UNITED STATES: The once-irresistible allure of tech giants like Amazon, Google, Microsoft, Meta, and Apple seems to be waning, with a noticeable decline in interest from business school graduates. While Amazon still holds some appeal, the sheen has dulled for the others. Recent MBA graduates are increasingly turning to smaller companies, seeking recognition, meaningful projects, and a healthy work-life balance.
Between 2022 and 2023, technology conglomerates collectively shed 200,000 jobs, despite soaring profits. The brunt of these layoffs fell on American employees, and in Spain, dismay rippled through the student and job candidate pools.
Diego Álvarez, a 27-year-old pursuing a master’s degree in digital marketing, cites Google’s lengthy selection process and inadequate compensation for gruelling hours as factors in his decision to look elsewhere. Like many of his peers, Álvarez finds the camaraderie and impact potential in smaller firms more appealing.
Business schools are noting a shift in student interest away from the tech giants, with a corresponding decrease in job opportunities. Job offer statistics from InfoJobs reveal a marginal decrease of just over 1% compared to the previous year. Amazon, which bolstered its workforce during the pandemic, is now slowing down hiring and even laying off workers.
Patrick Waller, director of IESE Business School’s career development centre, noted, “It’s no longer a top recruiter at business schools.” Job Market Insights, an analytical platform for job offers, affirms that Amazon’s job offerings have halved since 2022. Nevertheless, the company asserts its ongoing commitment to hiring, having inaugurated two new logistics centres in Spain with a vision of employing 25,000 by 2025.
MBA hires in the technology sector have plummeted from 18% to 10% this year, while the consulting sector has experienced a surge from 33% to 50%, fueled by lucrative offers from industry leaders like McKinsey, Boston Consulting Group, AT Kearney, and Bain, particularly for positions in Dubai.
InfoJobs reports that the Big Four consulting firms are at the forefront of job offers, exhibiting a 3.6% increase this year. Students at Spain’s ESADE Business & Law School are pivoting towards tech consulting roles, seeking opportunities for substantial societal impact.
Start-ups, once seen as underdogs, are now offering positions in sustainability, artificial intelligence, and other fields once monopolized by their larger counterparts.
In this new paradigm, Raúl González Martín, director of professional development at ESIC, asserts, “Young people now prioritize companies that value their employees.” They yearn for a balance between work and life, well-defined objectives, and a measure of autonomy. Smaller firms, known for their adaptability and nimbleness, are better poised to meet these demands.
Nacho de Pinedo, CEO of ISDI, suggests that recent graduates are gravitating towards socially responsible firms with a nurturing work environment, remote work flexibility, and generous time off policies. As candidates assert their preferences, companies are racing to transform their image to align with these evolving paradigms.
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