The recent jobs report shows that Tech vacancies fell off a cliff in the UK in August 2024 and it is clear from talking to our clients that there is cost-cutting going on. Well, we have all been here before. Market correction on the Tech Stock exchanges, reducing confidence and availability of money, investors more cautious and companies needing to show they are profitable. 

These things only last so long in my experience 3-9 months and then things pick up. Sometimes slowly and sometimes quite quickly. Sometimes by the time, the impact of cost-cutting has hit for 1-2 quarters then vacancies and other activities open up again. You see there is always innovation going on and companies and technology is always moving forward. Key projects continue, delivery is still expected, and resources are required.  

I often hear the current narrative that not much will happen until after the US election and possibly still caution until the new president takes office on 20th January 2025. That is only 4 months away. This actually gives companies time to focus and plan for growth and to move onwards and upwards. Really there is no need to feel negative about this period but there are some things that smart companies should continue to do and in fact do more of in order to be in the right position once things start to move more positively again. really set you up to be in the right position when things start to move again.  

Invest in training
This is a time to invest in staff to help them develop their careers. It does not have to cost much maybe offer time for training and personal improvement. Build a suite of online courses. Encourage people to improve their knowledge of internal tools and systems. Encourage the staff to share and train each other. 

Take care of Mental Health
Now more than ever, you should prioritize proactive and preventive workplace mental health training for leaders, managers, and individual contributors.  Even in cost-cutting mode put some money aside for some actions or options to look after staff. Set up and implement a wellbeing programme what about implementing Mental health days or funding a massage a month? Show that staff health and well-being is important. Encourage people to take a gentle exercise even a walk in the middle of the day. Support staff therapy appointments physical and or mental. Encourage a culture where email and phones are turned off out of work hours to allow people a mental break from work. 

Leaders and managers should build a programme of check in’s with staff. More than just the basic “How are you?” and not an online form. A personal interaction asking specific questions about what supports would be helpful. Wait for the full answer. Really listen and encourage questions and concerns.  

Overcommunicate!
I hate that phrase but, in a sense, it makes sense. The point being companies need to be open honest and clear with their staff especially during cost control phases so that people understand the plan and the decisions. Rumours swirl and people get anxious quickly. 

Focus on staff retention
Typically, less hiring means lack of resource and that heaps pressure on a few key people. They are asked to work harder, longer and at a time when rewards are scarce, and uncertainty and anxiety is high. Review and replan deadlines and priorities on all projects to ensure that people are not overburdened and that the plan/s are realistic and achievable. Take care not to overburden the staff that you want to keep. 

Keep recruitment channels open
Especially in deep tech industries when things ramp up again, companies struggle to hire. It makes sense to continue to nurture one’s talent pool and prospective employees. That way when you can hire, they have a good impression of your business and may be available or may recommend someone else. This will significantly reduce hiring time and cost when you are recruiting, all for 30 minutes in an online meeting or call or if locally a simple 30–45-minute coffee. It is fine to be clear about the fact you don’t have open opportunities but would like to meet in case of future hiring. 

Enigma People Solutions is an award-winning technology recruitment consultancy. We find technical leaders for the emerging and enabling technology industries. Visit our services page for more information. Visit our job search page for the latest vacancies in photonics, electronics, semiconductor, software and IoT in Scotland and the UK. Check out our blog page for the latest in the technology industry. You can get in touch with us hello@enigmapeople.com or call us on + 44 131 510 8150