So far in 2023, we continue to see trends of talent searching for new and different opportunities, with 44% of workers looking for a new job. As such, it is important to understand what exactly candidates are looking for in a new role, whether that be remote work or better benefits, in order to both attract and retain top tech talent. Additionally, from a candidate perspective, it is essential that companies make it clear as to what exactly they are looking for in today’s market – it is not only about a candidate’s technical skills, but their soft skills as well.
Below, we outline the top four trends facing the tech talent community in 2023 for both employers and prospective candidates.
2023 Tech Talent Trends
Job market conditions are favorable.
Despite what you may be seeing in the headlines, the labor shortage coupled with increasing demand to meet technical goals has created a favorable job market for candidates. Tech workers are going to continue to be selective in their choice of company and lifestyle, and these conditions have given candidates the opportunity to negotiate higher salaries and better benefits. In addition, organizations are much more willing to invest in training and development programs to help upskill and reskill their current employees. The focus is slowly shifting from recruiting to retention and internal mobility.
Use economic uncertainty to your advantage.
With the current economic uncertainty, bonuses and alternative perks will increase in popularity to draw in talent. Most companies cannot keep up with inflation, so flexibility in work opportunities will not only attract but also retain candidates. Consider what candidates are looking for in a job and in an organization, and cater your benefits to these desires. For example, more and more candidates are interested in a hybrid work environment, fully remote roles, or are even searching for companies with a four-day work week. Candidates are not afraid to prioritize their needs, and providing your employees with the right benefits during these uncertain times will improve your organization’s retention rates immensely.
Technical skills matter.
It will come as no surprise that the tech industry highly values technical skills. Knowledge and expertise in areas like software engineering, data analysis, and design are essential in order to succeed in the tech space. Educational requirements, like college degrees, are diminishing in prevalence, and employers are shifting their focus toward candidates with more technical, and some would argue practical, skillsets. Employers pay close attention to the skills and certifications listed on rsums. As a candidate, if you do not possess these skills, you must be adaptable and quick-to-learn to stay ahead of other candidates.
Employers value well-rounded employees.
In the same vein as needing the technical skills for a certain role, employers are looking for more than just the hard skills, valuing a candidate’s soft skills, too. A recent LinkedIn survey found that 92% of talent professionals and hiring managers said that soft skills matter as much or more in recruitment than hard skills. As such, employers are increasingly placing value on skills like integrity, empathy, loyalty, and teamwork. There is often a misconception that those in the tech industry work alone, when in reality, the tech space is immersed in teamwork. Effective communication skills can help streamline workflows, and problem-solving skills can help overcome challenges others may have missed. As such, employers value employees who contribute to a positive and supportive company culture.
At the end of the day, these 2023 tech talent trends are subject to change, but employers and candidates alike must remain vigilant and agile to the current conditions. Understanding and anticipating these trends can help employers attract and retain the best talent, and it can help candidates find an organization that they love.
At Momentum, we work with businesses of all sizes to execute an effective and reliable tech talent pipeline. Contact our team today to learn more about our training opportunities.