Culture is key in the tech space in 2023
In the earlier part of 2022, the tech hiring market for engineering, data and analytics was bustling with activity as companies had to move fast grow their teams with preferred candidates within a limited pool of talent. Circumstances have shifted since then. “In the second half of 2022, the market saw a slight correction from the over-hiring during COVID times as companies began adjusting their hiring requirements. Demand remains high for senior positions or niche skillsets, but companies have approached hiring with more selectiveness,” explains Sachet Sethi, Manager at Robert Walters Singapore.
Keep reading to learn more about Sachet’s expectations of the labour market for Technology & Transformation professionals in 2023, with an emphasis on engineering, data and analytics roles.
Nurture promising candidates to grow the business
Tech businesses are still expanding rapidly, and there is a need to fill technical roles with candidates that have hands-on development skills. In particular, Sachet anticipates that there will be a strong demand for application development, and data and analytics roles.
Nevertheless, there remains a limited supply of experienced talent in the space, so companies should tailor their hiring strategies accordingly. Sachet states, “Flexible work arrangements are now a common ask among candidates in the industry. To secure talent fast, companies that hire candidates based on their potential and culture fit will likely find the most success in meeting their talent needs.”
Technical and soft skills equally important
Demand is high for all types of roles in tech. Technical skill sets that are highly sought after include Python, full stack development, data and analytics, cybersecurity, cloud automation and DevOps.
“However, technical experience isn’t all there is to landing a good opportunity. Companies are also on the lookout for individuals who can manage stakeholders, articulate their thoughts well, and be a good cultural fit,” Sachet points out, “Therefore, candidates with the right soft skills really stand out in the market.”
Retain talent by building a great culture
Culture is vital when it comes to retaining talent in 2023. “Retaining talent is difficult, but companies can build loyalty by providing a flexible and inclusive work environment,” Sachet says. “For starters, provide flexible and remote work arrangements instead of reverting to a five-day work week. Consider implementing bespoke benefits policies that take your teams’ unique circumstances into account. Employees appreciate it when management grants them the flexibility to pick up children from school, or altered insurance policies for ongoing health problems. And with tech evolving so rapidly, consider providing training for employees to increase their knowledge in a given area.”
Companies should showcase their culture as early as the interview process. On this point, Sachet notes, “Do you take into account the candidate’s work schedule and commitments, or do you set time-consuming take home tasks? Is feedback provided in a timely, constructive manner? Candidates sense what a company is like as early on as the interview process, so it’s essential to be respectful, open and collaborative once you start engaging with them.”
Build loyalty by providing a flexible and inclusive work environment.
Salaries to stabilise
“Salaries have been inflated due to the pandemic, but this will stabilise as companies will no longer be able to afford the demand in hikes. We expect that salaries will increase by 15 to 20% in the tech space,” Sachet highlights.
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