Federal Reserve chair Jerome Powell.Kevin Dietsch/Getty ImagesA fed rate cut will boost hiring in Big Tech, but firms will be cautious, HR experts told BI.The "battle wounds" from a succession of brutal layoffs "are still fairly fresh," one said."I think it's going to be an interesting fall," another HR exec said.The jumbo-sized Federal Reserve interest rate cut Wednesday is bound to impact everything from home prices to new-car loans to hiring in the hard-hit tech sector.But while the cut — the first in four years, and by a whopping 50 basis points — is likely to boost hiring, experts told Business Insider that Big Tech companies will likely be cautious.These businesses had to make difficult decisions to downsize and restructure after the pandemic boom, and "all of those battle wounds are still fairly fresh," Adam Stafford, CEO of recruitment marketing platform Recruitics, told Business Insider.Stafford expects the rate cut will provide "a little shot in the arm" for hiring but said "business leaders are going to be cautious to really hit the gas."Ryan Sutton, the executive director of technology practice at HR firm Robert Half, agreed the hiring market could get a jolt, but said companies will be "cautiously optimistic.""I think it's going to be an interesting fall," he mused.Nick Bunker, the director of North American economic research for the Indeed Hiring Lab, said the half-point cut signals a renewed focus by the Federal Reserve to support the labor market, but he doesn't expect it to immediately impact hiring."A variety of factors are weighing on hiring at large tech companies and one rate cut alone is unlikely to move the needle," he told BI in an email.Tech workers have faced a brutal run of layoffs that began in 2023 and a job market that's cooled off since the pandemic-era hiring explosion.But there are still bright spots for tech workers, the HR experts said.
Even With A Big Rate Cut, Big Tech Will Be Cautious About Another Hiring Spree
insider@insider.com (Geoff Weiss), Business Insider
Wed, 09/18/2024 - 12:46pm
Topics: and jerome powell kevin dietsch/getty imagesa adam stafford ceo recruitics ryan sutton robert half nick bunker north american indeed hiring lab ai august federal reserve big tech bi hr insider stafford business sutton cautious rate cut told companies workers market layoffs experts year brutal wounds battle boost fresh impact fall interesting job director
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