Three months into 2024, 229 tech companies have already laid off over 57,000 employees (source: layoffs.fyi). Will the nightmare of 2023 with mass layoffs, turbulent macroeconomic conditions, and job uncertainty continue casting a shadow on 2024? Or can we expect the table to turn?
In this issue, we delve into the intricacies of the current hiring landscape, highlighting the shifts, challenges, and strategies that will define tech leadership hiring in 2024 and beyond.While recent news of layoffs in the tech sector might suggest an abundance of available talent, the reality of hiring, particularly for tech leadership positions, is far more nuanced.
The job market, if you’ve noticed, is gradually tilting towards the crème de la crème. On the flip side, due to job uncertainty, lesser salary hikes, and hire & fire culture; the choicest candidates are either postponing job switch plans or expecting more than just salary compensation.With AI automating repetitive, rule-based tasks, tech leaders can focus on higher-order skills like critical thinking, creativity, problem-solving, and complex decision-making.
Businesses are looking for a blend of technical and soft skills while hiring tech leaders. As job requirements continue to evolve, adaptability becomes a critical leadership quality.
Not only the roles and responsibilities, but the hiring process itself is going to drastically change. Recruiters are focusing on the following key performance indicators (KPIs):
Further, various companies are building AI recruitment platforms that can screen candidate data from online job boards. While sole dependency on AI platforms might be questionable, AI-powered talent search engines can be used to help recruiters save time and resources.
On the other hand, the crowd of AI-manicured profiles is making it challenging to assess the right fitment. Recruiters are now leaning more towards a data-driven and strategic approach to talent acquisition. So, what are the key metrics to look for while hiring a tech leader? We’ve outlined these here to help you look beyond AI-polished resumes.While a competitive salary remains a key consideration, it's no longer the sole driver of talent acquisition. Today's candidates are increasingly prioritizing factors that contribute to their overall well-being and sense of purpose at work:
Companies that recognize these evolving priorities have a distinct advantage in attracting and retaining exceptional tech leaders.
2024 is expected to notch up the tech leadership hiring landscape. Gone are the days of rote hiring processes and reactive solutions. Companies that embrace change by creating data-driven hiring processes, valuing soft skills alongside technical prowess, prioritizing a positive work culture and balancing newer technology adoption will be well-positioned to attract and retain premier tech talents in this new era.
If you are in search of a suitable tech leader for your team, reach out to us at interact@purplequarter.com