The tech world is progressing rapidly, with new devices, software programs, and technological advancements emerging all the time. As with any fast-paced industry, the flourishing job market of tech is in a state of constant change and development. Consequently, IT hiring managers are closely monitoring the employment landscape, keeping an eye on fluctuating factors that will affect the decisions of hiring companies and potential employees.
Given the fluidity of the tech job market, it can be difficult to keep track of everything at once. Modis has provided us with a comprehensive infographic on this topic. Modis surveyed 500 IT decision makers responsible for hiring within their companies, then collated this data to reveal some interesting findings.
The key focus areas for this survey included rehiring policies, high-tech hotspots, salaries, future technologies, and diversity challenges.
- Finding good interpersonal skills is the toughest recruitment challenge, with a third (31%) saying that soft skills, such as teamwork and great communication, were the hardest to find among candidates.
- Most tech workers are more concerned with the total compensation than they will receive rather than company stability.
- 41% said the biggest challenge, in terms of diversity, was age, followed by 28% for gender, and just 21% for ethnicity. This may be partially down to the fact that people are now working until a later age in life.
- The most prized benefit for employees is flexible working hours, followed by the ability to work remotely.
- A flat corporate structure is the least important benefit.
- Over half (60%) of men currently working in the tech industry agreed that benefits such as free fruit and flexible working are more appealing than salary.
- 42% expect a higher salary than the 2017 market average.
- When tech talent leaves, companies aren’t too keen to take them back, with a third (33%) of companies refusing to take back employees that have previously left, no matter how long ago it was.
- Employers will pay a higher salary for top talent, with a third (33%) that said they were prepared to offer a 6-9% increase and just under a third (32%) willing to offer 10-15% more.
- Over half (58%) said that candidates with a tenure of five or more years at their previous role were the most attractive applicants.
- Interestingly, hiring managers who have worked in IT for 10 or more years viewed a tenure of less than one year in a role, most negatively.
- Whereas, young people are more comfortable with a short tenure – as respondents age 25 and under were less likely to see this an issue, than the hiring managers who were age 55-64.
- In terms of online vs. brick and mortar education, 27% were more concerned with the quality of the institution rather than its type and one fifth (20%) view both types of degrees equally.
- Modis also predicted the cities that were due for a tech boom, which included Chicago, Houston, and Omaha.
The thriving tech sector has made the job market for top talent more competitive than ever before, and with so many mitigating factors that come into play, it will be interesting to monitor what challenges will arise for both potential employees and hiring managers in the coming year.
Perhaps one of the most unsettling findings is that artificial intelligence will likely have the biggest tech impact in coming years, potentially meaning the loss of jobs with the replacement of computers that can complete tasks in half the time at a fraction of the price.
About the author: Araminta Hannah writes marketing, business and career advice and work with a wide range of people across the globe.