Technology is one area where the labor market is constantly changing, and it can be challenging for HR and hiring managers to keep up with the demands. Studies have projected a shortage of 800,000 IT professionals by 2025, which means that companies will need external support to find these professionals.
CXOs need to be aware of these trends so that they can be prepared to adapt their hiring strategies accordingly. By understanding the challenges that organizations face in the labor market, candidates can position themselves as valuable assets who are ready to meet the demands of the ever-changing marketplace.
What are professionals looking for?
As the job market continues to evolve, so do the things that employees value in a potential employer. In a recent survey, flexible working arrangements, well-defined career paths, and good compensation and benefits were some of the top things that professionals are looking for.
With 70% of respondents feeling optimistic about the job market, it’s clear that employees are confident about their ability to find a position that meets their needs. And with 65% of professionals planning to change jobs within the next 6 months, employers will need to do their best to attract and retain talent.
50% of employees are expecting a salary increase in the next 3 years. By offering a competitive salary and benefits package, along with opportunities for professional development, employers can stand out in today’s job market and keep their employees happy and engaged.
What is in the minds of organizations?
- 65% of organizations plan to give salary increases in 2023.
- Additionally, 75% of organizations will hire a fully remote workforce for acquiring talent with the skills they need.
- Organizations are willing to implement flexible working policies, offer disruptive benefits, encourage hybrid work, improve training and adopt diversity and inclusion policies for talent retention.
All of these plans require forward thinking and preparation. Organizations are focused on the future and making sure they have the talent they need to succeed.
Factors impacting the labor market
The labor market is constantly changing in response to economic, social, and technological developments. The integration of new digital technologies and AI, and the evolving understanding of business and organizations are also affecting the market. There is a growing demand for power skills such as creativity, adaptability, emotional intelligence, decision-making, and time management.
The rollout of 5G technology is also likely to have a major impact on the labor market, as it will enable businesses to operate more efficiently and connect with customers in new ways. As these changes continue to unfold, the labor market will continue to evolve in response.
Top hiring trends for 2023
With the rise of remote work and the increasing importance of technology, businesses are having to adapt their hiring practices to stay ahead of the curve. Here are some of the top hiring trends that you can expect to see in 2023:
- Agile teams: In the fast-paced world of technology, businesses are increasingly looking for teams that can work quickly and efficiently. Agile teams, which are characterized by their flexibility and ability to rapidly respond to change, are in high demand.
- Inclusion: As businesses become more globalized, the need for inclusion is becoming more important than ever. Companies are looking for employees who can help create a diverse and inclusive culture.
- Remote recruitment and video interviews: With more and more people working remotely, businesses are starting to recruit candidates from all over the world. Video interviews are becoming an increasingly popular way to screen candidates, as they allow employers to get a better sense of a person’s personality and skillset.
- Data, developer, and cybersecurity profiles: With data becoming increasingly important in every industry, businesses are on the lookout for employees with strong data analysis skills. Developers and cybersecurity experts are also in high demand, as companies look to protect their online assets.
- Relationships of trust at a distance: One of the challenges of remote work is building relationships of trust with co-workers who you may never meet in person. Companies are therefore looking for employees who are good at building rapport and maintaining relationships via email and video conference calls.
- Profiles specialized in cryptocurrencies and blockchain: With cryptocurrencies and blockchain becoming more mainstream, there is a growing demand for employees with expertise in these areas. If you have experience with cryptocurrencies or blockchain, you could be in high demand in 2023!
The most in-demand skills in 2023
The COVID-19 pandemic has changed the skills that employers in the technology sector are looking for in candidates.
One of the most important skills is the ability to adapt to change. With so much uncertainty in the world, companies want employees who can roll with the punches and handle whatever comes their way.
They are also looking for candidates who are familiar with agile methodologies such as Scrum and Cloud, and who are comfortable working remotely and in team settings.
Another key skill is leadership. In these uncertain times, employers want employees who can step up and take charge when necessary.
Recommendations to attract and retain tech talent in 2023
If your company wants to attract and retain tech talent in 2023, you’ll need to offer more than just a competitive salary. In today’s market, skilled workers are looking for employers who can provide them with constant exposure to new technologies and market tools, an agile culture, and challenging environments that provide opportunities for growth and learning.
Professionals value companies that invest in employer branding and offer 100% remote work arrangements, time flexibility, and autonomy. To stay ahead of the competition, consider offering above-average wage increases and competitive benefits packages that include differentiated salaries and benefits.
By making your company an attractive place to work, you’ll be well-positioned to attract the best and brightest tech talent.
Source: Remuneration Study 2023 | Robert Walters
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