The IT job market has experienced a notable slowdown during the latter part of 2023, mirroring the economic trends of the past year. Recent national data revealed a significant downturn in 2023, with a staggering 47% decrease in advertised job openings in December 2023 compared to the peak witnessed in June 2023. As we move into Spring 2024, we are witnessing a measured increase in IT vacancies, although hiring activity continues to trail behind the trends observed over the past three years. Further there is still some inertia among some IT professionals to move employers given the continued economic uncertainty.
In terms of available talent, it's a good time for organisations to bolster their IT landscape with skilled individuals. The upward pressure on salaries, where in some instances tech salaries spiralled significantly during the past three years has reduced.
Right now, there are good levels of candidates looking for work at C-level, IT management and project management level. However candidate pools for product specialists in some disciplines remain modest.
It's still important that organisations recognise that leading IT professionals are taking care in deciding who they want to work for.
To navigate this evolving landscape successfully, hiring organisations must adapt their strategies. Flexibility is paramount, with companies needing to adopt agile hiring approaches to accommodate the volatile market conditions. Embracing remote hiring practices, particularly prevalent in the tech sector, presents a strategic advantage. By tapping into a broader talent pool and attracting candidates from diverse geographical locations, organisations can enhance their competitive edge.
Companies insisting on a rigid office-centric model risk missing out on top talent to more adaptable competitors. Flexibility in work arrangements, especially with a balanced office and remote split, is increasingly becoming a deciding factor for candidates weighing their options.
All this considered, it makes sense to strive to hire the very best candidate every time and select candidates from the widest talent pools. We can support you in this endeavour, given out unrivalled candidate reach (in-house candidate database, extensive partner advertising / CV database channels and LinkedIn Recruiter licences).
Our statistics show that salary and work/life balance considerations in the form of home working / hybrid working remain the most important factors when an IT worker is considering a job move. There is an expectation that hybrid working should be offered as a minimum nowadays, with fewer IT workers willing to consider roles requiring four to five days in the office. Two days a week in the office appears to be where most organisations are balancing their hybrid models. Career path and working culture are also important considerations for IT candidates.
Given IT candidates are in demand it’s important to provide a good experience during the interview process. This means recognising that candidates will be assessing the opportunity you have, rather than just trying to impress. Organisations need to evidence reasons why candidates should join and ensure the interview process is not too lengthy. Good candidates can secure multiple offers in a matter of weeks.
Developing a strong IT department will help your organisation thrive
It makes sense to strive to hire the very best candidate from the widest talent pools and Deerfoot can help you with your hiring objectives.