Tech employment resilient in face of layoff storm Even in the face of challenges in the capital markets and concerning indicators such as layoffs that may impact the perceived attractiveness of joining the industry, European tech is not losing its strong appeal to talent and has not seen any exodus of talent out of the industry. In fact, new positions are constantly being created, and talent from outside of tech continues to look past any perceived risk to place signi昀椀cant bets on the European tech sector. Although there has been a levelling off in the rate of increase of net new joiners into the tech industry over the past three quarters and a very small overall decline in total headcount in Q3 2023, it’s remarkable that in just 昀椀ve short years, European tech has expanded its workforce from slightly over one million employees to more than 2.3 million today. Total European tech industry employees by quarter, 2019 to 2023YTD New joiners to tech industry Tech industry headcount 3 ) 2 M ( t n u o c d a e h l a t o T 1 0 8 8 9 9 0 0 1 1 2 2 3 3 1 1 1 1 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 1 1 2 2 1 2 2 2 2 3 3 1 3 1 1 3 3 Q Q Q Q Q 3 Q Q Q Q Q Q Notes: Q To adjust for lags in reporting, we compare snapshots of data at different points in time, which allows us to estimate future growth of current figures by Sources: Powered by extrapolating differences between time points. Data is as of 20 September 2023, thus Q3 is incomplete. 45 | Executive summary