technologies.

The technology sector is no stranger to disruption, but the tech field found itself being disrupted over the past few years — thanks largely to sky-high demand for skilled talent. This has led, among other things, to rising salaries and increased competition for workers. How can your organization compete in this contentious climate? Find out here, and see tech salaries for dozens of today's most in-demand roles.

Job seekers control the state of hiring today, and nowhere more so than in the tech sector, thanks to a combination of skyrocketing demand and hard-to-find skill sets. That is, the sector added north of 175,700 new jobs in 2022 without any corresponding gains in the size of its workforce. As countermeasures, tech employers should look to differentiate themselves from their competitors by elevating their employer brands and aligning their values with those of today’s tech workers. And considering just how long hiring tech talent can take, companies may want to consider streamlining their hiring processes wherever possible (but more on that below).

Meanwhile, employers may want to consider evaluating talent from a broader geographic footprint as well. Interestingly, recent data shows that while employers interviewed candidates from two different markets on average for open roles in 2022, they only looked at candidates from two different time zones. Given the ongoing shortage of tech talent for business-critical positions, that’s likely going to change in the future, and fast.

Lengthy hiring processes continue to hamper tech companies when they bid for top talent. Despite their eagerness to land mission-critical engineers, for example, 49 days lapse on average between when candidates submit their job applications and when they actually start working. Unfortunately, in the context of ever-increasing demand — net employment in the tech industry climbed 46 percent in 2022 versus 2021, for example — that kind of timeline simply doesn’t cut it. Going forward, those tech companies able to significantly streamline and expedite their hiring processes will be able to compete for top talent much more effectively.

For most of 2022, tech employers demonstrated an unmatched willingness to shell out cash in order to lure or secure in-demand talent. Nowhere was this more apparent than at the top: Google rolled out a new bonus plan, for example, while Amazon doubled its salary cap for corporate employees. However, blue-chip tech companies weren’t the only ones getting in on the action. In fact, one report found that companies across the board are now paying 20 percent compensation premiums on average to secure the new talent they need. The key takeaway for tech employers, then, at least where talent is concerned, is that it’s going to be a pay-to-play environment in the year ahead.

As demand for skilled tech talent grows, with newly minted skills and specialties emerging almost monthly, employers should consider every workaround that they can use to stay relevant and competitive. Upskilling or reskilling existing workforces is a case in point. Not only does it spare organizations the time and expense of hiring talent from a dwindling pool of skilled candidates, it can also boost morale, increase engagement and deepen employee loyalty.

It may also be a smart time to explore the partnership ecosystem. Initiatives like Randstad’s own Talent Development Program, for example, can help employers train workers for highly in-demand tech functions, including AEM development, Salesforce development, embedded engineering and more.

White workers continue to constitute the majority of the tech workforce, accounting for 62 percent of all employees, so it should come as no surprise that the majority of leaders report a lack of diversity in the space. This is problematic for many reasons, not least of which is the documented evidence that women in STEM fields continue to be not only underrepresented but also underpaid. Fortunately, there are also signs that change is underway: One report found that the frequency with which senior leaders addressed issues of equity, fairness and inclusion has leapt 658 percent in the past four years alone, for example. However, to drive more concrete progress in the year ahead, tech companies should adopt approaches that have proven to be successful and seek out support from strategic partners.

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