Since mid-2022, the talent trend has swung nationwide from a shortage of tech talent to layoffs at major technology companies. The U.S. tech sector has cut more than 136,500 workers through April this year on top of more than 93,000 in 2022. These cuts are from major companies, including Meta and Amazon, and startups such as Shift and Roofstock.
It's a different story for credit unions. No matter the credit union size or location, tech employees are still difficult to find and retain. Why? Anecdotal evidence suggests many laid-off tech workers have severance packages and aren't looking for work right away. Meanwhile, many who are still employed trade happiness for stability given the unknowns of switching jobs in a tough economy. The result is a smaller tech talent pool for credit unions.
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