Whether you’re a company leader or a job candidate in the technology sector, you’re no doubt keenly interested in the current state of the tech hiring market. Perhaps you wonder: Are companies currently hiring? Which trends are on the rise, and which are on the decline? What do I need to know to navigate current conditions successfully?

The following are some key insights and takeaways that The Doyle Group has uncovered as we’ve analyzed the market:

How Is the Technology Sector Performing in the Overall U.S. Job Market?

As of October 2024, the unemployment rate in the United States remained steady at 4.1%. That’s a slight increase compared to the 3.8% rate seen in October 2023. The good news is that the unemployment rate in the technology sector remains consistently lower than the national average (between 1.5% to 2.2% as of mid-2024, varying by specific role). Certain jobs, such as systems manager or database administrator, have unemployment rates as low as 1.2%, reflecting the high demand for these specialized skill sets. 

Overall, the job market for tech professionals remains robust. There are still many projects that need to be completed and much work to be done.

Are Companies Currently Hiring for Tech Roles?

There are still plenty of available positions on the job market for qualified tech candidates, although several companies are temporarily pausing their hiring process. According to a recent survey conducted by The Doyle Group (figures are rounded):

• 41% of companies are currently on a hiring freeze
• 24% of companies are actively hiring, and have several roles open
• 18% of companies are hiring, but being strategic
• 18% of companies are not currently hiring, but plan to start soon

Companies in the healthcare and governmental sectors are among the leaders in hiring for tech roles; for instance, the healthcare industry recently added 45,000 tech jobs. In general, candidates may be more likely to land a position in areas where funding is stable, and has been mapped out for the next several years.

Other factors that may have influenced companies’ hiring decisions include:

• 2024 is an election year, and elections bring uncertainty.
• The state of the economy is a factor, with interest rates still high (although they’ve dropped a bit in recent months).
• Challenges to securing funding.
• A focus on long-term strategy (many companies are waiting until the new year to begin hiring again).
• Short-term needs, such as when a key contributor leaves the business and their role needs to be filled ASAP.

What Are Hiring Managers Looking For?

Hiring managers continue to focus on digital transformation for their organizations. AI integration is one example of a high digital transformation priority for business leaders.

Another key focus area is reducing costs through streamlining services and processes. To accomplish that goal, data cleanup has become a crucial project for many business organizations. Operational efficiencies require the presence of accurate, meaningful information, free of duplicate records or other “junk data.” Roles that involve data cleaning or “scrubbing” will continue to see growth in the coming months, and will likely remain onshore.

Some roles that you will likely see in high demand for the foreseeable future include:

• Machine learning engineers
• Cloud engineers
• Business data analysts
• Change management project managers/coordinators
• Cybersecurity specialists
• Software developers

In short, any roles that support businesses navigating significant technological shifts are likely to remain in high demand on the job market.

What About Trends in Remote vs. Hybrid vs. Onsite Work Environments?

There continues to be a push and pull when it comes to the debate between working from home vs. returning to the office full-time. As of 2024, a significant number of Fortune 500 companies have embraced flexible work arrangements. However, some have insisted on returning to the traditional onsite model. Here’s the breakdown:

• 82% of Fortune 500 companies are currently offering some type of hybrid work schedule. That usually involves employees coming into the office on set days during the week and working remotely on others. Large companies, especially in the professional services sector, are more likely to adopt this structured hybrid model than their smaller counterparts. 
• 18% of Fortune 500 companies require their employees to be in the office full-time, working five days a week. 
• While fully remote work is not the norm for large corporations, there are some sectors, such as tech and professional services, which offer a higher percentage of fully remote options. For example, 21% of professional services firms within the Fortune 500 have fully remote models. 

In general, companies in high-growth industries are more likely to offer fully remote or hybrid work schedules to their employees. Companies with flat revenue growth are asking their employees to return to the office — some for four days per week, but the majority for the traditional five days.

It should also be noted that many return-to-office requests are driven by the requirements of specific roles. For instance, many companies prefer that employees in management or leadership positions, along with other employees who heavily collaborate with fellow team members, return to the office full-time. Some organizations, for the sake of simplicity and fairness, are asking all employees to return to the office, regardless of department.

Stay Informed About the Tech Hiring Market

The state of tech hiring is dynamic and competitive, driven by rapid innovation and shifting candidate expectations. Staying informed on trends and prioritizing adaptability will help businesses attract top talent and build resilient teams for future success. If you’d like to learn more about how to land the perfect tech job for you — or hire the right candidate for your business — reach out to our team at The Doyle Group today.