expressed opinion entrepreneur Contributors are their own.
during the opening ceremony pointy blindfold’ In the final season, Thomas Shelby told a French smuggler that “every disaster is an opportunity”. This cliché makes sense, not just for criminals. Successful tech companies have some of the brightest minds solving problems, and they will find that the current market also represents an opportunity.
But what is this opportunity now? The ability to spot opportunities lies in the company’s versatility as tech stocks plummet and companies lay off swarms of employees to cushion the blow of the downturn.
The fast-paced environment of the global high-tech economy appears to be in a state of flux, but not necessarily negatively.Major tech hubs such as the US and U.S. received record VC funding last year Israel and record IPOs — almost the opposite of what happened this year. However, dynamic industries with cutting-edge breakthroughs and prestige are not immune to stagnation.
1. Flexibility
Because technology is so dynamic and plays such an important role in the global economy, the industry itself often has remedies in place to correct or reverse losses or periods of stagnation. One of the things that makes high tech so dynamic is its adaptability, which allows the industry to reinvent and reaffirm itself through its passion for innovation.
Amazon started as an online bookstore before transforming into a premier e-commerce platform. However, the tech giant didn’t stop there. It will become the largest on-demand cloud solutions platform and a significant player in the content subscription space. Further evidence of tech’s adaptability is how quickly food delivery services have come into focus during the 2020 pandemic-induced lockdown. There is no vacuum in the tech industry that cannot be filled with a little creativity. The industry is in a perpetual cycle of construction and improvement.
Technology is eating up more and more of the global economy and is better at thinking on its own than the big conglomerates that have been in recessions of the past.
Related: 9 tech entrepreneurs share their secrets to success
If the industry continues to stagnate in the coming months, it has plenty of tools to address the need for additional support during slow hiring. Automation is one of them.
2. Automation
Workplace automation can play an important role as tech companies of all shapes and sizes weather the market downturn and try to keep costs down while maintaining productivity. Automation can complete repetitive and often time-consuming and tedious tasks faster, giving employees more flexibility to focus on other tasks.
To be sure, this depressed market will make a major contribution to a new wave of automation products that will enhance business operations and make them more accessible than ever.
Instead of replacing humans with robots (at least for the foreseeable future), workplace automation is about streamlining business processes. Rather than replacing human labor, automation can improve a company’s hiring process by filtering out unqualified applicants, freeing HR to focus on top contenders.
In fact, startups and tech companies didn’t stop hiring entirely during this time. What’s more, they don’t throw money and endless perks at candidates, and they certainly can’t keep candidates who are mediocre in times of economic success. They need to work harder to recruit the right candidates for the right positions.
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3. Global workforce
The growing remote working trend, thanks to the popular digital nomadic lifestyle, serves this purpose well, enabling HR managers to expand their talent search to every corner of the world. Some international companies use the CTO’s extensive experience in developing digital products to match freelance technical talent and entire teams with the right companies around the world.
Such tools will enable companies to hire top tech talent or work on specific projects within a predetermined time frame, meaning businesses can economically scale up as needed and then downsize later in times of economic uncertainty.
Not only is high-level technical talent more accessible and affordable, but so are IT and cloud solution services for organizations of all sizes and across all industries. Companies around the world are helping businesses build and implement complete technology stacks based on the precise needs of their business. Companies must improve operational efficiency in all aspects, including technology integration and implementation.
Today, technology is breaking down boundaries, enabling businesses to operate more efficiently, economically and, most importantly, more agile. This recession may last for a while or develop into a recession, but the saving grace of technology is that it is designed to reinvent itself and overcome it.
Related: How automation is saving the tech industry
