The story of the technology talent market has always been one of haves and have-nots.

Pure-play technology companies have always been awash in tech talent and, in fact, have been bullish on hiring over the past five years. Incumbent organizations, by contrast, have perennially struggled to attract, develop, and retain the data scientists, engineers, software developers, product managers, and other technology experts they need—an especially troubling problem nowadays, as digital transformation has risen to the top of every CEO’s agenda.

The tech talent story may be changing, however.

In response to inflation and economic instability, pure-play technology companies are parting with tech talent who are, in turn, landing new roles in traditional organizations—and relatively quickly: according to McKinsey analysis conducted over the past six months, more than 80 percent of laid-off tech workers find new jobs within three months, often with incumbent players. Technology firms are becoming a little less “techie,” while incumbents are becoming more so.

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