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The tech industry leads the way out of recovery

Technology, Leadership, Talent Retention...

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You may remember I wrote a blog post at the end of March, just as lockdown had started in England for the first time. We had all just started working from home, making changes within our businesses, putting growth plans on hold and learning how to use Teams and Zoom to communicate with our colleagues and clients. A difficult time for us all, but by the start of Q3, we started to see the light at the end of the tunnel. The tech industry did what it does best – disrupting what became the norm.

September saw 3,495 tech roles advertised in the UK, very close to the 3,552 jobs advertised in March before lockdown restrictions were first introduced.(i)

The pandemic may have brought uncertainty but as well as tech giants, we saw startups and fast-growth businesses rise to the challenge and offer fresh, fast innovations to shake up the industry and provide lifelines for many.

I was really pleased to hear that it wasn’t just jobs which increased in Q3, confidence grew too. The confidence of Employers’ in hiring for their own business recovered from a low of -13 in April-June to net zero in July-September. While employers remain concerned about the overall outlook for the UK economy, this increased optimism is having an impact on their own business and encouraging them to grow their teams and offerings to customers. (net: -44, at the same level as the three months to August.)(ii) With a hiring increase in contingent workers and hiring managers adapting to online interviewing and onboarding, working flexibly and saving costs elsewhere, the lockdown this month doesn’t seem so daunting for the tech industry.

Looking further afield, it’s looking positive for new businesses. New data shows the number of people employed in tech startups across Europe has jumped 43% in the last four years, making the sector by far the fastest growing and most resilient job creation engine throughout the continent. With two million people now employed in tech startups across Europe, the European Startups report predicts as many as 3.2m people will be employed in European tech by 2025.(iii) That’s 10% year-on-year growth, with ecommerce, healthtech, fintech, and food verticals all expected to expand!

Image: Sifted

With all this in mind, you no longer need to be overwhelmed. Now is crucial time to think about how you can grow your own business, excel in innovation and challenge the status quo. It’s an exciting time to be in the startup and scaleup sector. You may be considering your growth options and re-evaluating your services and we’d love to be able to support you and share our expertise around the tech landscape.

If you’re planning for Q1 and would like some advice, industry insight or even just a catch-up, feel free to get in touch with me directly.
If you would like to talk about hiring flexible workers or have questions regarding IR35 or contractors, pop your details in the form below and we can have a chat.

Sources:

  1. Data from jobseeking service Otta.
  2. Data from the Recruitment & Employment Confederation.
  3. Data presented by the European Startups project.

 

Robin Beattie
Managing Director at Spinks

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Form ID:5837

 

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