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Dive Brief:
- Zillow is struggling with talent retention in a “highly competitive job market for technology and product talent,” founder and CEO Rich Barton said during the company’s Q2 earnings call on Thursday, June 30.
- “Practically speaking, it’s more expensive to hire and replace valuable employees tomorrow than it is to retain people today,” Barton said. “Abusing and yelling is an obstacle to progress.
- Barton said the company has issued non-cyclical restricted stock units to compensate employees, particularly those in competitive job categories. Zillow The employee retention plan includes the vesting of 4.5 to 6.5 million RSUs, which will vest over the next few years and result in approximately 2% dilution. The company expects tAs of August 8, he plans to spend between $180 million and $190 million.
Dive Insight:
Zillow is one of many businesses fighting back. Maintaining technology skills. Currently, the IT unemployment rate It sits at 1.7%, less than half a percentage point from the historic low recorded in May 2019.
Even as tech giants like Google and Microsoft plan to lay off or lay off jobs, businesses are struggling to retain talented workers. There is no shortage of opportunities.
Real estate marketplace Zillow is seeing continued customer demand, with visits up 5% year over year and an average of 234 million monthly users for Zillow Group apps. Traffic growth requires a more technological approach.
“As we transition, we need to build digital tools for customers native to our property platform, technology that supports customers on the platform, and efficient tools for loan officers and agents to serve these customers with greater transparency and integration between all parties,” said Barton.
However, Barton said the company will not add technology without touching the “key foundational elements” that require a portfolio of skilled technology talent.
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