Tech Hiring in 2023: Key Trends and Predictions to look out for
The story of 2022 revolved around mass layoffs, cost cutting, and quiet firing. Many people lost their jobs, and many people somehow survived and landed in 2023 with an optimistic approach. Employees are positive about tech hiring in 2023, and their expectations are high. The tech layoffs in 2022 have surpassed the job cuts and layoffs the sector faced on a global level during the 2008-2009 economic crisis. As per the reports, 900 tech firms together have fired 1.5 lakh+ employees all over the world.
In December 2022, 20,000+ employees were laid off by Indian startups encompassing unicorns and soonicorns. It seems as if the tech employment landscape has passed the worst phase and is ready for a fresh start. As there is a bright morning after night, we can expect the same for tech hiring in 2023.
What’s in Store for Tech Hiring in 2023?
Several experts associated with the IT and Recruitment Industry feel that gone are the gloomy days for tech space. The Indian IT industry is likely to witness a smooth recovery, and probably in the second half of the year, rapid tech hiring in 2023 is on the cards. As per the recent report published by NASSCOM[1], an IT body, the Indian tech industry is all set to hire around 3,80,000 freshers before the fiscal year’s end. It clearly indicates the hiring sentiment with a positive outlook.
Jobs in cloud computing, artificial intelligence-machine learning, blockchain, cybersecurity, and automation, among others, are expected to witness an elevated trend. Experts believe that opportunities will increase for tech roles across FMCG (Fast-moving Consumer Goods), Banking and Financial Services and Insurance (BFSI), Telecom, and Healthcare.
Prime Job Locations for Techies
The top 5 cities that are likely to rule the hiring landscape in 2023 are mentioned below-
- Bengaluru
- Delhi
- Chennai
- Hyderabad
- Mumbai
Besides these five cities, Pune, Gurgaon, Chandigarh, Ahmedabad, and Kolkata will also evolve as the leading job locations for techies and accelerate the process of tech hiring in 2023. According to February 2022 IT predictions report, NASSCOM, the tech industry in India accomplished a double-digit jump across sub-sectors, contributing $30 billion in revenues in Financial Year 2022-23 and around 4,50,000 jobs. It is also mentioned in the IT predictions report that the hiring momentum will be on the rise and will gain pace in the forthcoming period.
Tech jobs are likely to pull the attention of job seekers, and students will be more inclined towards focusing on the opportunities in the tech realm. The demand for data analytics will be more in Bengaluru and Hyderabad. BFSI, Consulting, IT Products, Telecom, Automotive and engineering, among other sectors, will be in the limelight for tech hiring in 2023.
Tech Hiring in 2023: Tech Jobs and Skills for Techies
There will be a significant change in trends pertaining to tech hiring in 2023. Some of the jobs that will be in demand in 2023 entail digital marketer, UX designer, product manager, business intelligence analyst, data scientist, software and application programmer, machine learning expert, cloud architect, blockchain developer, legal counsellor, and other jobs. Hiring for Cybersecurity jobs will witness a growth of about 10-12% in a time period of one year. Besides this, cloud computing and design engineering jobs will see a jump of 7-8% this year.
In 2023, blockchain jobs will witness a jump of about 7-8%. In terms of job roles, network engineers, IT managers, project engineers, AI/ML experts, full-stack developers, big data analytics managers, cybersecurity officers, and other job roles will be in demand.
Most Sought-after Industries in 2023 for Job Seekers
As per the industry experts, it’s going to be a year of golden opportunities for capable hands. Fintech, IT, Automobile, Telecom, Healthcare, and E-commerce will be some of the In-demand industries for job seekers in 2023. Companies associated with this sector are expected to hire talented professionals in automation and AI in the upcoming 12 months.
5G is going to be a gamechanger in the Telecom industry in 2023. This sector has a lot more to offer in terms of jobs. 5G adoption in the upcoming months will open the door to possibilities.
Recession and Recovery
The United States is marching ahead towards the point of recession. It is impacting the technology sector to a great extent. The way layoffs took place last year, it’s not wrong to say that an economic slowdown on a global level is inevitable and further layoffs are bound to take place. 66% of Indian CEOs expect mass layoffs and an economic downturn in 2023 as well.
