Want some pro tips on remote work? Check out some of our global teammates' great advice on how to succeed and stay engaged with remote work!
Future Trends in Tech Hiring: What to Watch for in 2024
As we step into 2024, it is impossible to ignore the widening tech skills gap that has been resonating across the globe. With the impact of technology advancements and the gig economy, the tech job market will continue to expect significant changes on diverse business fronts. This will also have some major impacts on the hiring aspect of the business. Here, we’ll dive into the ongoing flow of the tech industry, providing insights and forecasts for the hiring trends that we can expect to see in 2024.
Trend 1: The Continued Rise of Remote/Hybrid Work
Will Remote/Hybrid Work Continue to Stay in 2024?
Remote/Hybrid work has experienced growth since the COVID-19 pandemic. According to the 2023 Gallup report, remote work saw a rise from 8% in 2019 to 29% in 2023. This trend is set to continue, with Upwork projecting that 22% of the workforce, approximately 32.6 million Americans, will work remotely by 2025. Moreover, a study by Deloitte further reinforces the importance of flexibility work, stating it as the top strategy to retain high-performing tech talents.
An experiment with a hybrid work model from New Zealand Unilever further proved the benefits of such an approach. This multinational company reported experiencing not only an increase in revenue but also an enhancement in employees’ work-life balance. Nick Bloom, a Stanford Economics Professor, and Co-founder at WFHresearch, stated, "I would happily bet money that five years from now, the levels of remote distributed work will be higher than it is now." These findings all point toward the notion that remote/hybrid work is here to stay and is expected to gain popularity across various industries.
Cultivating Global Talent Pipeline for Remote Tech Hiring
The existing tech skills gap further explains the need for a remote/hybrid approach. The McKinsey Technology Trends Outlook 2023 reveals a shortage of qualified candidates for in-demand tech skills. In the United States, 72% of businesses encounter challenges when trying to recruit individuals with digital competencies. Among them, 43% attribute this hiring hurdle to the scarcity of qualified applicants. Leveraging remote work enables companies to access a broader and international talent pool to cope with the tech skills gap.
Trend 2: Diversity, Inclusion, and Equity in Hiring
The McKinsey & Company report highlights the tangible benefits of diversity, equity, and inclusion (DEI) for organizations. Companies that embrace diversity in hiring tend to outperform their peers by 35%. In the tech industry, DEI principles have come to the forefront. Initiatives to address gender disparities in the tech industry like the "Women in Tech" campaign have gained traction in 2023, and this momentum is anticipated to persist into 2024. DEI hiring serves as a means to bridge the tech skills gap ensuring fair access for underrepresented tech candidates such as first-gen students or women returners.
Trend 3: The Influence of AI And Technology On Hiring
The Change in Digital Skills Requirement
The tech sector, influenced by artificial intelligence (AI) and technological advancements, confronts an ever-changing landscape of required skills. Kimbrough, an economist with experience at Bank of America and the New York Federal Reserve, anticipated that maintaining the same job five years from now would necessitate a 25% alteration in one's digital skillset.
In the upcoming year, it’s predicted to see a persistent demand for expertise in data science and artificial intelligence. LinkedIn data also revealed a 21-fold increase in job postings calling for AI skills in the tech sector since November 2022. Additionally, the frequency of cyberattacks makes cybersecurity a top priority. Global companies will be in need of cybersecurity experts to safeguard their digital assets. Cloud computing, particularly in the context of remote work, will continue to play a pivotal role in the tech infrastructure.
Soft Skills Continue To Be In Demand
AI is expected to take over routine, repetitive tasks traditionally performed by humans. Nevertheless, abilities like critical thinking, communication, and problem-solving remain invaluable and irreplaceable. These power skills, when combined with digital proficiency, play a pivotal role in achieving success in future professions. Kimbrough, in a discussion with LinkedIn editor-in-chief Dan Roth, emphasized the need for both interpersonal and digital competencies among the future tech workforce.
Trend 4: Early Career Hiring Expected To Rise
As the skills gap continues to expand, employers are increasingly focusing on early career recruitment. Given the growing demand among tech-savvy students for practical startup experience, it is crucial for companies and educational institutions alike to collaborate closely. This work-integrated learning is essential in preparing the future workforce with career-readiness competencies and transferable skills.
While some professional roles will still require traditional college degrees, open opportunities for broader candidates are expected to rise in 2024. Larger companies are set to broaden their talent pool by engaging with high school candidates, while others will look to hire from technical and unconventional higher education institutions. Early career hiring not only facilitates skill development but also introduces fresh perspectives and helps employers stay attuned to academic trends.
Trend 5: Hiring For Skills Rather Than Traditional Degree
In the near future, the hiring trend is set to revolve around skills-based criteria, with employers prioritizing skills over traditional qualifications. This transition has already been initiated in 2023 by major industry players like Google, Microsoft, IBM, and Apple. This shift offers several advantages, particularly in terms of DEI, while also having impacts on businesses' long-term objectives. As a strategic move, companies might opt to introduce interim hires into their workforce. These team members can assist in upskilling existing teams while also serving as a means to experiment with new roles before committing to permanent positions.
Navigating the 2024 Tech Hiring Landscape with Virtual Internships
At Virtual Internships, we recognize the importance of understanding and adapting to these trends. Our innovative platform seamlessly connects businesses with a diverse pool of global talent, streamlining the hiring process through cutting-edge technology. This ensures that you can identify candidates perfectly aligned with your specific needs and facilitates interviews and job offers, all within the platform.
Central to our mission is a commitment to accessibility and inclusion. Our extensive industry networks and expert team will transcend the traditional hiring boundaries and allow you to tap into the diverse talent pool. Embrace the future of hiring and the power of the global talent pool by clicking the button below.