Labor Market: Small Business Gains as Big Tech Stumbles
Updated: Feb 16
"Big tech was bloated with talent over the last three years. Companies feasted on COVID subsidies and stimulus-fueled consumer demand, and they used their spending power to box out small employers from access to talent. But the great reckoning has arrived, leaving many of these larger companies gutted. Small businesses are finally able to pick up qualified, affordable talent from among the pool of workers being laid off.”
- Andrew Crapuchettes, CEO of RedBalloon
(Moscow, Idaho) – Big Tech announced more layoffs this week, as companies like Zoom, Dell, and Alphabet announced huge workforce reductions. At the same time, small businesses continue to hire, putting more pressure on the tight labor market. Despite the high-profile layoffs, the BLS reported that job openings hovered near all-time-highs at 11 million, and the economy added over half a million new jobs in January.
"Big tech was bloated with talent over the last three years,” said RedBalloon CEO Andrew Crapuchettes. “Companies feasted on COVID subsidies and stimulus-fueled consumer demand, and they used their spending power to box out small employers from access to talent. But the great reckoning has arrived, leaving many of these larger companies gutted. Small businesses are finally able to pick up qualified, affordable talent being laid off by big tech.”
The Great Resignation was fueled, in part, by exorbitant salaries being offered by big tech companies – luring talent away from smaller businesses and industries such as hospitality & entertainment. Now, these companies are finally able to access the talent they need as big tech sheds its workforce.
“2023 will be the year of small business,” said Crapuchettes. “They survived the pandemic and great resignation with minimal resources, and now they’re poised for growth." According to a Paychex study, small businesses are 41% more likely to say that that they have recovered from the Great Resignation than large businesses.
If you would like to interview Andrew Crapuchettes, contact Isaac Lopez at (208) 997 – 8013 or email@example.com.
RedBalloon CEO Andrew Crapuchettes is a longtime business leader, entrepreneur, and innovator in the technology industry. He has founded several successful tech-focused companies and is widely considered a global pioneer in the development and use of labor market data analytics – an industry he helped found over 20 years ago. He served as the founding CEO of Emsi (now Lightcast) - which brought market-changing innovations to how higher education, corporations, and governments approach the labor market.
In 2021, Andrew founded RedBalloon, which has quickly become America’s largest connectors of employers and job seekers who prioritize workplace culture. Crapuchettes’ is a frequent presenter at technology and business conferences, and a frequent guest on business and technology news and influencer podcasts.
To find out more, explore redballoon.work. For questions or interview requests, contact Isaac Lopez at firstname.lastname@example.org.