How Is Your Company Reacting to Economic Uncertainty?

Are we headed for a recession? That question keeps company executives awake long into the night. With inflation up (along with interest rates), there’s a persistent fear that consumers and businesses will stop spending—and drag down the economy with them.

Some tech giants, including Meta and Amazon, have frozen technologist hiring. Some startups, particularly in volatile industries such as fintech, have outright collapsed. And yet the tech unemployment rate remains notably low, and companies across multiple industries are hungry for talent.

All of which brings us to this week’s quiz: how is your company reacting to the economic uncertainty? Are you seeing layoffs and hiring freezes, or is everything business as usual? Let us know, and we’ll display the results in a future article!  

Despite the uncertainty, 40 percent of workers plan on quitting their current jobs within the next three to six months, according to a recent study by consulting firm McKinsey & Company. Many want to jump to completely different industries. “For those with sought-after skills such as data scientists and programmers, the hurdles to changing industries are lower. Companies are more focused on hiring people for their skills rather than their industry experience, and the most talented individuals with the most sought-after skills will be able to continue to explore options to find the best fit,” the report stated.

No matter what the state of the economy, technology professionals have suggested in survey after survey that they’ll jump jobs for a variety of reasons, including greater pay, flexible schedules, and better benefits (such as health insurance, elder and child care, education and training, and more). If your company is anxious to keep you onboard, but your manager claims there isn’t the budget for a raise, you can always attempt to negotiate for better benefits and training opportunities.