A bit of background…
Over the past six months, we’ve been reading names in BigTech, such as Peloton and Netflix, have been making lay-offs and Meta, Uber and Lyft reported slowing down their hiring.
This month, more of BigTech is hitting the pause button: Google announced a two-week pause while it assesses priorities, Microsoft confirmed it was working through a business-by-business review and Apple seems it’s also looking to slow hiring.
And as the tech market continues to be challenged, Shopify has recently joined the list of companies making lay-offs.
A key question people are asking is whether they are acting preemptively or they have evidence that their products and services are deemed less popular than recent years.
Whatever the reason, with these world-renowned big fish in a freeze, it gives the smaller fish a rare opportunity to take a few bites.
You have more similarities than you think with BigTech companies
Sure, candidates that apply to BigTech companies are interested in the brand and unique job roles on offer. There are also many similarities that startups share (or can share if implemented) with the giants out there that we know candidates desire from a career and company:
How to weave all of this into your hiring strategy to attract and retain talent during the BigTech freeze
💡Tip 1: Work with your CFO and financial team to review (or implement) your ESOP strategy. Could you make it clearer and more irresistible? Make sure you have the ESOP education piece attached to ensure your candidates are clued up to how they’ll benefit from high stakes over high salary.
💡Tip 2: Refine your EVP and mission statement to reflect the exciting and supportive environment you can offer candidates. We actually have a free EVP template to help you do this.
💡Tip 3: Speak to your CPO or Head of People about mentorship and coaching opportunities you’re able to offer. Who in your leadership team would be open to leading or being involved with developing this?
💡Tip 4: Cast a wide net that encourages diversity. This is much harder to do through your own connections and internal hiring team, especially with a smaller network and outreach possibilities, which is why so many companies like Canva, Zepto and Airtasker have come to us for help.
Our clients utilize our global network and our exec search, hiring and onboarding methodology in order to secure the talent they need for their next phase of growth.
Keep calm and carry on hiring
If it’s the right decision in your stage of growth and you’re confident in the roles and humans you’re looking for to join your team, then the big hiring freeze shouldn’t cause you to panic.
For advice on making the right hiring moves or how we can help you capitalize on this current freeze to ensure top talent for your next growth phase – contact email@example.com or head to our site thinkandgrowinc.com and we’ll be happy to chat.