It’s filling all of our social feeds and news channels – technology industry layoffs. It is heartbreaking to see friends and peers struck by this news with a precarious future ahead. Although it is not only the tech industry being impacted, an average of 1,600 tech employees have been laid off every single day of 2023 so far, according to Business Insider. These reductions are being made due to the massive increase in hiring that took place during the pandemic. The excess of staff is now being recognized as the economy begins to decline and margins are prioritized.
What problems are being caused company-wide?
If an employee is lucky enough to remain in their position within a company, they are not so fortunate when it comes to workload. The stream of layoffs is causing teams to achieve the same goals, with less help. Teams are facing budget and resource deductions while being pushed to accomplish more and contribute to the growth of the company.
This will surely impact company morale if goals are not adjusted to meet current bandwidths, so how should companies adjust?
Are contractors, freelancers, or agency outsourcing the answer?
Could contractors, freelancers, or outside agencies alleviate the heavy workloads and allow teams to achieve their goals? It depends on the company and what they have chosen as its strategy to navigate having smaller teams. Some have chosen to keep full-time employees (FTEs) and cut contractors, while others are keeping contractors and cutting FTEs. Either way, more helping hands without the costs of having a FTE on the books may be the solution to assist with workloads.
It is hard to say what the future of the tech industry will look like, but maybe this is a win-win for internal teams facing resource cuts and outside resources that do not carry the same financial burden as a FTE.
How does CTG help?
No matter your role in the B2B sales or marketing function, CTG can be your complimentary support partner. We have been called contractors, freelancers, or even an outside marketing or sales agency, all of these terms are fine with us. We also are exploring fractional positions as a service. For example, a fractional Chief Marketing Officer (CMO) for a smaller tech firm or a fractional Director of Demand Gen for a larger size firm. Bottom line, we understand and have embraced our short-term role. As you know, we work side by side with your internal marketing or sales teams and have the bandwidth to assist you with projects.
Some digital tools that we are familiar with include:
Wrike, Airtable, Marketo, ChatGPT, Sendoso, Salesforce.com, Pardot, LinkedIn Sales Navigator, LeadIQ, Surveymonkey, LinkedIn Advertising, Woodpecker Cold Email, BHN Rewards, BrightTALK Webinars, Advanced Excel/Google Sheet formulas, Zapier.