The Job Market at Tech Companies Is Still Hot, at Least for Now

The technology industry is full of provocative faces right now. Stock and cryptocurrency prices are sinking and concerns are mounting. It seems like every day someone brings news of a tech company or start-up layoffs or a job ban. That happened again on Tuesday when Coinbase, a crypto exchange, said it was reducing its workforce by 18 percent.

The pain is real for those who lose their jobs, but there’s a bigger picture behind it: the job market for technology companies and for those with high tech skills is on fire and stays that way – at least for now.

The U.S. unemployment rate for high-tech jobs does not exist from Dinky. As soon as a company announces layoffs or hiring for those with those skills, ZipRecruiter sees other employers searching to find and hire them, according to Julia Pollack, a labor economist with the carrier website. Staffing firm Robert Huff told me that on average, every tech worker offers more than two jobs in search of a job.

“When people say things are slowing down, I ask, ‘On what data?'” Said Ryan Sutton, the district president in charge of technology recruitment for Robert Huff. “Everyone wants to say that the stock market is down. Well, the stock market isn’t always an indicator of rent. “

People who specialize in recruiting for tech jobs told me that recruitment has slowed down in some areas as the stock market has declined and fears of a recession have increased.

But they say that right now, the worst thing you can say about the tech job market is that it has changed from insane to just nuts.

The market for tech talent and tech companies for all types of workers is so hot that even job recruitment experts are constantly being beheaded. Almost every time George Frasier, a recruiter for his own rental-real estate start-up Divi Holmes, talks to potential new recruits this year, they try to persuade Fraser to work for his company instead.

There are two main reasons why workers are in demand. Companies seeking to hire more tech workers have a long-term trend, and the number of qualified candidates has not kept pace. In addition, recruitment in many technology companies has continued since the first months of the epidemic when many companies stopped hiring or laid off employees, only to hire staff members when their business did not break down.

Susan Dominus, a staff writer for The New York Times Magazine, in a wonderful article published in February, captured the power of tech workers to move from job to job and demand and often receive the compensation and working conditions they need.

“I was actually struck by a tech recruiter who left nothing for chance,” Dominus told me. “Even if someone accepted the offer, she continued to recruit for the position. If that person bolted another, another better offer came.”

There are indications that the tech hiring margin has cooled. Shaun Swarland, chief executive of Seattle-based recruiting firm Fuel Talent, said she has seen plans to hire some big tech companies abruptly – sometimes in the middle of a second or third round of interviews.

A handful of companies like Coinbase, Twitter and Redfin have turned down a small number of job offers from people who have accepted them. Tech hiring experts say canceled job offers are unusual when there is no widespread crisis like recession or epidemic. Some companies, such as Coinbase, said on Tuesday that they may have hired more people very quickly when tech was booming last year.

Stephanie Secon-Nasimento, who coaches tech workers, said she was surprised when the company recently pulled out an offer for a sign-on bonus from a candidate she worked with. (Job offers remained.) “This was the post-epidemic moment where candidates had a lot of power to ask for what they wanted,” said Sikon-Nasimento. “It’s a little flipped.”

Having a little less power over employers can be uncomfortable for tech workers, but don’t be too sorry for them.

According to US government data for various categories of tech jobs analyzed for me by ZipRecruiter’s Pollak, more people are employed in tech-related businesses at this time than a year ago. Even Elon Musk, who said earlier this month that he was concerned about the economy and that Tesla needed to cut paid workers, said the automaker would have more employees in a year than it does now.

Sutton said about half of the tech workers who speak Robert Huff haven’t changed jobs in years. He said he’s probably working less than his new job because of the increase in tech pay over the last few years. (Yes, he says, many high-paying tech workers can get paid less.)

Ciccone-Nascimento said it was advising tech workers to stay in their current jobs if they could, but it also sees the moment as a blip in the manic demand of technology experts in many areas. “There are always jobs,” she said.

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