will still find an abundance of tech roles available within those sectors. With thousands of technologists recently laid off, employers from different industries are eager to hire and train workers for their open IT roles.  

Layoffs are happening, but there are still jobs available. 

In recent news, Microsoft laid off 10,000 of their employees, joining Meta, Amazon, Google, Cisco, and other large tech companies announcing major layoffs, which begs the question of how companies can retain employees and maintain ROI throughout the year. However, with the tech industry, there are still hundreds of thousands of jobs available with fewer job seekers with the required experience and skills. With so many jobs anticipated in the tech industry, how can employers future-proof tech jobs? Another challenge that C-Suite decision makers are dealing with is having to be more tactical and focused around cost-effective talent acquisition strategies. 

Our best advice is to look inward at upskilling and reskilling your current workforce, and then build out a customized pipeline for new tech talent so you can narrow the scope and really dig deep with experienced talent development partners. 

Fortunately, Per Scholas is able to do both!

There are many benefits to reskilling and upskilling your current workforce. When you upskill your talent, you are investing in your team, which boosts employee morale, increases production, and is more cost-effective than laying off and hiring new talent. Through Per Scholas’s tech training courses in IT Support, Cybersecurity, Software Engineering, and other customized training tracks, we are providing enterprise solutions to grow and diversify your talent pool. The key is to stop buying talent and start building it. 

The need for skilled tech talent remains despite a looming recession.

In addition to employee layoffs, we’ve heard more about an impending recession. This month, two out of three economists predicted a recession this year, alarming corporations and the country as a whole. As we look to our 2023 forecasting, it isn’t all doom and gloom. How can your organization survive a recession and prosper? Diversifying your tech workforce is one important way to start. There is lots of research underscoring diverse workforce improves companies’ bottom line because of the different backgrounds, the dynamic ideas that are developed and the sheer superior talent that exist in this talent pool. It is proven that there is enormous business benefit for companies that  invest in a sustainable, diverse talent pipeline that is skilled and has hands-on training. 

As I stressed earlier, while there may be a pending recession looming and many big-hitter tech companies are laying off employees, hundreds of thousands of tech roles still remain unfilled. The key to staying ahead is filling your talent pipeline with skilled technologists with hands-on training, in-demand skills, and diverse backgrounds. 

Active DEI Programs future-proof the culture and productivity of companies.

When it comes to future-proofing your company, looking inward at your active DEI initiatives can ensure your success throughout a recession. TEKsystems’ recent DEI research showed that 86% of IT decision makers believe DEI programs have made their culture more inclusive, which aids business’s overall ROI and morale. Simply put, employees with a good outlook on the company they work for will do better work; and if the workforce is diverse, then there will be more productivity, greater ROI, and greater span of ideas for growth and development.

Additionally, 74% of IT decision makers agreed that DEI has increased their team’s productivity. The catch is putting ideas and programs into action in order to future-proof your business. Creating systemic changes throughout your organization will ensure happy, productive, and diverse team members that will help your overall bottom line. 

The future of the economy may be unknown or headed toward a recession, but that does not mean a downfall for your company. Now is the time to stop buying talent and start building it. Let Per Scholas help you focus on the development and upskilling of your current team so you can build the talent you need to succeed and put action into DEI programs to support your company’s bottom line and return on investment.