As there is less pressure to fight for talent, companies now have more mental space to plan their transformation – instead of rushing for the next big thing just because others are doing it. They can assess what kind of talent would best suit their ambition, but more importantly their core culture and vision.
TECH WILL BOOM AGAIN
Ultimately, some tech companies will become more agile and adapt faster to a more volatile environment. They will create pressure for their peers, pushing innovation and productivity across the value chain.
This process will naturally see failures too – be it a company going under, a start-up not taking off, or a deserving individual losing his or her job. But the fact that CEOs and employees are reflecting on their choices now is good for the whole ecosystem.
Tech will boom again, but in a different form. Will it be Web3, where blockchain technologies rule the Internet? Virtual reality and the metaverse? Artificial intelligence? Or SaaS, software licensed to businesses on a subscription model?
Nobody is sure, just like nobody quite predicted the mobile Internet proliferation after the Great Financial Crisis.
The question is, when the next boom happens, are employers and workers prepared to seize it?
The co-founder of a tech giant in China once told us that the most important priorities are making the right choices when you are young, then working hard – in that order.
Yorlin Ng is Chief Operating Officer at Momentum Works, a Singapore-headquartered venture outfit that provides insights and academy programmes to corporates and individuals.
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