IT Jobs Market Report: What Employers/Tech Professionals Can Expect in 2024

Posted by Templeton on Wednesday, 08 November 2023

As technology continues to shape the modern world, the demand for tech professionals remains high in various fields. As of 2021, it is estimated that over 18 million people were employed in the technology industry worldwide. From software engineers and data scientists to UX designers and cybersecurity specialists, tech careers offer a variety of opportunities for individuals with the right skills and experience.

IT Jobs Market

In 2022, the technology employment market remained strong and competitive, with salaries for tech professionals typically higher than those in other industries and relatively low unemployment rates, on average, compared to other sectors.

Templeton’s original survey revealed that the vast majority of tech professionals (85%) were satisfied with their job and career prospects in the past year. More than 50% of them were employed throughout the year (including freelancers and contractors), and only one in ten (11%) tech workers reported struggling to find employment.

The report findings indicate that today there is still a high demand for technology professionals globally and that the industry is relatively resilient to economic downturns. On the other side of the coin, employers often face several challenges when it comes to attracting and retaining tech professionals, including talent shortages and high turnover rates.

So, what do tech professionals really want from a job, and what can employers offer to win the race of attracting, hiring, and retaining top tech talent?

This report explores the current state of tech employment and careers in 2024, providing valuable insights into how both employers and IT workers can navigate the path to being successful in the years to come.


Download the free report to discover:

  • How do tech professionals view their job and career prospects?
  • What professional challenges do tech workers face?
  • How do tech professionals view the future of the industry and the future of tech employment?
  • What is the impact of new technologies on the job market?
  • What do tech professionals value the most in a new job?
  • How can employers hire and retain the best tech talent?

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The Future of the Tech Jobs Market

During the uncertain times faced by most people over the past years, technology has been an enabler for individuals, companies, and communities worldwide by facilitating new ways of working and keeping the economy afloat. As technology continues to advance, the tech job market is expected to be more dynamic and rapidly evolving in the coming years.

This optimism is also reflected in the way technology professionals view the future of the tech job market. Over 63% of the tech workers surveyed expressed their optimism about the jobs market in 2024 and beyond. The increasing demand for digital skills across sectors empowers tech professionals to have a positive view of their own future career prospects as well.


Most Common Challenges Facing Tech Professionals

The tech industry is rife with opportunities and challenges. There are plenty of options to learn new and exciting skills and to earn high salaries. But new technologies have disrupted the industry, and IT staff and management are not always on the same page.

Amongst the most common challenges technology professionals reported they had to face in 2022 were:

  • Workloads (56%) – increased pressures and stress.
  • Lack of resources (37%)budget cuts/staffing shortages.
  • Internal communication issues (22%) – difficulties connecting and collaborating with colleagues.
  • Customer communication issues (17%) – reaching and understanding the changing needs of customers/users.
  • Lack of progress (11%) – lack of autonomy on projects, missed deadlines, roadblocks.


The Shifting Dynamics of the World of Work in an Evolving Industry

With the ever-evolving nature of technology, change is the only constant. The vast majority (97%) of tech professionals surveyed agree that the industry will continue to grow and evolve at a rapid pace. When it comes to the nature and results of this constant change, most of the responses fall under one of the following clusters:

  • More technological advances will require more regulations.
  • New ways of working (hybrid, online) due to technological advances, like AI and automation.
  • Fear that people will be redundant.
  • Need for reskilling/skills shortages.


The Future of Work in Technology

As technology progresses, business needs will change. The skills that are in high demand today may become obsolete in the near future. As a result, technology professionals are aware of the importance of constantly upgrading their skills to keep up with advancements in technology and maintain a competitive edge in the job market. More than 65% of them believe their job descriptions will change in the next few years, while only about 23% feel confident that their role will remain the same despite the rapid pace of change in the technology industry.

However, even those who believe their role and way of working will change are also divided as to whether this change will impact them in a positive or negative way.


What Tech Professionals Want from their Jobs

Today, the competition for tech talent is fiercer than ever among employers. On top of labour shortages and skill gaps, organisations are forced to innovate their way toward digital transformation. Still, the IT adoption rate by companies has far surpassed the rate of available tech professionals.

Meanwhile, 33% of tech professionals report that they will be actively looking for a new job this year, and an added 27% state that they are open to exploring new career opportunities if they arise. Salary remains the top factor for tech professionals when considering a job change, but increasingly more business leaders now understand that there is much more to the talent equation than just the numbers.


Download the free report to discover:

  • What makes tech professionals choose a job or an employer over another?
  • What would influence their decision to choose, remain with, and make a long-term commitment to an employer?
  • What can employers do to make talented people want to join and stay in the organisation?

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Topics: Careers Advice, Thought Leadership, Diversity, Equity & Inclusion (DEI)