Friday, September 29, 2023

How Market Uncertainty Will Change Tech Workforce

By Swapnil Mishra - January 16, 2023 4 Mins Read

How Market Uncertainty Will Change Tech Workforce

In the new year, businesses will look to automation and new talent sources in response to market uncertainty.

Market uncertainty, changes in the talent pool, and a focus on user experience will shape the dynamics of the tech labor market as the industry moves into 2023. Demand for development skills will increase, and automation will boost productivity as tech leaders try to close the talent gap and support distributed workforces.

After a historically high demand for tech hires, who held the most sway in the room, a slowdown in the economy in 2022 caused a stir.

A few businesses were burdened by the slowing economy, which led to news-making layoffs at the biggest names in the tech sector. If the economic slowdown continues, the balance of power may shift in favor of employers as worried tech workers refrain from job hopping.

Although it is still anticipated that businesses will increase their investments in technology and, consequently, the teams that develop, implement, monitor, secure, and manage those systems. It is unlikely that the situation will entirely tip in favor of employers this year until comprehensive solutions to the talent shortage become available.

Also read: Digital Transformation Technologies Are Growth Drivers for All Businesses 

The following trends in the technology workforce are expected to prevail in 2023:

Changes in Workforce Strategies

No one in the C-suite or on the board of directors wants to hear the words “uncertain market,” but that is the reality going into 2023.

As a result, some businesses will look to modify their workforce strategies for the tech industry. These businesses will develop workforce plans and carry them out at the expense of longer-term talent risks in order to lower short-term workforce risk. Even if cuts or slowdowns are required, businesses should stick to their hiring strategies in order to avoid self-inflicted workforce problems.

Soft Skills

While the world is leveraging technology to strengthen practical, technical, and task-based abilities, soft skills have also become increasingly significant. Today’s culture has acknowledged the value of soft skills, which also include critical thinking, problem-solving, creativity, emotional intelligence, teamwork, and flexibility.

Business executives and recruitment firms will be on the lookout for job candidates who exhibit a delicate balance of technical and soft skills.

Immersive Technologies and Digital Transformation

Everywhere in the world, the digitalization of the labor market has accelerated. Rapid automation and the uptake of new technologies have impacted the career landscape due to the pandemic’s enhancement of remote working and hybrid workforces. Virtual reality (VR), augmented reality (AR), and mixed reality (MR) are examples of immersive technologies that provide an integrated ecosystem for engaging employees and implementing new processes.

Virtual reality (VR) gives the workforce of the future access to a hands-on experience before starting a job. Immersive technologies also provide a real-time application of concepts, which makes them essential for assisting job seekers in developing critical future skills and laying the groundwork for long-lasting careers.

Also read: Personal Details of 202M Job Seekers in China Exposed Due to an Unsecured Database

Skill Diversity

The struggle to fill sought-after tech positions can be oppressive for CIOs. Attrition among tech workers can result in skill gaps, productivity drops, and a loss of corporate knowledge. Due to the demand for skilled workers, the necessity to deal with a talent pool that has been depleted, and the long-term effects of high turnover, more tech leaders would also have to look for candidates with a wide range of skills instead of a specialization.

As the technology workforce continues to experience desirable compensation and opportunity shifts, organizations will mitigate this by enhancing the skill sets of their current and future employees.

Closing the talent gap and figuring out how to use the vast pool of talented people who already work for the company to integrate them into the ecosystem for technology delivery will be the biggest challenges in 2023.

CIOs have traditionally used open-sourcers, tech providers, and consulting firms as part of their digital delivery system. This year, they must look beyond the usual parties and hone in on unconventional talent sources and talent populations.

Check Out The New Enterprisetalk Podcast. For more such updates follow us on Google News Enterprisetalk News.


Swapnil Mishra

Swapnil Mishra is a global news correspondent at OnDot Media, with over six years of experience in the field. Swapnil has established herself as a trusted voice in the industry, specializing in technology journalism encompassing enterprise tech. Having collaborated with various media outlets, she has honed her skills in writing about executive leadership, business strategy, industry insights, business technology, supply chain management, blockchain and data management. As a journalism graduate, Swapnil possesses a keen eye for editorial detail and a mastery of language, enabling her to deliver compelling and informative news stories. She has a keen eye for detail and a knack for breaking down complex technical concepts into easy-to-understand language.

Subscribe To Newsletter

*By clicking on the Submit button, you are agreeing with the Privacy Policy with Enterprise Talks.*