Meet-up Recap from May 23rd, 2023
A lot of dynamic is happening: What kind of impact does remote work have on companies and employees? How are salaries developing in the current inflation? How are the recent BigTech layoffs affecting the job market? When will VC`s go back to invest in Startups?
Together with Greg Tomasik from Germantechjobs we shared a few insights on what is happening on the IT job market in Germany.
We were happy to welcome a mix of candidates and recruiters in the German IT market, contributing to an open and engaging discussion with the experts! After the official part, networking and drinks were presented by Germantechjobs and Rockstar Recruiting! It was great seeing you, and we look forward to our next event!
Key messages:
- There's Momentum for SMEs & Corporates, which is better than the one for Startups.
The ratio of open tech positions has shifted from Startups to SMEs and Corporates. VC funding for startups has been drying up recently as investors have become more cautious about putting money into high-risk ventures. As a result of this trend, there is growing momentum for small and medium-sized enterprises (SMEs) and corporates. These established businesses are seen as more stable and less risky investment opportunities and therefore are more likely to receive funding from investors. As a result, SMEs and corporates are able to invest in their growth, expansion, and new opportunities; this is creating momentum and stability in the market.
- “RTO” - Return to (hybrid) office?
Remote work has been found to increase productivity in some cases, as employees can work in an environment that is comfortable and free of distractions. As the study from SwissDevJobs has found, over 50% of tech employees can work fully remote. This does have some benefits, such as reduced costs for companies, as they don't have to maintain large office spaces and can save on overhead expenses. Also, allowing for an at least partially remote model helps to attract and retain top talent as it allows employees to have more flexibility in their work arrangements. Furthermore, remote work is particularly popular among tech talents, as statistics show that remote jobs are viewed 1.7x more and remote job applications are 2.5x more.
- Now is the time to invest in AI & Cyber Security & Robotics – and the respective talents.
There are a few reasons why now may be a good time for a recruiting company in Germany to invest in AI, cybersecurity and talents. The demand for AI and cybersecurity professionals is rising due to the increasing use of technology in various industries, such as finance, healthcare, and manufacturing – and with the latest developments in AI, that made the news. Once everyone hops onto the train, there will be a shortage of qualified AI and cybersecurity professionals, which can create opportunities for companies to fill these roles. Also, Germany is a key player in AI and Cybersecurity: many companies in Germany are looking for talent in these fields.
- It`s still a candidate`s market ... but seniors / leaders definitely have more advantages
Due to the recent layoffs, even more tech talent has been released into the market. Those tech talents often have great academic records and have been working for a short while and therefore have crucial skills that people who start fresh from university still lack.
Link to the full slide deck: Transparent IT Job Market Report 2022 - GermanTechJobs
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