It has been a tumultuous year for HR and recruitment in the tech sector. Early this year, the UK tech sector was growing at 2.5 times the rate of the UK economy, creating opportunities left and right that offered increased wages, alternative company culture and innovative job perks to drive tech employees to job hop. However, this has since slowed down considerably. Over-ambitious growth amid a challenging market and an impending recession have triggered companies to step back, with Big Tech companies laying off thousands of employees.
While the employment market has undoubtedly slowed down, what remains consistent for employers across tech is the challenge of sourcing and retaining top talent; the most skilled in the field are consistently inundated with opportunities amid a UK-wide digital skills gap. When an employer secures such talent, they must find creative solutions to retain and nurture it- or otherwise face the daunting and costly task of finding a replacement.
Meanwhile, employees are battling the cost-of-living crisis, mounting energy costs and enormous inflation, all of which threaten their financial security. Living paycheck to paycheck, 72% of employees have been forced to prioritise immediate financial commitments over their long-term financial future, according to Mintago’s recent research. This will only get worse, 70% fear....