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The 2022 tech market crash consisted of the industry's worst moment of the year. On November 4th, tech stocks (especially the S&P 500's information technology sector) experienced their worst week since the 2020 market crash caused by the COVID-19 pandemic. This caused many IT companies to lay off their employees, conduct hiring freezes, and consider downsizing their operations. We’ve talked about this year’s tech crash in a previous article, where we go into greater detail about what happened.
Now, the tech stock crash 2022 brought something other than layoffs and financial difficulties. It also provided companies not as affected by it, or with the resources to push through, with a chance to hire new talent that has recently become available. With less competition and more developers available than ever before, this is a key opportunity to solve talent shortage within your company.
Why hire IT talent during the tech crash 2022?
While the 2022 tech crash might not be the most optimistic moment to hire IT talent, it's certainly a prime time to snatch developers after months of companies trying to solve talent shortage. To understand why the tech stock crash 2022 provides companies looking for software solutions a great opportunity to build a development team, it’s important to keep in mind the events of the earlier half of the year.
2022 started as a year when companies were extremely concerned by the incipient talent shortage, especially within the IT and tech sectors. This all started with The Great Resignation, a 2021 phenomenon where most tech workers, and employees from other industries as well, fled the organizations they were working for to pursue freelancing, create their own businesses, or just look for better compensation packages elsewhere. With every FTE (full-time equivalent) becoming more precious by the hour, as 41 million Americans quit their jobs, companies held onto their employees through increased benefit packages or moderate raises. But what no one expected was for the tech market to crash and for the value of stocks to plummet as it did.
The tech crisis changed the game for every player involved. Yes, it propelled a series of serious tech layoffs, such as the ones of Twitter and Meta. Yet at the same time, it opened the doors for companies not as roughly affected by the 2022 tech crash to access some of the most talented and experienced software developers and IT professionals out there. Now, why should anyone hire IT talent amidst the tech crash? The answer is simple: to snatch the best professionals at an even better price.
How to make the most out of the 2022 tech crash to snatch top talent
Hire from a larger talent pool.
Our greatest IT hiring secret is that we absolutely do not limit ourselves to a local talent pool, nor do we recommend our clients to do so. While there have been layoffs happening within many US-based companies, these job cuts have affected more than just North American employees. There’s a whole other group of IT professionals looking for stable work right now, and it’s located down south, in Latin America. This is a large and very diverse talent pool composed of developers who offer the same value for a lower cost, work in the same time zones as you do, and have little to no cultural differences with US corporate culture. Hire Latin American developers to win over IT talent that might eventually be hired by the competition otherwise.
Offer IT talent remote work.
If you’re wondering why you can’t hire software developers, it’s time to check what you offer to potential employees. One of the main things IT workers want after the COVID-19 pandemic is to keep working from the comfort of their homes. Or, even better, to be able to travel their work with a job that’s flexible enough to do so. With only 16% of the world’s companies being 100% remote, offering online developer jobs will put you severely ahead of the hiring curve.
Highlight career development.
Tech employees not only want to have flexible jobs, but they also want to advance their careers and make every position count. Whether this is through listening to tech podcasts to improve their skills or by participating in hackathons around the world, developers are always starving to learn and grow. Your company should offer them a way to supercharge their careers and make progress, not just a standby job while a more well-rounded opportunity comes knocking down their doors. Highlight career development as part of your company’s offer package to all IT employees you hire during the 2022 tech crash - it’ll help you win them over and avoid losing them to any competitors.
Attend tech events to snatch high-level developers.
There are many ways to hire Latin American developers, but attending tech events are one of the best strategies to connect with people in the IT industry. By putting yourself out there and meeting professionals from the tech sector, you’ll be able to get in touch with dozens of developers looking for new opportunities. In fact, most IT professionals at tech events are there to advance their careers and find better employment opportunities. Your company can attend both virtual and in-person get-togethers to make connections and scan for any developers looking to join a team. If you’re unsure where to start, we crafted a list of the best tech events in Latin America to hire nearshore developers.
Ask for referrals.
Finally, our last tip to make the most of the 2022 tech crash and hire IT talent is to simply ask for referrals. Get in touch with your industry contacts and ask them if they know of any good developers looking for a new work opportunity or willing to take on freelance clients. This will allows you to reach out to any solid IT candidates directly instead of having to wait for them to fill out a job application.
Ready to hire Latin American developers and recruit top IT talent?
At Blue Coding, we want you to take advantage of the 2022 tech crash and build a team of talented developers ready to dive into any projects going on at your company. That’s why we offer nearshore outsourcing and IT staff augmentation services to ensure you can hire IT talent in a matter of weeks. We handle everything from vetting to billing and regularly check in to ensure things are processing as they should with your new team members. Contact us today and learn how to hire Latin American developers to push through the tech market crash!
