The technology industry was in the spotlight much of 2023, especially from a hiring standpoint, as major companies like Google, Meta, and Amazon laid off thousands after a period of rampant hiring.
Those headlines don’t tell the whole story, though. Far from it.
Much of the technology industry is thriving. According to Deloitte, “The technology industry has not just weathered the pandemic-driven disruptions of the past few years; it has flourished. The crisis thrust many organizations into the future, accelerating digital transformation and changing work models dramatically.”
As a result, technology roles are still in high demand, requiring you to embrace an even more strategic and innovative approach to hiring. This article outlines key hiring trends for the coming year and how to use them to inform your strategy.
Candidates Still Have the Leverage
While the Great Resignation has slowed, the balance of power still hangs with candidates for the most part. In fact, LinkedIn’s Future of Recruiting report suggests that “recruiting will be more favorable to candidates and employees (as opposed to employers) over the next five years.” Technology companies will have to adjust their strategy accordingly.
How? Keep a close eye on what candidates—and current employees—want. Right now, that means a better work-life balance, more flexible work arrangements, a commitment to diversity, equity and inclusion (DEI), and growth opportunities. Fair compensation will remain near the top of their lists as well.
That said, companies may need more than simply offering these benefits in 2024 to woo top talent in their favor. As these perks and benefits become table stakes for tech companies, those that win top talent will be the ones that can combine them with agile hiring practices that keep neither candidates nor hiring managers waiting around.
Skills-based Hiring Grows in Popularity
Former Upwork CEO Stephane Kasriel once said, “The future of work won’t be about degrees. More and more, it’ll be about skills.”
For better or worse, degrees don’t hold the same weight as they once did, which will continue to pave the way for skills-based hiring to take center stage—and that’s excellent news.
Why? Because skills are typically a better gauge of a candidate’s potential—and long-term success—than a degree. At the same time, skills-based hiring opens the door to a broader talent pool of candidates who took non-traditional educational routes, like self-taught candidates.
By hiring for skills rather than the name on a degree, companies can make more informed and forward-facing decisions. Not only will this improve the hiring process and long-term outlooks, but it’ll ultimately improve workplace performance and reduce costly turnover over time.
Talent Partnerships Become More Important Than Ever
In today’s dynamic technology industry, the importance of talent partnerships is more apparent than ever. Forward-facing companies looking for an edge in navigating the uncharted waters will look to these companies for support.
Staffing and recruiting agencies give technology companies access to larger, often more specialized, talent pools. They also provide more flexible staffing solutions—think contract staffing and project management services—ideal for scaling companies or ones dealing with fluctuating workloads.
All of this translates to more quality hires—faster—that can help fill talent gaps quickly, reduce downtime, and hire employees who’ll stick around long-term.
And once these people onboard, companies would be wise to do everything in their power to retain them. With 56% of workers likely to search for a new job, and technology talent in high demand, the competition for many candidates will remain fierce.
Want to learn more about how we can help with your staffing and recruiting needs in 2024? Reach out today.