The current tech job market is one of the most in-demand sectors in the nation—employers in almost every Information Technology (IT) industry need tech talent to help keep business processes running.
Demand for skilled tech workers is one of the top IT trends for 2024. The labour shortage is intensifying the need; at the same time, the shift to remote IT jobs is creating more competition for top candidates.
Employers are being pressured to reassess compensation and retention in this candidate-driven market.
Keeping track of tech trends is critical for IT and tech industry employers. With plenty of opportunities, top candidates have their pick of jobs.
That means employers must know how to position their openings competitively.
Here are the current tech job market trends in 2024 and beyond.
compensation is trending up
Canada has the most educated workforce in the world. IT jobs are particularly strong in this job market, and Canada produces more developer talent than all but five other countries.
International tech companies have noticed, and they're increasingly recruiting Canadian tech workers.
As more tech workers are taken out of the domestic workforce, the effects of the labour shortage are intensifying.
A smaller talent pool pressures employers to increase compensation, which has created a major spike in wages.
Data science and cloud computing positions have seen the highest increases.
Skilled IT professionals know they're in demand, which gives them strong leveraging power. As a result, companies have bumped up salaries for experienced workers by an average of 9.5%.
Remote IT jobs have slightly higher posted salaries, and with so many remote positions in the market, that's driving up overall averages.
Competition is high, so employers that want top IT candidates must be prepared to offer better compensation packages.
In 2024, companies offer five times more sign-on bonuses than in previous years in the IT industry.
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new skill sets are in demand
The IT industry has always been a skills-driven sector, and the skills that are in demand evolve (and sometimes revolve) over time. Here are some of the in-demand skills for tech jobs for 2024 and beyond:
- Coding. Coding is a complex skill in today's market. For 2024, employers are searching for tech workers with experience in SQL, Python and general software development. As augmented reality, artificial intelligence, and machine learning become more advanced, IT workers must also understand how to code within related platforms and tools. To improve recruitment, companies must clearly understand the necessary coding skills and languages for each aspect of operations.
- Agile methodology. The fast-paced IT sector demands fast product development. Tech talent understanding scrum or agile development processes can help get products to market faster.
- Data. Data is increasingly important for all organizations in the technology industry. Marketing data lets businesses position products to entice target markets best, healthcare data supports rapid research and development, and user data can help teams find problems and take corrective action. Businesses must find IT professionals who can collect, analyze and use data.
- Security. Information security remains a focus in the current tech job market, and customers are more attuned to it than ever. Businesses that can't protect data won't be able to win customers' trust, so tech staff with cybersecurity experience are critical.
acceleration of low-code platforms
Low-code platforms are gaining traction in the current tech job market.
Remote work has forced employers to adapt their IT approach and seek more innovative solutions.
Low-code technologies allow non-IT specialists to do simple IT tasks, which is essential amid staffing shortages.
A 2022 ISG survey found that the global low-code/no-code market is worth nearly $20.5 billion CAD ($15 billion USD), and it's only just getting started.
Employers that are relying on low-code platforms must seek out tech workers willing to work with and support such solutions.
They must also consider whether they're replacing non-IT specialists with other staff, what that does for compensation and how it might impact future growth plans.
cloud services diversifying
The cloud services landscape is diversifying, and businesses are steadily realizing the growing importance of qualified cybersecurity experts.
As cloud services diversify and cybersecurity threats become more sophisticated, the demand for skilled tech professionals to protect digital assets is surging.
To meet this need and foster sustainable growth, upskilling initiatives will be needed to help bridge the talent gap and empower tech workers with the expertise required to safeguard digital infrastructures.
There is an anticipated expansion of Virtual Reality (VR) and Augmented Reality (AR) technologies that promise to revolutionize various industries.
This will open up exciting opportunities for tech workers and transformative jobs for the future.
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VR, AI, and machine learning are growing
The Information Technology (IT) sector is currently experiencing a big shift, with the healthcare and retail industries playing pivotal roles.
These industries are driving the substantial growth of Augmented Reality (AR) and Virtual Reality (VR) technologies.
These technologies are changing patient care, medical training, and diagnostic procedures in healthcare. Simultaneously, AR and VR are being strategically employed within the retail sector to elevate the shopping experience, offering virtual fitting rooms and interactive product presentations.
Tech workers will be needed to help with this AR, AI, and machine learning boom in the healthcare and retail industry.
Additionally, the infusion of advanced Artificial Intelligence (AI) and machine learning capabilities into VR applications is expected to accelerate.
An emerging trend of Social VR is shaping the tech industry. Social VR allows people to engage in virtual social spaces, opening new possibilities for social interaction and collaborative endeavours.
These developments are to reshape the IT industry, with tech industry workers in Canada needed to help facilitate these major changes.