Since early 2020, the job market has experienced ripple effects throughout every industry - and IT is no exception. To find out what's possible for IT hiring in this shifting market, we have compiled an informative article pinpointing three significant factors impacting it and how employers can combat these challenges with interim & contract solutions.
The Current State of the Job Market
To figure out what's possible for IT hiring in a shifting market, we first must understand where the job market is currently. Over the past few years, the tech industry has experienced several fundamental changes: from ever-growing candidate expectations to fears of a recession.
Candidate Needs & Expectations
One thing employers should know for certain is that today's candidates are much different than candidates from just a few years ago. Thanks to the pandemic, many professionals had their foundations shaken, and no job felt safe or stable anymore. This realization has led to wariness and selectiveness among job seekers, which has led to increasing expectations and challenges for employers.
With so much at stake, the new generation of IT professionals is unlikely to settle for anything less than a more engaging work environment, competitive pay, flexible work hours and opportunities for growth and development. Employers must be able to meet these needs to attract and retain top tech talent. Due to these high expectations, employers are now in a war for talent as they scramble to create compelling employer brands and attractive compensation packages that put candidate wants and expectations at the forefront.
Talent Leaving the Workforce
The gig economy is changing the way people view work. In tech especially, many top performers are opting to forgo their 9-5 job at the office in favor of more flexibility, better benefits, and pay associated with contracting. According to Zippia, over half (52%) of workers who plan on quitting their job are considering contracting over full-time employment. This increased interest is in conjunction with the fact that the gig economy has grown by 15% just within the last decade - 15 times faster than the traditional job market's growth.
Even as the effects of the pandemic slow down, there's still increasing interest in contract work. This interest can mainly be attributed to the many perks professionals receive with contracting, such as:
More control over their schedules
The ability to expand their professional networks
Increased freedom, autonomy and flexibility
The chance to learn new skill sets over a short period
Experience working in different industries
Higher pay compared to full-time employment
Fears of a Recession
As the rumbles of a recession get louder, many people worry about a downturn's potential effects. IT candidates looking to make their own stability in times of uncertainty entirely give up full-time employment in favor of consulting roles. Contracting during a recession offers a great opportunity for professionals as companies look for cost-efficient ways to get work done. This may be helpful for some organizations, but for others - you may be at risk of some critical employees leaving unexpectedly.
How Interim & Consulting Solutions Can Help You Sustain a Healthy Talent Network
All three of these factors provide both challenges and opportunities for employers. While the current state of the job market makes it difficult to find full-time tech talent, contractors and interim workers can jump in to complete necessary projects. It's a win-win. Employers can still maintain project timelines and a healthy talent network that allows them to bring in professionals when they need it most. And candidates gain the flexibility, learning opportunities and pay ranges they desire.
At Infinity Consulting Solutions, a Korn Ferry company, we can help you navigate this ever-changing job market to ensure you have the talent you need to help your business thrive. We offer interim and contract solutions to meet both your short-term and long-term needs. Contact us today by clicking the banner below.