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Tech talent bonanza. Traditional companies aiming to modernize their processes have a remarkable opportunity to hire from among the world’s top tech talent. Mass layoffs at some of Silicon Valley’s most storied companies mean that businesses that couldn’t previously compete against these tech giants for talent might now attract software engineers and other workers. In an increasingly volatile market, companies need workers skilled in cybersecurity, data management, and other areas to help them become more digitally agile. [HBR]
Sought-after skills. Despite recent layoffs in the tech sector, software developers and other skilled workers are being sought out by companies seeking to scale their organizations. So far this year, roughly 900 technology companies have dismissed 143,500 workers. In Silicon Valley, companies are snapping up engineers with expertise in AI and data science, says an executive at one venture capital company. Such workers can help with data collection and processing, as many businesses are endeavoring to understand their customers better. [BBC]
Switching to software. More and more traditional companies are realizing that to compete in a digital world, they must attempt to become software businesses, explain McKinsey senior partner Chandra Gnanasambandam and his coauthors. But making that switch isn’t easy. Becoming a software business requires different skill sets, practices, leadership, and organizational structures. To understand what works, McKinsey analyzed more than 20 software transformations and spoke with a dozen senior executives.
Talent search. Companies will likely need to rethink their recruiting practices for attracting software talent. One tech company opened new software development and design centers closer to prospective talent, including on the campus of an institute of technology. The company increased its number of employees by 50% in just a few years, with software-focused staff accounting for much of that growth. See six principles at the core of any effort to become a software company, along with what successful technology businesses are doing today.
— Edited by Belinda Yu, editor, Atlanta
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