As spiraling inflation, rising interest rates and the looming recession drive up the cost of doing business, technology leaders must be agile, seek new management methods and be open to re-planning already existing plans. This is acc STX next, Europe’s largest software development company specializing in Python.
Alongside economic struggles, skill shortages continue to reveal skill gaps in technical teams – 68% of tech companies say they are being held back by a lack of skilled staff – while decision makers still struggle to refine remote work models and implement new technologies in the workplace . However, STX Next CEO Maciej Dziergwa believes technology companies can survive and thrive by adapting their practices to reflect the business landscape.
Dziergwa said: “It is important that leading technology companies recognize that the current economic slowdown is putting a brake on the momentum of the IT industry and react accordingly. For example, they should not be afraid to limit growth plans during the height of the crisis to allow flexibility if the climate suddenly deteriorates.
“Staff reduction is a worrying trend in the tech industry – Amazon, Meta and Twitter are the latest high-profile organizations to shed their workforces – so it is important that companies grow sustainably to avoid downsizing.
“Tech leaders should also prioritize investing time and money in customer acquisition and retention. This includes a more customer-centric approach, such as B. Traveling to meet existing or potential partners face to face. Regular contact shows that a company will be far more reliable than less visible competitors during an economic downturn.”
To deal with the shortage of IT professionals, Dziergwa believes tech companies should look to improve the employee experience to differentiate themselves from the competition.
He added: “With talent shortages weighing on recruitment strategies, it’s time corporate decision makers became more proactive in attracting new talent or retaining established employees.
“Flexibility is a priority for most of today’s workforce, so attracting candidates starts with ensuring remote working models are watertight and that employees are well supported even when working from home.
“It is important to remember that offering hybrid work is now a minimum requirement for prospective employees. The tech companies that differentiate themselves will do everything they can to meet the needs of employees by providing financial, emotional and educational support to guide employees through the cost of living crisis.”
He concluded, “Times of economic slowdown are great opportunities to identify areas for improvement and strengthen corporate culture. The pandemic came as a shock and has kept the world on track – tech leaders must not allow history to repeat itself, regardless of what will happen in the coming months.”
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