In the aftermath of cutbacks and a loss of demand for tech jobs, hints of a possible resurgence within the industry seem to be on the horizon. In 2022, an estimated 400,00 IT jobs suffered layoffs globally. Fastforward 18 months, the ever changing dynamics of the industry suggest the future is far brighter. According to Robert Half’s 2024 Salary Guide – which analyses and reports on market salaries, hiring trends, and skills requirements across the UK – 75 percent of tech hiring managers are confident in their organisation’s growth prospects this year.
Westminster seems to be on board too, they’ve recently announced ‘no-skills-required tech bootcamps’. These government funded schemes aim to plug the demand for entry level tech workers in roles encompassing cloud computing, cybersecurity, software development and coding amongst many others, by promising applicants an interview at the end of the study and enhanced salary expectations, with some students expected to start on a whopping 70k. Additionally, the government themselves have existing tenders for Cloud services alone equalling over £7.5billion which will further increase demand for skills and talent.
The ‘slow down’ era that was 2022 pushed the industry to hit a refresh button. Skills that once seemed like nice additions to the team are now vital organs. Think artificial intelligence, machine learning, cybersecurity, and cloud computing—they’re not just skills anymore; they’re priceless and everyone seems to be clamouring for them. Companies are realising that in order to stay ahead of the game their talent must be ready to cover any sudden shifts in demand and are willing to pay the price for versatile talent. According to Robert Half, with pay already creeping up in the sector despite the fall in demand reported in recent times, a hiring increase will likely precede another salary spike. Roles under the job category of software development and testing reported the greatest increase in salaries (24 per cent) between the 2023 and 2024 reports. Transformation product managers, first line support specialists in cloud and infrastructure and data analysts also reported high levels of pay increases of 14 per cent, 14 per cent and 10 per cent respectively.
The plague of mass layoffs within an industry often leaves candidates wondering what skills to learn in order to be able to weather any future storms that may lay ahead. Within tech, which often moves at an extremely swift pace, this is currently felt more so than ever. According to insights from a recent Techopedia article, the top 10 tech skills to learn in 2024 are the golden tickets to not just staying relevant but also commanding a six-figure salary. To name a few, these include the likes of cybersecurity, which is seeing mass investment from companies against a backdrop of increased threats. Cloud computing, where the article states if you can master the most popular platforms including AWS, Azure and Google Cloud then your pay cheque could be in for a treat. Artificial Intelligence (AI) and Machine Learning (ML) are also listed as powerful, in-demand, skills to master.
A cocktail of factors including the industry’s pivot towards specialist skills and a surge in global demand for IT professionals, paints a promising picture for a potential job boom in the sector. As organisations recognise the value of these skills in navigating the complex tech landscape, the increased demand for professionals possessing these capabilities will in turn have a positive impact on compensation also. With funding pouring into technology-driven initiatives, the stage is set for a robust job resurgence. This not only highlights the resilience of the tech industry but also underscores the potential for a flourishing job market as businesses set their sights on investing and growth. For IT professionals, this presents a unique opportunity to ride the wave of this transformative period, armed with sought-after skills and the prospect of substantial career growth.
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