by Vijay Govindarajan and Anup Srivastava
Unlike other economic downturns, when employers cut roles no longer critical to business operations, laid-off workers from the tech sector offer a wide range of highly sought-after skills, including artificial intelligence, automation, data science, and more. By recruiting and hiring from the former ranks of the world’s leading digital companies, traditional companies can gain access to new talent who can help turn their stagnant business models into digitally agile models to prepare for increasingly turbulent business environments. In this article, the authors identify the reasons for these layoffs and explain how non-tech companies can benefit from the sudden influx of tech talent
A recent series of mass layoffs in the tech sector, including Amazon and Meta’s dismissal of tens of thousands of workers, has created an incredible opportunity for companies that previously aspired to grow their ranks but couldn’t because of the lack of talent. Traditional firms that previously struggled to modernize business processes now have access to some of the best talent in the world. The same traditional firms, that could never afford to compete with recruiters from jazzy Silicon Valley companies, can now swoop in and offer career lifelines to dismissed tech workers.