Texas-based startup Texas Tech Technology Group announced Wednesday that it will hire 2-2.5 million people over the next five years to replace current staff members and fill a shortfall in IT-related positions, according to a news release.
The announcement comes amid growing job shortages and a wave of layoffs across the tech sector.
Texas Tech will hire a total of 3,000 IT jobs in the next two years, and about 1,000 more will be created in the coming months.
The company has been laying off staff, including some senior executives.
The news comes on the heels of Texas Tech announcing in June that it was laying off nearly 1,200 employees, including about a dozen senior executives and managers, in an effort to save $2 million.
The layoffs are part of a broader restructuring plan that includes eliminating nearly 1.5 billion dollars of debt.
Texas Technology Group is one of the largest companies in Texas, having a workforce of more than 2.4 million.
About 1.2 million people work at Texas Tech.
The state has been struggling with a job shortage in the tech industry.
About a quarter of Texas students graduate with a bachelor’s degree, and the unemployment rate for graduates in the state is 11.5%.