Hiring Tech Employees in Tough Economic Times

Finding skilled tech workers is never easy. But during uncertain economic times, it comes with extra challenges and some unexpected benefits.  
 

The past few years have been tough for businesses. Many of the world’s biggest economies are dealing with rising inflation. 
 

At the same time, unemployment in the U.S. is at record lows. This mix of high prices and high employment is unusual, making hiring even more complicated.  
 

For tech leaders, this adds another layer of difficulty. Not long ago, big tech companies were growing fast. Remote work became common, and businesses of all sizes fought for top talent. Many tech giants offered huge salaries, stock options, and other perks to attract the best candidates.  
 

Now, things are changing. Some of these same companies are slowing down hiring or even laying off workers. Worries about the economy and falling tech stock prices have cooled the hiring rush. Demand for tech talent is still strong, but companies are being more careful.  
 

If you’re trying to hire in this market, there are ways to find great people who might have been out of reach before.  
 

Stability Over Stock Options  
 

For years, people believed tech stocks would always go up. But in 2022, the NASDAQ (which includes many tech companies) dropped by more than 20%. At the same time, inflation hit nearly 10%. This made stock-based pay packages much less attractive.  
 

For some companies, this is a chance to hire talent they couldn’t afford before. If you gave up on hiring six months ago, it might be time to try again.  
 

A few months ago, job seekers might have turned down an offer that didn’t include stock options. Now, many are looking for stability. A steady paycheck is becoming more appealing than risky stock deals.  
 

You can make your offer even more attractive by offering stable work conditions. Many big tech companies keep changing their remote work policies. Some force employees to return to the office, while others stay fully remote. If you can offer a clear, flexible work policy, it could be a big selling point.  
 

Another advantage? Smaller companies often give employees more interesting work. Instead of building another social media app, your team could solve real-world problems like improving supply chains or creating new healthcare tech. For some candidates, that’s much more exciting.  
 

Try Unconventional Hiring Methods  
 

If money is tight, you might need creative ways to fill gaps. Instead of hiring full-time employees, consider other options.  
 

One common approach is working with a staffing agency. They can provide skilled workers on a temporary basis. This lets you get the help you need without a long-term commitment.  
 

Another option is contract-to-hire. You bring someone in as a contractor first, then hire them full-time if they’re a good fit. This is like a “test drive” before making a permanent offer. You can check their skills and see if they fit your company culture.  
 

The key is to have a plan. Hiring too many temporary workers can get expensive, especially if their skills are no longer needed after a project ends.  
 

You could also rent an entire team instead of hiring individuals. Some companies provide full teams, including managers and support staff. This is helpful for short-term projects.  
 

For example, if you need a mobile app built, you could:  
 

• Hire six different specialists, then figure out what to do with them after the project.  
• Or, work with a company that provides a full development team. They handle hiring, management, and tools so you don’t have to.   

The second option is often simpler. The team scales up or down as needed, and you don’t have to worry about day-to-day management.  
 

If you work with a partner like this, they’ll likely have their own systems in place like development methods, project tracking, and quality standards. This means less work for you.  
 

Since many companies are worried about the economy, you might be able to negotiate better deals for long-term partnerships. Starting early lets you lock in good rates and avoid hiring struggles later.  
 

Look for Discounted Talent  
 

Just like stores discount overstocked items, the job market sometimes has “discounted” talent. Some skills become less in-demand, making those workers more affordable.  
 

Keep an eye on hiring trends. Talk to your HR team about which skills are becoming cheaper to hire. Also, check your list of staffing partners to see where you might need extra help.  
 

Economic uncertainty can be stressful but it also creates opportunities. Smart tech leaders can find great talent at lower costs, whether hiring full-time or through contractors.  
 

Final Thoughts   

Hiring tech workers in a shaky economy isn’t easy, but it’s not impossible. Focus on stability, flexibility, and creative hiring strategies. Offer clear remote work policies, interesting projects, and fair pay.  
 

If full-time hires aren’t an option, try temporary staffing or team rentals. And always watch the market for talent that might be more affordable than before.  
 

With the right approach, you can build a strong team even in tough times.