2023 has brought forth even more opportunities for recruiting tech talents in Europe, making it the best time to tap into the region’s thriving technology sector. Despite the challenges posed by the global economy and the COVID-19 pandemic, Europe has showcased its resilience and emerged as a strong choice for investment and talent acquisition.
Europe is coming back strong from the challenges of COVID-19
Europe’s Resilience and Growth Europe’s recovery from the challenges of COVID-19 has gained momentum in 2023. The pandemic has fostered an increased acceptance of the venture business model in Europe, resulting in over $90 billion invested in startups.
The continent continues to witness the emergence of unicorn companies, with nearly 30 European tech companies achieving valuations of at least $1 billion each in the first quarter of 2022.
Countries like Norway and Estonia are gaining recognition for their ability to produce successful tech startups, further enhancing Europe’s reputation as a hub for innovation.
There is a strong business trend toward hiring tech talent
Growing Demand for Tech Talent The trend of hiring tech talent in Europe remains strong. In 2021, employer job postings across several European countries saw a 9% increase compared to the previous year. Job advertisements for technology positions accounted for nearly 20% of total job postings by Q3 2021, with close to a million job openings in the tech sector.
Software developer roles and other software-related positions were in high demand. Europe’s strengths in deeptech and climate tech industries also present additional employment opportunities for overseas talent.
Diversification of Talent Pools While cities like Paris, London, and Berlin have historically been known for attracting tech talent, new talent pools are emerging in unexpected areas of Europe, such as Bulgaria and Estonia.
This diversification captures the attention of tech professionals and investors, who are increasingly drawn to these regions. Venture capitalists familiar with local business environments across the continent are actively facilitating connections and sharing insights with companies seeking to grow, creating a positive feedback loop that strengthens Europe’s economic position.
Recruiting tech talent in Europe is cost-effective
High-level tech and software developers in Europe demand salaries around two times lower than their counterparts in the United States.
However, although Europe remains somewhat conservative in terms of strict employment laws, contracts and attracting talent from abroad, there is still time and opportunity for Europe to change this.
Countries in Europe are coming together to streamline the process of hiring tech talent
In order to maximize these advantages, various European agencies and organizations have come together to set up initiatives such as the European Tech Talent service desk.
These initiatives aim to make it easier and more efficient for tech talent from outside of Europe to enter the continent and begin working there.
Possibly the biggest manifestation of this drive is the Scale-Up Europe initiative, which aims to connect hundreds of business founders, investors, and researchers with the goal of creating tech giants in Europe.
Are you ready to start recruiting talent and investing in Europe?
Once you’ve decided to invest time and capital into Europe, you’ll need a trusted partner to help you move into the market. Scaler8 can provide a strong network of partners and mentors, as well as knowledge and experience with business and markets, to help Asian startup companies maximize their potential.
Our Singapore-based services are supported by German Entrepreneurship, an innovation service provider with connections in Germany and Asia. We are also part of Singapore’s Global Innovation Alliance.
Looking to enter the European market? Speak with an expert here.