The employment market has been kind to people in the technology field this year. We have seen increasing wages and benefits and growing demand for IT jobs. Here are some of the major trends affecting the technology employment market right now.
Talent Shortage
One thing that will become more and more noticeable is the talent shortage. There are many new and innovative tech trends on the horizon, but there is a shortage of talent to make these ideas come to life. Software engineers and data analytics experts are in particularly high demand. Some companies, including Microsoft, have started degree programs to help improve the talent people. A major problem is that not enough people know how to code. While many schools are now teaching coding at a younger age, we have not seen the impact of this trend yet.
Counteroffers
Another trend is that candidates are increasingly more like to accept counteroffers. To address this, recruiters are spending more time counseling candidates early in the process on how to handle counteroffers. They are going out of their way to educate candidates about the risks of accepting a counteroffer from their current employer. Time and again, studies show that people who accept counteroffers end up leaving anyway, but most do not realize this. Candidates also think that money will fix everything, but if they are not happy at their job, a raise won’t change that.
Use of Recruiters
Tech companies are relying more on recruiting specialists to find talent. There are not enough unemployed candidates that have the right skill sets. Companies are more willing to use recruiters because they realize recruiters are better at attracting talent that is already employed. Until the talent shortage is resolved, most skilled technology professionals are going to be a gainfully employed.
Unfilled Positions
Currently, it’s taking longer to fill open positions. This is another trend that stems from the talent shortage. Some companies are just biting the bullet and letting the positions go unfilled. They don’t want to spend money or time improving their hiring methods. This, however, is a bad idea. The talent shortage is not going away anytime soon. Companies are better off investing in their hiring process now, otherwise they are going to fall behind their competitors.
Relaxed Requirements
Another thing you will notice is that many hiring managers are relaxing their job specifications to attract more applicants. They are lowering degree requirements and and certifications, for example. While this will increase how many applicants you receive, this doesn’t change the fact that there is a skill shortage. If you invest in a training program or a degree program, though, relaxing requirements could pay off.
Older Retiring Age
A final trend that we’re seeing is employees working longer. Many professionals will keep working well into their 60s and even into their 70s. Many people simply cannot afford to go without working until they absolutely have to. Plus, people are living longer. Moreover, hiring managers often realize that these positions are difficult to fill and will lure them to stay on longer.
The clearest trend is that there are not enough skilled technology professionals. Tech companies will need to find creative ways to attract skilled professionals. Some will need to implement programs to foster these skills in less skilled professionals.
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