The Bureau of Labor Statistics reported on July 27, 2022, that there'd been a decrease of 785,000 jobs from the previous quarter and the unemployment rate for persons 25 and older have remained at the same rate for the last three months. While this is not the most comforting news to hear, some people believe that the tight labor market will loosen if the economy weakens, and employers will find it easier to fill positions. While this may be true for some industries, it is likely not for tech.
During a recession, people tend to liquidate assets and hold on to their money which grinds the economy and brings investments to a halt. Despite this, the demand for technology and thus tech talent does not decrease during a recession. There is already a shortage of workers in the tech industry. However, even amidst a hot labor market, hiring engineers is difficult. This scenario is great for workers in the tech industry because they get lucrative offers, but for companies still needing to fill multiple positions, it can take a toll on productivity.
A recession will further disrupt the hiring process and add resistance to tech industry initiatives for an industry that already faces difficulty hiring. The tech industry, on average, is composed of young workers. Young workers are ambitious and looking for imminent work. Therefore a fast hiring process is important despite the recession. If your company can not offer any extra compensation, this could become essential to filling the positions. Young tech workers are also looking more for positions in the cloud. Depending on your company's available positions, this could add resistance when needing to hire engineers.
Since there is already a shortage of engineers available to hire, companies need to get an edge on the competition. Using data-driven recruiting technology and a fast hiring process is a great way to get this edge.
Essentially, evaluating engineers is difficult; therefore, planning the hiring process and efficiently implementing new procedures can fill the positions faster. Workers are looking to be offered positions quickly, and no one wants to go through a long hiring process just to stay unemployed. Therefore expediting offers to qualified candidates is vital.
Including older candidates in your search is also beneficial to combat the younger generations' disinterest in available positions. Ultimately, during a hot labor market, young workers in the tech industry are often more desirable because they have a recent and immersive experience with technology. Growing up in the technological age and having fresh training is appealing. However, it's best to broaden your search during a recession when young workers are in the cloud and expecting unrealistic compensation. People of all ages can offer technical experience and even provide insight that a younger candidate might not.
While all tech companies are facing similar challenges, new and desirable positions are showing up that your company may provide. These positions will have the most applicants, so even if you cannot match those offers, it’s still best practice to make your position as appealing as possible. Listing the position online and reaching out to qualified candidates will be the most effective use of your time. Offering higher compensation is not the only way to make your position attractive. A thorough interview process that is timely and benevolent can elevate your perceived company culture, therefore inspiring candidates to accept the position if offered. A few tips include the following:
Both of these suggestions will help candidates determine whether your company is the right fit. Remember that an interview is not just a first impression for them but also you. If you are struggling to hire engineers, let Filtered take the lead.
Filtered is a leader in skills-based hiring. Our end-to-end technical hiring platform enables you to spend time reviewing only the most qualified candidates, putting skills and aptitude at the forefront of your decisions. We’ll help you automate hiring while applying objective, data-driven techniques to consistently and confidently select the right candidates. To get started ,contact our team today or register for a FREE demo.