What recruiters are saying about the tech job market right now

Given the endless drumbeat of layoff announcements — with deep cuts by Airbnb and Uber garnering much of the industry’s attention this week — it’s reasonable to wonder: what happens to all of the talent that’s being laid off? How does the changing supply and demand balance impact pay? Is anyone safe in this market?…

What recruiters are saying about the tech job market right now

Given the endless drumbeat of layoff announcements — with deep cuts by Airbnb and Uber garnering much of the industry’s attention this week — it’s reasonable to wonder: what happens to all of the talent that’s being laid off? How does the changing supply and demand balance impact pay? Is anyone safe in this market?
Because the questions are top of mind for practically everyone everywhere right now, we reached out to recruiters in the one industry that we know — tech — to ask what they are seeing and what they predict will happen over the next three to six months. Unsurprisingly, they told us they’ve seen a steep drop-off in job searches and loads of salary cuts, but they also say there are silver linings in these turbulent times.
First the bad news, and for the moment, it’s mostly bad news.
Sales and marketing positions — particularly at consumer-facing startups — have been hard hit, and they aren’t coming back any time soon, possibly not even in 2020. Carolyn Betts, the founder of the national recruiting firm Betts Recruiting, says when the “coronavirus hit and shelter-in-place notices came out, we saw 80% of our business freeze. And then it went down from there.”
Betts’s bootstrapped recruiting company — which fills sales, marketing and people operations roles — was forced to conduct its own layoffs because of the lost business, shedding 30 percent of its staff and cutting remaining employees’ pay by 20%, although though Betts says a PPP loan has allowed the company to adjust pay upward again by 10%.
In the meantime, she has had a front row to the nearly overnight switch from an employee market where rising salaries and signing bonuses had become routine, to an employer-driven market where candidates get what they get. “There’s so much talent in the market that there are backup candidates for backup candidates.” Her advice to job candidates right now is to recognize the game has changed and not push for too much or risk that the hiring company might “just move on to the next candidate. Everyone is going to hire within their budgets right now, and they aren’t going to make exceptions for the most part.”
Top tier
Executive searches are also, predictably, largely frozen right now. So suggests Teri McFadden, a VP of recruiting at the venture
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