New York City employers say they are still hungry for tech talent despite market turmoil

“Nobody has a crystal ball and we are in a period of uncertainty on many fronts,” said Laura Peterson, senior managing director at Accenture. “But from our point of view, we continue to see demand [for tech-related hirings].”

The most sought-after skills are cybersecurity, cloud computing and artificial intelligence, according to Accenture research. There is also a growing demand for skilled blockchain developers, the survey found, despite the drop in cryptocurrency values.

Those who hire these skills are not the usual suspects in the tech industry. Goldman Sachs and JPMorgan are among the city’s biggest employers of technologists. Accenture interviewed leaders of companies in the banking, healthcare, education, retail and technology industries.

While Amazon and Facebook’s parent company Meta have indicated they will reduce hiring, struggling tech stocks don’t always mean a slowdown in hiring. Etsy CFO Rachel Glaser said on an earnings call last week that the company expects to increase its headcount in 2022, and that’s because the e-commerce company’s stock value has dropped nearly 60% since the start of the year. .

Layoffs meet big layoff

There were 33 known tech layoffs in April and May, costing an estimated 7,900 people their jobs worldwide, according to data from Layoffs.fyi, which compiles data from online reports. Some high-profile layoffs were seen on the weight loss app Noom, where 470 people lost their jobs, and in the used car market Vroom, where 270 workers were laid off.

For perspective: Layoffs.fyi saw more than 52,000 layoffs from the tech sector in April and May 2020, as the onset of the pandemic caused companies to rapidly scale back. The unemployment rate for tech-related roles was below 2% in March, according to industry group CompTIA, compared with around 5% in spring 2020.

Nearly 90% of executives surveyed by Accenture and Tech:NYC were confident they could hire the talent they needed in New York. But that doesn’t mean company leaders are finding it easy to hire and retain employees. The so-called Great Dismissal still appears to be in full swing. US employers posted a record 11.5 million job openings in March, while another 4.5 million Americans quit or changed jobs, according to the most recent federal data.

Nearly every executive surveyed by Tech:NYC and Accenture said that employee retention is a significant or extremely significant concern in their organization. About 70% said they are raising wages to keep employees and 43% said they are considering a four-day workweek, though such deals are still quite rare.

new pipelines

A worker-driven market is forcing employers to find new avenues for hiring workers. Some 72% of leaders said they were looking for partners in workforce development programs, while two-thirds are increasing their focus on internal improvement.

Tech:NYC has partnered with Mayor Eric Adams’ administration on a program called Tech Year NYC, which will offer paid, project-based work at local tech companies to 1,000 local students as part of the city’s summer youth employment program. .

“We know there will be a need,” said Jason Myles Clark, executive director of Tech:NYC. “We need to be able to build the infrastructure so that people who want to get into technology can get the education and training they need.”

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