Original article written and published by Silicon Canals.
Our Regional Director (Europe), Nick Mortimer recently discussed with Silicon Canals what have been the biggest challenges tech companies have faced over the past couple of years.
“Whilst tech has taken a massive hit in the form of layoffs, share price dips, less VC investment and some organisations struggling in the face of cost of living headwinds, the underlying issues in tech remain: there’s not enough qualified candidates to go round,” says Nick Mortimer, Regional Director (Europe) at Troi.
Impact on recruitment teams
The shortage of skilled workers in the tech sector, increased layoffs across tech companies, and rising cost of living has also disproportionately affected recruitment teams. The recruitment teams have also been axed more than other areas of the business. The main impact of this scenario on existing teams, according to Mortimer, is that they are smaller and uncertain about hiring plans for 2023 and beyond.
The economic uncertainty has, however, not resulted in any decrease in the cost of hiring. This could be due to the shortage of skilled workers in multiple sectors, including tech. Nick Mortimer told Silicon Canals that there is a lack of trust in the traditional recruitment models, particularly when it comes to employer brand representation and the commoditisation of candidates.
Time to rethink recruitment
The current macro-economic trend not only points at business rethinking but also needs to rethink recruitment. Nick Mortimer says Troi’s subscription-based recruitment model not only supports hiring the right talent but also delivers significant cost-per-hire savings against a typical recruitment agency placement.
Aside from being cost-effective, Troi also offers flexibility and control that is rare in this industry. The slowdown in big tech is here to stay and companies are expected to hire not only with caution but also those with specialist skills. Troi’s subscription model could emerge as the right way to not only find great talent but do so in a cost-effective manner.
Nick Mortimer adds, “Given the uncertainty that certain sectors within the tech sector face right now, the downsizing of talent functions and the long-term difficulty of hiring qualified tech professionals – embedded talent seems to be well-placed to help organisations on their rebuild.”
Troi has flexed their talent partnership offering with global companies that have been navigating through this challenging year, on hand to ramp up hiring when required or to evaluate and redesign entire recruitment processes for when attracting and retaining scarce talent becomes critical.
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