Welcome to the 2024 edition of our second annual Hiring Predictions & Poll Results for the tech industry.
We published the first edition of our Hiring Predictions & Poll Results last year and if you check out my opening commentary in terms of my prediction for 2023... I was very, very wrong. But, that is part of the fun with predictions, right?
The tech industry has been struggling since 2022, when the layoffs started. 2023 started with several major layoffs from tech giants like Alphabet, Microsoft, Amazon, Salesforce, Meta, and many venture backed companies over the first quarter.
And, even though there were moments when it felt like the layoffs had come to an end, there would always be another cycle with layoffs being announced from companies of all sizes pretty much all year long. Needless to say, it was a long year. According to TechCrunch and their running list of tech layoffs, 240,000 jobs were lost in 2023.
2024 hasn't really started out on the right foot yet either with Amazon, Google, Twitch, and many other companies announcing layoffs already in January.
In my opinion, the past two years feel very reminiscent of the financial crisis in 2018 and 2019. Then, things flattened out and started to pick up again. I think we are in the same type of cycle. The layoffs will finally come to an end after Q1 and then we'll start to see some incremental (not aggressive) hiring in 2024.
2024 Hiring Predictions Poll Results
Each year, we issue a poll on LinkedIn asking our audience to chime in. This year, we had 271 responses. The good news is that less people feel like the "layoffs will continue all year," but the greatest number of votes went to the "layoffs end but hiring will be flat" category.
Here are the results:
Hiring Predictions
In addition to getting feedback from the VentureFizz audience, we also reached out to Talent Acquisition & HR pros to get their predictions for 2024.
Please note, the views and predictions expressed in this blog post are representative of the individual's thoughts and opinions. They are not representative of the individual's employer.
Mary Paris
Director of Talent Acquisition at PERSUIT
"I believe we'll see an uptick in hiring, and hopefully some stabilization in the tech industry. The companies who prioritize balanced headcount growth with intentional focus on employee retention and engagement will be the most stable and successful at attracting and keeping their talent."
Jeanne Cordisco
Chief People Officer at O'Reilly
"Beyond automating repetitive and time-consuming tasks such as screening resumes and scheduling interviews, AI’s predictive analytics can be used to analyze data and predict future outcomes such as a candidate’s likelihood of accepting a job offer or their potential to succeed in a particular role - revolutionizing hiring and recruiting practices. In addition, AI will be a major contributor in further helping to reduce bias in the hiring process. By being programmed to ignore information such as a candidate’s name, age, or gender on resumes, candidates will be better evaluated based on their skills and qualifications alone without any implicit bias playing a role in their assessment."
Marisca Kooij
Global Talent Acquisition Leader at EDB
"I am positive minded that 2024 will be a more balanced year. In Tech/Software the market seems to have stabilized a bit and some companies, including EDB, are ramping up hiring again. Candidates are cautious and if looking for a change, they will likely seek out companies that provide flexibility, good benefits and care about their employees and their well being."
Kimberly Saturley
Chief Human Resources Officer at Aqua Security
"Last year posed multifaceted challenges, with layoffs, geopolitical shifts, and a dynamic macro-economic landscape. Navigating these complexities demanded agile maneuvering from organizations. Looking ahead to 2024, companies aim to stabilize and foster growth with efficiency and responsibility. Prioritizing key aspects of their people strategy, organizations will look to enhance employee experience, engagement, and culture for a thriving workplace and to aid in retention. In talent acquisition, we can expect an increased focus on AI integration in hiring processes, emphasizing critical skills and keywords in job descriptions and cover letters. Hybrid work remains a reality, and soft skills like adaptability, resilience, collaboration, and problem-solving gain heightened importance in our ever-changing global workforce."
The Talent Acquisition team at Flywire
"We expect more companies to focus on engagement and retention efforts in 2024. This is paramount here at Flywire, where we invest in learning and growth opportunities for our global FlyMates. Likewise, another contributor to retention is our hybrid approach. Although we have offices that are attended and great hubs of collaboration, there is no mandate to go in, and we empower our FlyMates to work where they'd like. This allows for us to hire top talent globally, and retain our world class employees."
Phil Reese
Senior Director, Talent Acquisition at Klaviyo
"We saw many companies scaling back their teams and spending last year -- but now the tech sector is poised for a resurgence in hiring in 2024. Companies are looking for candidates directly tied to and aligned with business goals like AI-related initiatives, cybersecurity, and revenue-driving functions. That intentionality to bring in candidates who can immediately drive impact and build alongside their existing teams is definitely the approach we're taking this year, and many of my peers in other orgs are moving in the same direction. The job market is wide open for candidates ready to tell their story."