202223 Nov

Tech Talent Is Flooding the Job Market

Summary

Unlike other economic downturns, when employers cut roles no longer critical to business operations, laid-off workers from the tech sector offer a wide range of highly sought-after skills, including artificial intelligence, automation, data science, and more. A recent series of mass layoffs in the tech sector, including Amazon and Meta’s dismissal of tens of thousands of workers, has created an incredible opportunity for companies that previously aspired to grow their ranks but couldn’t because of the lack of talent. Meta CEO, Mark Zuckerberg wrote, in a message to employees regarding recent layoffs, “At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic…Unfortunately, this did not play out the way I expected.” Stripe’s CEO, Patrick Collison, wrote a similar statement explaining a 14% reduction in staff: “At the outset of the pandemic in 2020, the world rotated overnight towards e-commerce. Retailers can develop and use technologies, such as machine learning and agile systems, to identify shopping patterns, understand buying behaviors, adjust promotions and special offers, personalize product recommendations, tweak pricing on the fly, and balance supply with fast-changing demand and customer preferences.

Source: Hbr

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Companies