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For the first time: Most high-tech companies expect a slowdown in recruitment in 2022
OurCrowd published its quarterly employment report for the high-tech industry: The number of jobs offered to high-tech workers in the third quarter jumped by 244% compared to the same quarter last year, but for the first time most companies expect a slowdown in recruitment
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Tuesday, 30 November 2021, 12:13 Updated: 12:17
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The investment platform OurCrowd, the most active investor in Israel in venture capital, published its quarterly employment report for the high-tech industry in Israel (OurCrowd High-Tech Jobs Index Q3 2021) which indicates major market trends. OurCrowd employs thousands of high-tech professionals in Israel and the United States.
The report reveals that Israeli high-tech continues to accelerate to rapid growth resulting from both the demand for digital solutions and a return to full-time work in a hybrid format. In this quarter, the number of recruiting companies increased from 148 in the previous quarter to 152 in the third quarter of 2020. On a daily basis, there was a 51% growth in the number of new jobs and in this quarter 47 new jobs were published daily compared to 31 in the second quarter of 2021 .
Moreover, 65% of companies report that they recruit more workers in the third quarter than in the corresponding quarter of 2020, 5% recruit fewer workers and 30% recruit a similar number of workers.
In light of these trends, it is not surprising that more than two-thirds of companies (78%) believe that today the employment market is a market of employees and not of employers and only 8% believe that the market belongs to employers and 14% believe that the market is balanced.
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65 percent of companies expect moderate recruitment (Photo: ShutterStock)
However, despite the positive expansion in the number of actual jobs and recruitments, for the first time since the beginning of 2020, there is a slowdown in the companies' recruitment plans. According to the data, 65% of companies expect moderate recruitment of manpower in 2020, i.e. recruitment of key jobs rather than broad growth-oriented recruitment. Only 35% of companies plan aggressive recruitment. These figures reflect a trend opposite to that of the previous quarter where 61% of companies planned broad recruitments for the second half of 2021.
Similar to the previous quarter, the greatest demand is focused on software engineers (20% of jobs) as well as sales and business development jobs (13%) and together they occupy 33 % Of all jobs offered. They are followed by jobs in operations (11%), IT (10%) and product managers (8%).
The companies provided data on the salaries they offer to product managers.
A novice product manager earns between NIS 12,000 and NIS 16,000 per month and about half of the companies will pay even higher salaries.
A product manager with 3 to 5 years of experience will earn between NIS 16,000 and NIS 22,000 per month and most companies (59%) offer even higher salaries than that.
A product manager with 7 to 10 years of experience earns NIS 25,000 to NIS 30,000 per month in about a third of the companies, while about 70% of the companies pay NIS 30,000 or more.
Leli David, research partner (Photo: Yachz)
According to the study, 84% of companies currently apply a hybrid model (a slight increase from 81% in the previous quarter), but at the same time there was an increase in the number of companies requiring full office presence, from 13% in the previous quarter to 16% in the current quarter.
One of the fascinating findings of the survey concerns the effect of remote work on the willingness of companies to employ workers from the periphery. Today 28% of companies report that they recruit more workers from the periphery due to the positive experience gained in working remotely during the Corona. 68% of companies recruit a similar proportion of workers from the periphery, and only 4% currently recruit fewer workers from the periphery. 76% of companies indicated that workers from the periphery can work from anywhere they want, a hybrid model of their choice.
Lee David, a partner at OurCrowd, said: "The finding that is particularly fascinating to me is the growing willingness to employ workers from the periphery following the accumulated good experience of working remotely. This trend has the potential to produce a very significant change in the fabric of life in Israel.
Since its inception in 2013, the investment platform OurCrowd has raised $ 1.8 billion in investment commitments across 280 portfolio companies and 30 funds, recording 50 exits, including: Beyond Meat and Lemonade's NASDAQ issues, Uber's acquisition of Jump Bike, Uber's acquisition Briefcam by Canon, the acquisition of Argus by Continental, the acquisition of Crosswise by Oracle, the acquisition of Corephotonics by Samsung, and the acquisition of CyberX by Microsoft.
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