In 2023, tech sector roles have been affected massively by a volume of job cuts. According to Tech Crunch reports, more than 100,000 tech workers have been let go in the first three months of 2023. These figures are taken from many different technology companies from the big giants to startups. HW People continue to partner with clients for technology focused roles; however, these companies are not in the tech industry, instead from retail, financial services, FMCG, etc. In this article we look at the companies in the tech industry that have been affected by the recent surge of job losses and how this opens an opportunity for non-tech sector companies to take advantage of highly experienced tech experts looking for their next opportunity.
Meta, who owns Instagram, WhatsApp and Facebook, has recently announced plans to cut 10,000 jobs over the next few months. According to reports, this has come six months after their November announcement in 2022, which affected 11,000 jobs. Reports state that cuts are a result of CEO Mark Zuckerberg’s plans to restructure the Meta tech and business groups in April this year. This is just one of many examples of the high amounts of tech related jobs that have been affected. Like Meta, other big tech companies such as Microsoft have experienced a substantial amount of job losses. According to Tech Crunch, Microsoft has terminated an entire team that was dedicated to guiding AI innovation. Reports state that this has come after the company announced at the start of 2023 to lay off 10,000 employees. This represents another substantial number of workers to be affected by the recent hit to technology jobs. Each week TechCrunch is reporting more and more technology companies that are laying off their staff, but these layoffs could spell new beginnings for tech workers.
The recent job losses have opened up an opportunity for non-tech related firms to hire these individuals with advanced technology skills The need for tech workers in sectors such as banking to improve efficiency correlates with the rise of AI and the benefits it brings to drive efficiency and customer experience. For instance, reports suggest that AI can help improve the efficiency of account inquiries, money transfer and fraud prevention which in turn improves the overall experience for customers. There are many other ways that AI can help the financial industry but to make a start, companies need technological experts.
Another sector that can take advantage is across the retail sector. As many companies move further away from physical shops to an online presence, it is no surprise that the retail industry is in need of tech workers. HW People has worked with a number of retail clients on technology roles, and we expect this to continue and grow along with the rise of e-commerce in this sector.
At HW People we continue to work with a number of different sectors to help place candidates with a strong background in technology. The increasing use of tech creates a range of opportunities across the sector.
HW People works with clients on ongoing searches, across a variety of different UK roles and these growing fields, every day. If you would like to discuss any of these topics in more detail and gain insight into HW People and how we conduct our specialised searches, please get in touch.