In Tech Recruitment, Job Security is the New Currency
Big Red Recruitment
We specialise in Technology, Digital & Transformation recruitment.
The tech landscape witnessed its share of turbulence in recent years, with unexpected redundancies and a saturated job market causing ripples across the industry.
As the aftermath of the tech boom over the pandemic settles, new graduates find themselves facing a professional world that denies them basic opportunities to gain experience. The opportunity gap is widening, and dark humour becomes a coping mechanism in the face of a job market so volatile that even the first day on the job isn't safe.
If you're in the position to hire and your business is sailing on stable waters, here's why making "job security" your number one sell will attract the best talent for your team.
What’s causing job insecurity?
Job market turbulence in the tech industry is not just a result of economic conditions, but what we all feared would happen is taking place: AI is, in fact, “taking our jobs”.
The best example of this is BT.
The Telecomms giant has said it will become a “leaner business” as it announced plans to reduce its workforce by as much as 55,000 by 2030, more than 40% of its global employee base, including about 10,000 jobs replaced by artificial intelligence. This is sure to create a ripple effect across the sector.
There’s also a trend of outsourcing tech to third parties on the rise, driven by the growth in business and professional services during the pandemic.
And perhaps most telling is an increase in mergers and acquisitions, as companies fold and are snapped up. The most recent is Octopus, which has acquired Shell Energy in a move that is leading to 750 roles being made redundant in non-customer facing functions.
In the words of frustrated tech professionals on Reddit's "Computer Science Career Questions UK" forum: "This is the worst I've seen in 25 years; I have friends in the same boat. Are people who think it's okay simply lucky? Exactly the right location and skill set - some confirmation bias perhaps?" (Reddit User).
Let’s take a step back...
In 2023, the tech job market experienced a year of consolidation, signalling a return to pre-pandemic normalcy. Economic uncertainties led to cautious hiring, resulting in a dip in recruitment activities. Despite this, some sectors – such as energy – became more active than usual, balancing the tightening in permanent placements and maintaining a robust market for contractors.
As the new year begins, signs suggest an improving outlook with receding inflation rates and optimism for falling interest rates. However, macro-level uncertainties including geopolitical conflicts and an upcoming UK election could mean hiring managers are forced to sit back and ask, “Is now the right time?”
Waiting to see what the future might hold is potentially going to be a blocker, slowing down recruitment.
Looking ahead to 2024, there is some optimism among leadership that the year will be economically better than last year. Big Tech players resetting, and the growth anticipated in the financial services sector indicate positive trends. The technology start-up and scale-up market is also gaining momentum, with increased venture capital investment.
Closer to home, we expect a potential rebound in permanent recruitment, as companies increase investment in activity and people. Simultaneously, the contractor market is expected to continue its upward trajectory, becoming a key part of the workforce mix for larger businesses. 'Fractional' roles, appealing to individuals working for more than one employer, are gaining popularity – a trend we have identified in our own senior contractor base.
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And of course, diversity across technology teams is still a significant focus this year. Businesses are aiming for increased innovation to achieve competitive differentiation... and what better way to do that than by hiring people who all bring something unique to the table?
Still, the representation of women and ethnic minorities in the technology workforce remains disappointingly poor. Building more diverse talent pools and pipelines is deemed a continuing priority – something we take seriously.
Want to sell job security? Here’s how you cultivate it.
To get the attention of top talent, you need to advertise your job security loudly and proudly. There's a significant lack of trust in tech applicant cohorts, so fostering trust in the stability of your advertised roles is crucial to ensuring the right people apply.
Leaders and employees both play a critical role in enhancing job security and making sure you can practice what you preach.
As standard, you should encourage learning and development opportunities, empowering employees to stay on top of the skills the market demands.
"By empowering your employees’ learning journeys, you’re helping to grow their skill set. Should anything like redundancies happen, you’ve hopefully helped to build skills" says a manager quoted by BetterUp.
Encouraging career mobility is equally important. As a leader, supporting internal and career mobility helps employees learn new skill sets and grow in their careers, ultimately increasing job security. In the words of a manager on LinkedIn, "Your employees will learn new skill sets and grow in their careers. By doing so, you’re helping to increase their job security — and your business’s bottom line will benefit".
How to sell security in job adverts
It’s clear that in the current tech landscape, job security is currency. If your company genuinely offers a stable work environment, make that your main selling point in job ads. Just be prepared for a wave of applications coming your way.
How do you make it clear? It's not rocket science...
By painting a clear picture of your company's reliability, you'll not only get a ton of applications but also attract candidates who genuinely value a secure and stable workplace.
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