Wednesday, May 22, 2024

Skills shortage is biggest challenge for tech recruiters

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A lack of skilled candidates is the main challenge facing a quarter of hiring managers in tech businesses this year, new research by Morgan McKinley has found.

Its 2024 Salary Guide also found that a similar proportion are facing difficulties competing on pay and benefits.

While almost one in every five said getting organisational approval for new headcount is the biggest obstacle facing them.

It follows last year where three quarters of hiring managers said they experienced tough competition in making new hires.

“The sentiment from organisations is generally positive for 2024; there is still some cautious decision making when it comes to hiring budgets for the year, but by and large, the fight for top talent is still a real issue for most companies,” said Eoin Connolly, Operations Director, Morgan McKinley Ireland.

“January started slowly as it always does but it has been a very busy month for us, which is an indicator of a strong quarter, and hopefully year ahead.”

50% of technology hiring managers are planning to expand their teams in the first six months of the year, the research found.

While 46% of tech workers are considering new opportunities during this period, with another 31% contemplating a job change.

Higher salary was prioritised by 40% of those seeking a new job, followed by opportunities for career advancement and the option to work remotely.

“Technology salaries in Ireland increased slightly in 2023, partially due to the impact of inflation, but also due to the shortage of talent,” said Mr Connolly.

“This has also increased the prominence of counteroffers, with employers offering their top performers 15-20% increases to stay on board.”

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