The seemingly unending wave of tech layoffs has left many anxiously wondering whether the impending end of the tech hiring boom is nearing — instead, a paradox has emerged.
In Southeast Asia, despite recent layoffs in Meta, Google, and Amazon, tech talent is still a coveted resource, with engineers and data scientists in high demand in Singapore, Indonesia and Vietnam, according to a study conducted by staffing platform Glints and Monk’s Hill Ventures. The rising trend towards digitalisation and technological adoptions in businesses is evidence that tech hires have not yet gone obsolete, at least for everyone other than big tech companies.
As increasing frustration mounts from frequent and seemingly erratic layoffs, what has remained in the wake of big tech’s struggle to stay afloat is the hiring potential of tech talents, where the opportunity to benefit from the technological revolution has shifted to smaller-scale startups.
Startups have been massively overlooked as a robust opportunity for tech employment. Today, the demand for specialised tech talent has reached non-tech sectors as businesses transform to stay competitive in the digital space. Still, a paradigm shift within the hiring landscape of startups is needed to fully harness and attract tech talents.
The potential of startups
The potential of startups lies in their unique qualities that can attract job seekers who are on the lookout for fulfilling careers. One of the main appeals is the opportunity to be part of a dynamic, innovative environment where individuals can make a tangible impact from the outset. Also, startups often offer a hands-on approach to work.
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Unlike the hierarchical structures found in larger organisations, startups encourage collaboration and idea-sharing across all levels. By encouraging creativity, collaboration, and rapid growth, startups create an enticing atmosphere for those seeking accelerated career development and a chance to contribute meaningfully to a company’s success.
What tech startups are looking for
On the flipside, tech startups, which are now positioned as sought-after employers, are actively seeking individuals with skill sets acquired through experiences in major corporations. The valuable expertise and knowledge gained from working in large tech companies can be seamlessly applied to startups looking to transform their operations and remain competitive.
The challenge lies in striking the right balance between qualifications, experience, and specific skill sets. Specialisation is key. TG Group’s statistics reveal a significant increase of 20 per cent in startups searching for hires with specific skill sets in the past year, indicating a growing demand for specialised expertise in the startup ecosystem.
The way forward
To fully capitalise on this paradigm shift, tech startups must recalibrate their hiring strategies. By leveraging this transformation, startups can create a competitive advantage in attracting and retaining top talent.
Implementing innovative talent retention strategies, including mentorship programs, mental health support, and fostering an efficient organisational structure are vital steps in sustaining growth. Startups must prioritise offering attractive remuneration packages, growth opportunities, and supportive work culture to retain talents.
Furthermore, adopting scalable operational models and cost-saving measures will contribute to long-term success and expansion.
The people-as-a-service (PaaS) model presents a valuable opportunity for tech startups to ride the wave of change and adapt to evolving employment patterns. By capitalising on the skill sets of individuals who are only needed part-time, startups can optimise their resources while providing employees with the potential to earn according to their capabilities.
The growing demand for on-demand staffing platforms is projected to reach US$83.93 million by 2028, signalling the significant potential for tech startups to benefit from this model.
TG Group, known for operational efficiency and cost-saving measures, is well-positioned to assist tech startups in navigating this paradigm shift.
Embracing this transformative change in hiring practices will undoubtedly pave the way for a prosperous future for tech startups in an ever-evolving industry.
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This article was first published on July 11, 2023
The post A paradigm shift needed: Hiring within the tech startup ecosystem appeared first on e27.