- Europe’s startups are hiring faster as they attract record levels of funding.
- Recruiters told us the competition and COVID-19 means the power lies with candidates.
- Remote and hybrid work are now front and center of candidates’ minds.
- See more stories on Insider’s business page.
The confluence of COVID-19 and record levels of VC investments has led to a race for tech talent in Europe, as cash-rich startups negotiate with candidates who want perks like remote work.
“The talent wars are hotter than ever,” Ruth Foxe-Blader, a partner at VC fund Anthemis told Insider. “The market is extremely competitive because of the compressed deal time and large rounds we’re seeing.”
2021 is a record year for European funding already, with startups raising $65 billion already, up from 2020’s $46 billion total, per Dealroom data.
Startups, with more cash at their disposal, are now competing with each other to find executives who are capable of turning them into global businesses.
Simultaneously, the pandemic has changed the traditional perks and benefits system employed by companies.
That’s meant that in-demand executives and tech workers can command higher salaries, while negotiating new types of benefit, such as remote work. Gone are the ping pong tables and free lunches – candidates are negotiating hard on flexibility.