With every downside comes opportunity; it’s just a matter of perspective. This point is illustrated by the highly publicized tech layoffs of 2022 and 2023. More than 118,000 tech workers were laid off so far this year, adding to the 140,000 let go last year. If you’re a tech worker who was laid off, that’s a terrible thing. However, companies can leverage this situation to their advantage by taking a proactive approach toward recruiting in the current job market.

In What Ways Can You Leverage the Recent Tech Layoffs?

Capitalize on Opportunities Now

The big tech layoffs particularly benefited small to mid-sized companies that couldn’t compete with companies like Meta and Amazon for talent. While the 200,000 or so laid-off tech workers barely scratched the surface of the overall IT staffing shortage, you may be able to snag some talent because of the layoffs. But don’t delay—The Wall Street Journal reports 79% of these workers found new jobs within 90 days of being laid off.

If you’re a smaller company or a startup, you may still wonder how you can convince a skilled tech worker to join your team. The reality is most of these workers joined big tech firms with the idea they could find meaningful work that made an impact. That’s a huge selling point if you’re a smaller employer. You may not be able to match the salary offerings of big-name companies, but you allow your workforce to join an engaged team passionate about the success of what you’re trying to build. That’s a selling point with resonance for an IT worker.

Other strategies for making the most of the current job market include offering financial or other incentives to attract these candidates. While most small companies think they can’t compete with the salaries offered at big tech firms, you can offer remote work as an option.

Three of every five tech workers say they want a remote job. Today, nearly 50% of tech workers are fully remote. McKinsey says these flexible work arrangements are particularly important to older workers. They also point out that women prefer schedule flexibility even more than their male counterparts. How can small companies capitalize on remote work trends? The answer is easy—give tech talent the perks they want by allowing them to work from home. Then give them the tools they need to ensure communication is seamless.

Tech Republic also suggests that small companies struggling with cash flow should look into the federal government’s R&D tax credit as a way to help fund new positions focused on innovation in your company.

Best Way to Capitalize on Tech Layoffs

By far, the best way to take advantage of the recent tech layoffs is to partner with CPS. We stay on top of industry trends, follow the latest layoffs, and network with the tech talent you’re trying to connect with. Talk with our team today about how our efforts can benefit your business. We can help.