RESEARCH TRIANGLE PARK — The Triangle’s startup job market is on the rise for the second week in a row, according to the latest edition of the WRAL TechWire Jobs Report. Startup job postings ticked up by 2.8% this week, inching up to 11,645 postings (not accounting for duplications in postings).

According to SignalFire’s 2023 State of Talent Report, released just last week, “record-breaking big tech layoffs are shifting hiring power to startups.”

“Hiring power is shifting to startups as post-pandemic layoffs and budget cuts cause a ‘Great Restart’ of compensation norms at Big Tech companies that can no longer overpay to win the best talent,” writes Heather Doshay in a TechCrunch article about the report.

According to the report, headcount at “FAANG” companies has collapsed since early 2021. (From Investopedia, “FAANG” is “an acronym for the five best-performing American tech stocks in the market: Meta (formerly Facebook), Apple, Amazon, Netflix, and Alphabet (formerly Google).”)

SignalFire reported that early-stage startups hired 6.4% of the engineers who left FAANG from Q2 0222 through Q1 2023, up 82% from 2021 when they hired just 3.5% of ex-FAANG engineers.

From “State of Talent Report 2023 Takeaways” | Source: SignalFire

Could Triangle startups be leaning into the hiring opportunity?

Local recruitment expert Tricia Lucas, founder of the recruiting and consulting firm Lucas Select, told me that local startups are “absolutely” seeing the hiring opportunity.

“There is still the issue of compensation,” Lucas shared in an exclusive interview, “where startups cannot match big-tech salaries dollar for dollar. But they’re gettting creative.”

Lucas said that startups are offering benefits like flex-time, or remote or hybrid work, to make their offers more attractive.

“Candidates are still expecting high compensation, after tech companies helped drive up salaries 18+ months ago,” Lucas said. “So startups are offering unique packages—I’ve even seen 4-day workweeks—to bring in talent. They might offer a quicker path to leadership, options for people to get in ‘on the ground floor’, or chances for new hires to wear ‘multiple hats.'”

Overall, she says its an “ideal time” for startups to be hiring, especially those looking for high-level talent.

The Startup Job Market in the Triangle

The startup job postings have shown fewer declines than the wider Triangle job posting trend, which has had several significant drops this year. Just this week, job openings in the Triangle fell to historic lows again, with just 232,152 postings — a 31% decline from this time last year.

Here’s a look at the trends in the startup job market since WRAL began tracking this data last year:

Here are the numbers from 15 different local or regional job board sites we review weekly for WRAL TechWire’s exclusive Jobs Report for “startup” jobs.