Healthy tech companies to use economic downturn as opportunity to snap up displaced workers
Over the past three weeks, 16 million Americans lost their jobs. The story is the same around the world as the COVID-19 pandemic forced businesses to curtail operations or shutter entirely. Still, well-capitalized tech companies are in the market for talent.
The Lowdown: Demand for IT services and support is high despite the downturn. Tech companies with cash see the downturn and uncertainty as an opportunity to recruit talent previously locked up in other companies, the Wall Street Journal reported.
The Details: According to CareerBuilder, tech companies are recruiting for thousands of tech positions, including software engineers, Java developers, project managers, systems engineers, and IT help desk specialists. The Wall Street Journal says major tech companies are reaching out to colleges and business schools looking for new candidates for their executive programs. And salespeople are in high demand.
Before the pandemic, tech vendors and solution providers sought cybersecurity talent, and those professionals still have many opportunities. Job site Indeed has nearly 22,000 IT security positions listed.
Background: Recruitment among tech companies with cash reflects lessons learned during the 2008 financial crisis and recession. Companies with healthy balance sheets and strong market prospects used the glut of talent to fill their ranks and get into position for the recovery.
The Buzz: “If you have a lot of resources and you’re hiring and other companies are struggling, that’s when you pick off the right people,” said Laszlo Bock, a former head of Google’s human resources and founder of behavioral-change start-up Humu Inc., in an interview with the Wall Street Journal.