| Despite the recent layoffs at major tech companies, skilled tech personnel are still in high demand across various industries, including retail and banking. For example, a majority of Nike's open positions are tech-related, and the retail giant is offering $5,000 employee bonuses for tech worker referrals, per Business Insider.
What's more, tech industry layoffs may be favorable for non-tech businesses, as it offers them access to a new pool of candidates, which could speed up their digital transformation.
That said, the smaller US labor pool could cut into corporate profit margins by giving workers leverage to make greater demands during the hiring process. However, "As technology gets more sophisticated, the talent deficit will be tech's greatest challenge, rather than a lack of bodies," according to Jacob Bourne, analyst at Insider Intelligence.
Looking ahead, we will see companies invest in upskilling the existing US workforce—by offering free training and certification programs. This can reduce the unemployment rate while helping tech workers hone the right skillset to appeal to the broader market. | |
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