The news that the Bank of England raised interest rates again last week, increased concerns for the economy and the job market. Employers and job seekers facing a potential mortgage crisis are rightly exercising caution in decision-making around employee movement.
Businesses are giving themselves wiggle room by increasing temporary contracts and slowing their offerings on permanent placements. This contrasts with a sharp rise in staff available with recruiters in the UK reporting the steepest rise in candidate availability since December 2020.
For tech candidates, however, there is good news as the latest data on skills shortages from the recruitment business during May showed in the tech space there is still demand for IT and Computing skills.
Both employees and job seekers will need to be increasingly agile in adapting to market conditions. The nature of work in the tech space is often project driven and therefore temporary project-based contracts for in-demand skills will be the most cost-effective and workable solutions for both sides. As we collectively weather the economic storm, it will be about employers making smart decisions on their hiring.
The collapse of Silicon Valley Bank earlier this year led to the widespread proclamation that the tech bubble had burst. The reality is with an increased desire for connectivity, data demand and a desire to work smarter; utilising technology through skilled professionals will be the only way to achieve these goals pushing up tech labour demands long term.