the upside of tech layoffs: building your dream team with top talent.

Tech layoffs can be a goldmine for businesses looking to hire top-tier talent. Learn how to seize this opportunity with our top tips.

Tech workers have been in short supply in recent years. A post-pandemic hiring boom saw IT job postings soar by 25 percent, with large tech companies like Amazon, Google and Facebook snapping up the best tech talent.

The same companies then found themselves overstaffed, leading to several high-profile tech layoffs. Major tech companies laid off over 80,000 people between January and May 2024, citing cost-cutting, restructuring plans and business closures. Meanwhile, social media is filled with stories of talented employees suddenly finding themselves jobless.

Does this mean the tech sector is in a recession? Hardly. Digital jobs now account for one in 10 of all job vacancies advertised online, and digital technology is reaching into every part of almost every business. The digital economy is still growing — and so is the pool of tech workers looking for new opportunities. Here are some tips for seizing the moment and recruiting the best available tech talent.

offer the right rewards

Giant tech companies offer giant salaries, which makes it difficult for other employers to compete. The good news is you don’t need to break your salary structure. You can lure tech talent by offering compensation packages tailored to their needs.

Recently laid-off workers may be concerned about their career progress, especially if they’re in junior positions. You can attract these people with professional development opportunities, including subsidized training for certifications and hands-on experience. Other workers are more concerned about their well-being. They may respond to work/life balance benefits, like flexible working arrangements, comprehensive health insurance and paid time off.

celebrate what makes you different

The most iconic tech companies can leverage their brand to attract tech talent. After all, who wouldn’t be excited about being part of the team at high-profile companies like Apple or Tesla? Most employers don’t have that kind of brand recognition — but you can still make your company stand out.

When communicating with elite tech talent, having an employer brand that focuses on your unique mission is crucial. What drives your work? How are you changing the world? How does your team support those goals? Your employer brand should also discuss your organizational culture, especially your commitment to diversity and inclusion. Tell your story, and give candidates a chance to get excited about joining your team.

be understanding about tech layoffs (but ask questions)

Involuntary terminations tend to look bad on a resume. Candidates worry about explaining gaps in their employment history, and this anxiety might affect the kind of job they apply for. You can put them at ease by acknowledging that being laid off is not a dealbreaker.

However, it’s also essential to determine why candidates were not chosen for retention. In some cases, it may have been due to performance issues in their previous role. Ask smart interview questions to evaluate the candidate’s employment history before the workforce reduction.

move quickly on great candidates

Demand for tech talent remains high, so top candidates may juggle multiple offers. A slow hiring process could cost you, so make sure you get buy-in on-the-job requirements from all stakeholders ahead of time. When you’ve found the right person, move quickly to make them an offer they can’t refuse.

work with a strategic partner

Last but not least, it helps to have a partner with decades of experience finding the best available tech talent. You need a strategic and speedy approach to recruit top IT talent in a competitive market. As one of North America’s leading tech workforce solutions providers, with over 8 million STEM candidates in our network, Randstad has the expertise to help your business land exceptional talent. Whether you’re filling short-term contracts or looking for permanent professionals, we work with you to make sure your organization stands out and succeeds. We deliver results, fast.

Learn more about how Randstad can help you optimize your recruitment of top IT professionals.