Technology industry predictions 2024

What trends in the technology industry are likely to put a strain on talent supply and how can you adapt to not only survive but thrive? And has your business got the skills or infrastructure to expand in a digital landscape transforming at light-speed?

Delve into our technology industry predictions and market insights for answers to support your strategic workforce planning and more.

Hiring trends in the technology industry

Will the uncertainty of the post-pandemic market persist in the tech hiring landscape throughout 2024? Whilst 2023 saw global layoff trends, the UK demonstrated a slightly more watered-down version.

At Michael Page, our experts predict that as candidates become less confident, a client-led market will provide predictability.

This is partly because clients aren’t breaking the bank to bring candidates on board like they did 12 months ago.

However, a client-led market doesn’t mean that the skills shortage is improving – quality candidates are still going to be a challenge to secure and retain, and many sectors will need to meet the market rate of booming industries in order to compete for tech skills.

What are workers saying in the technology industry?

62% of IT workers surveyed say a counteroffer would persuade them to stay with their current employer.
Only 21% of IT workers would say a different technology stack would put them off applying for a role in a new organisation.
In 2024, 68% of tech workers desire flexible start and finish times for their jobs. They prefer this over the traditional 9 to 5 schedule.

With reduced bonuses trending across UK technology companies, it’s important to look at enhancing other elements of your benefits package to secure the best talent.

Are you stretching your top minds with innovative projects to keep them stimulated? Can you offer greater flexibility to entice tech titans to choose you over competitors – the real question is, can you afford not to? For market insights, hiring trends, and industry salaries to help with benchmarking:

Get our 2024 Technology salary guide

Which tech skills are rising in demand?

The technology industry is rapidly evolving, as are the skills required to keep up with it. Strategic hiring will be critical for business success, but what trends will impact how you hire? Hannah Kelly, Transformation Managing Consultant at Michael Page commented:

There has been an increased demand in cloud and infrastructure, data and analytics, and transformation recruitment, as organisations embark on broad digital transformation journeys. Candidates in these roles are in high demand across contract and permanent, with no sign of this reducing in the short-medium term. As a result, organisations looking to hire such roles, must act fast to ensure they can hire the top talent in the market before competitors.

In short, market intelligence tells us:

Business leaders should leverage an integrated suite of emerging technologies, including GenAI to improve efficiency and productivity across operations.
Investment in digital infrastructure and robust cybersecurity will be key to ensure secure, uninterrupted, and agile performance.
Cloud computing is growing in importance for enterprise operations. It will be a significant driver for emerging technologies like robotics and IoT, enabling access to large data sets.

If you’re planning business critical projects this year and could benefit from reduced cost, scalability and reduced time-to-hire, explore the perks of outsourcing recruitment.

What lies ahead in the future for tech teams?

Prediction 1: Long-term data deals

In an era defined by data-driven decision-making, long-term data deals emerge as a pivotal trend. Business leaders who recognise the intrinsic value of data as a strategic asset, will forge enduring partnerships to harness its transformative potential.

Prediction 2: Rise of super software engineers

The integration of Generative AI heralds a new era of software engineering prowess. Intelligent applications and the development of AI-augmentation will continue to unlock unparalleled productivity gains for software engineers. Software engineers will be empowered to focus on strategic initiatives, relegating mundane or repetitive tasks to automation.

Prediction 3: Continued internal transformation

The imperative for internal transformation remains omnipresent. Organisations must embrace agility and innovation, fostering a culture of continuous improvement to thrive in an ever-evolving technological landscape.

What’s next? Leverage technology industry experts

Learn what our experts in technology recruitment can do for you.

At Michael Page, we understand the importance of pairing the right skills and the right people for the task at hand, and over 40 years of experience delivering innovative sourcing solutions, we provide a boutique service with local insights powered by global reach. Our in-house experts will work with you to understand your hiring needs.

You can trust in us to help you build a robust tech team. Request a call back and we’ll take it from there.