Meta plan to lay off 11,000 staff worldwide; at Made.com the number is approximately 500; who knows how many Twitter will total. Market changes and unpredictable business decisions have sent breaking news headlines rippling through tech - and that's only in the last week.
It continues a string of previously unshakeable high-growth businesses announcing they’ll be laying off staff. Remember crypto giant, Coinbase already parting ways with 18% of its workforce (approximately 1000 employees), while 500 Klarna employees took voluntary redundancy? For tech start-ups, the 'why' isn't the most important question here. Instead they should be asking how they can utilise these wild shifts to attract and hire the market's highest achieving, most talented people.
A little while ago we were talking about the shift in power between those hiring and candidates – remote working becoming a candidate’s #1 priority dissolved geographical work barriers, giving candidates more choice, thus increasing the competition for talent between businesses.
We’re now witnessing a shift in the power dynamic between huge tech corporations and the comparatively small start-ups. Traditionally, the formidable corporations have held the market share of power and influence, drawing in talent, but their recent apathy towards staff is turning the tide in favour of the start-up. David is going up against the Goliath, and we all know how that ended.
6 months ago these people will have been more secure in their roles than Mark Hamill as Luke Skywalker. Now they are actively looking for new opportunities. What’s more, the people who fortunately avoided redundancy will be far more open to jumping ship as the post-redundancy job uncertainty sweeps through the home offices of these high rolling businesses.
There is no better time than now to swoop in and sell these candidates your electrifying product vision and purpose, while simultaneously providing job security. The people you hire now will be instrumental in expanding and growing your business.
Now isn’t the time for start-ups to slow down hiring; very much the opposite. The talent in these unicorns is shouting for the rigging to jump ship. Seize the opportunity. Start poaching.