IT WILL COME AS NO SURPRISE THAT THE TECH INDUSTRY IS EVER-EVOLVING AND CHANGING!
2022 saw a focus on AI and cybersecurity, remote and hybrid working styles, mass layoffs and hiring freezes, and smarter technology within our homes.
Vanessa Stock is Co-founder and Chief People Officer at Pitch gives us four key predictions for 2023. Before joining Pitch, Vanessa worked at Wunderlist, where her focus was on hiring the core team. She is passionate about women in technology, the future of work, leadership and ESG.
EUROPE WILL BECOME MORE ATTRACTIVE TO WORKERS
2023 could be the year Europe wins more talent from the US than ever before. American big tech has outbid us on compensation for a decade by 40% or more, attracting top talent. But as the economic downturn continues and valuations drop, we expect to see jobseekers look less at salary and share pools and instead focus on stability, worker protection, and benefits.
European countries generally offer better benefits and security, such as parental leave and holiday. Companies here will welcome talent looking to take advantage of that, and our new remote, hybrid, and flexible ways of working, to welcome people with open arms. Indeed in Germany, where Pitch is based, there are urgent parliamentary debates on citizenship reform designed to encourage talent to move to the country. Moves are being made in the boardroom and in parliament to make Europe more attractive for workers eyeing up their next home and job.
TECH COMPANIES WILL NEED TO REFRESH THEIR VALUE PROPOSITION
Forrester is predicting that the decade of sky-high valuations and compensation packages has seen more conventional industries starved of digital talent. I agree, and tech companies will need to reiterate and refresh why talent should stick in the sector. The startup lifestyle is at its least attractive during a recession but companies will find their problems exacerbated if hiring freezes and compensation packages last too long.
Tech companies and startups should look at every aspect of job-satisfaction in order to stay competitive. This could mean embracing a remote-first or heavily hybrid working style or reassuring employees about their day-to-day impact on their organisation. For years many people have wanted to work in the lucrative and exciting tech world, but that desire can no longer be taken for granted.
THERE WILL BE A RENEWED FOCUS ON OFFICE-BASED PRESENTEEISM
Research from LinkedIn found that beyond compensation, flexibility is the #1 priority UK employees value the most. But Microsoft data shows that employers are suffering from ‘productivity paranoia’ – 85% of leaders say that the shift to hybrid work has made it challenging to have confidence that employees are being productive. As pressure on teams due to the downturn increase, we expect to see a corresponding knee-jerk reaction bringing workers back to the office.
Unfortunately, we expect to see a growing disconnect between employer and employee over what productivity looks like in the modern working world. But therein lies the opportunity for startups and smaller companies. It is undoubtedly easier for SMEs to establish a fully or part remote team. This in turn will allow them to hire the best people with the right skills, without worrying about their geographical location or long commute times.
SCALING UP HUMAN CAPITAL WITHOUT GROWING YOUR TEAM
It’s no secret that many tech companies are in the middle of a hiring freeze. Which means that skill gaps may form until hiring resumes. We predict that it’s businesses that ensure staff are equipped with the resources needed to realise their full potential, particularly during challenging times, will also drastically reduce future needs around recruitment forecasting and maximise retention among those who have weathered the storm.
What is crucial here is that upskilling your team is not misconstrued as merely giving them more responsibility. It’s a fine-line to walk but goes to the heart of making do with less while keeping one’s staff on board. Companies should engage in a dialogue with staff about their personal growth and work at fitting that in with the business priorities. Not the other way around.
