The hiring trends that will impact tech recruitment in 2023

In CWJobs’ latest webinar, our Director Dominic Harvey was joined by an expert panel to discuss the latest tech hiring trends. They shared some invaluable advice on how employers can hire and retain top talent in an industry with high candidate movement.

Sharing their insights were Zoe McFarlane, Senior Insights Manager at StepStone, Julius Probst PhD, European Labour Economist at StepStone, and Adam Lindley, Head of Permanent Talent Acquisition Consulting UK at Wipro.

Here’s a taster of the key insights you can expect to gain from the webinar:

Growth in tech employment sees rise in salaries

According to Totaljobs’ Tech Hiring Trends Index, since the beginning of the pandemic, the information and communication sector has seen a 9% growth in employment. As a result, median pay across the tech sector has increased by more than 25% since Jan 2020, compared to 17% for the economy as a whole.

As tech salaries have increased, so have the financial expectations of tech employees. Our 2022 Confidence Index found that 53% of tech workers said they expected their salary to increase over the next 12 months.

To retain tech talent, companies need to ensure that workers are being paid according to the value of their skills. Employers also need to offer benefit packages that include financial incentives such as bonus schemes, pensions, and paid-for training opportunities.

A disparity between the supply and demand for tech skills

The most frequently posted roles on CWJobs’ platform in the first quarter of 2023 were; .NET Developer, Data Engineer, and DevOps Engineer. By contrast, the most applied for roles over the same period were Business Analyst, DevOps Engineer, and Project Manager.

These statistics reveal a marked difference in the skills organisations are looking for, and the skills candidates have to offer. For example, .NET Developer is the most sought-after skillset, but isn’t in the top 10 most supplied skills to the market.

To meet the demand for emerging skills, employers need to balance the hiring of entry-level and experienced talent. Whereas experienced workers provide young hires with new insights and expertise, new talent gives experienced workers more space to upskill.

Tech talent is on the move

CWJobs’ latest Tech Hiring Trends report found that over half of tech workers (57%) changed jobs over the past 12 months. Whereas 42% changed jobs by choice, 15% were made redundant.

The panel observed that in a market with high candidate movement, retention strategies will always be important. As part of this, companies need a robust onboarding plan for new talent.

The need to stand out in the marketplace

CWJobs Tech Hiring Insider report also revealed that tech workers are approached about a new role on average, 3.61 times a month, and they respond an average of 2.42 times a month. However, 30% never reply at all.

With so many companies taking a direct approach to securing tech talent, employers need to ensure that their offer is strongly appealing. The factors that make tech workers respond to a direct approach are a high salary (46%), job relevance (42%), a known company name (26%), benefits (41%), location (31%), and personalised messages (24%).

According to Randstad’s Employer Brand Research, 50% of candidates say they wouldn’t work for a company with a bad reputation – even for a pay increase. As such, employers need to showcase the things that matter most to employees. Working with an employer branding consultancy like Universum can help companies differentiate themselves from the competition and attract the best tech talent.

Watch the full webinar for more insights

These are just a few of the insights that are revealed in our latest webinar. Watch the full recording to learn more about the current economic outlook and the latest tech hiring trends that will help you attract, hire and retain top tech talent.

Access the full webinar here.