Amidst the floating questions such as what is the future of the Indian tech sector and how severely recession will impact the Indian economy, employees and CEOs are trying to stay positive. The GDP of India grew by 8.7% in 2021-22. Inflation is at an all-time high, considering the previous records. In the first half of 2023, the GDP is likely to encounter a downward trend. However, the situation will change, and GDP will grow at an accelerating rate in the second half of the year.
What Month do Tech Companies Hire the Most?
The two most popular and significant hiring months of the year are January and February. Summer and the holiday season are not the right time as companies move at a slow pace during these periods. The best time to locate a job is at the onset of the workweek and late morning shifts.
8 Predictions for Tech Hiring in 2023
As per the inputs shared by business leaders and going by the research reports, it’s easy to assume that a revolutionary transformation is likely to take place in tech hiring in 2023. Despite the multiple rounds of layoffs that took place last year in several companies, there is a consistent need and demand for tech talents. The demand is due to the fact that talented resources with technical backgrounds can provide operational support and open the door for digital transformation as well.
From now onwards, candidates will be looking for job stability more than anything else. Another priority will be raised salary bars. Candidates are anticipated to join an organisation if they find the interview process thoroughly enjoyable and thrilling.
Let’s learn about the 8 predictions for tech hiring in 2023-
Attracting & Retaining Top Talents will be a Challenge
Digital transformation has changed the entire scenario and pushed the demand for tech talents with good skillsets and capabilities. More than 50% of companies expect that attracting and retaining top talents will be a challenging task in 2023. Companies have to make strategies in such a manner that overcoming such challenges won’t be a big deal for them.
Full Stack Software Developer will emerge as the Hottest Profession
The demand for software developers, IT architects, and UI/UX designers, along with data science, AI, cybersecurity & cloud experts, will witness an upward trend. Their broad knowledge and flexible approach always keep them in demand.
Excellent Interview Processes will pull the Attention of Top Talents
Interview processes should be transparent, quick, and flexible for top talents. Companies will say goodbye to the traditional style of interview and won’t mind conducting the interview on Skype, zoom, and other digital platforms. It will bring more talented resources to come for the interview.
Remote Workforce Model will be Embraced
Good resources might be available far away from the workplace. Companies can bring such resources on board by embracing a remote workforce model. Now, location is not going to be a barrier. All that will matter for companies is pure talent.
Inclination towards AI-powered Recruitment Processes
In order to reduce time to hire and cost-per-hire and minimize the delays pertaining to hiring, companies are putting their faith in AI-enabled platforms. It is one of the emerging trends concerning tech hiring in 2023.
The Trio of Diversity, Equality, and Inclusion
Modern-day companies are familiar with the values of a diverse & inclusive workforce. It also plays a significant role in attracting as well as retaining talented hands. A major chunk of employees looks for diversity, equality, as well as inclusion at the workstation. They want to stay in such a company for a long time.
Quality Resources will be Preferred over Cheap Resources
Many startup businesses fail due to the fact that they believe in hiring cheap resources. They hardly think about quality, which is the key reason behind their struggle and failure. In 2023, borderless and geographical boundaries-free hiring will be the new normal. Now, the window of opportunities will open for quality resources. Thus, quality resources will be considered over cheap resources. It is one of the growing trends pertaining to tech hiring in 2023.
Hiring Temporary or Contract Workers
Besides hiring permanent employees, companies will focus on bringing temporary or contract workers. One of the significant benefits of hiring temporary workers is that there is no need to manage the payroll. Hiring temporary staff by taking the services of a temporary staffing agency is a time-saving approach.
The Final Words
The future of the IT industry and tech hiring in 2023 seems promising and will hopefully bring bright days for job seekers and companies. Some significant changes in recruitment trends are in store. Businesses that will move ahead with AI-equipped IT recruitment services will scale new heights. To get more insights on fascinating modern-day hiring trends, keep reading our blogs.
Read our Article:10 Recruitment Trends for 2023 that will Change the Game
