What is the Great Resignation phenomenon all about?
The tech industry has seen a tremendous surge in resignations by skilled professionals over the last few months. Such departures have made it difficult for hiring managers to find the right talent to fill the vacant positions. The situation has been triggered by a growing need for personnel with technical expertise, given the tech industry’s rapid growth in recent years. This trend has placed companies in a conundrum of holding onto their existing workforce or recruiting fresh talent to fill the voids.
Let’s take a closer look at the primary trends shaping this phenomenon.
What are the most sought-after tech professions?
Skilled professionals like engineers and software developers are in great demand
- The last twelve months have seen more than nine hundred thousand job advertisements for skilled engineers and software developers in the technical field. It takes an average of forty-three days for a recruitment manager to hire new personnel for such positions.
Which are the other top IT jobs in demand?
- Project Managers are among the most popular technical positions, with a staggering 290,000 job openings recorded in the last year. It takes up to 39 days for hiring managers to fill such positions, making them quite competitive.
- The third most sought-after job is that of Business/Management Analysts, with a remarkable 2,66,294 job postings in the last 12 months. It takes an average of 40 days for a hiring manager to successfully recruit the ideal candidate for this post.
- Computer Support Specialists and IT Project Managers occupy the fourth and fifth spots on the list of most sought-after job roles. According to recent job market analysis, there have been 2,36,507 job postings for Computer Support Specialists and 2,05,528 for IT Project Managers. Additionally, it takes an average of 38 days for a hiring manager to fill a Computer Support Specialist role and 41 days to find a suitable IT Project Manager candidate.
- The list of most in-demand technical positions includes Network Engineers, Computer System Engineers, Program Managers, Systems Analysts, Cybersecurity Engineers, Product Managers, Software Quality Assurance Engineers, Web Developers, Network Administrators, and Data Analysts. Each of these roles demands a unique skill set, qualifications, and experience to excel in the field. Network Engineers are responsible for designing, implementing, monitoring, and troubleshooting network systems and services. Computer System Engineers create computer systems for various purposes, such as data storage or communication. Program Managers plan, organise, and manage the development of software applications. Systems Analysts analyse business systems and processes to determine how they can be improved. Cybersecurity Engineers are responsible for creating, implementing, and managing security protocols to safeguard organisations against cyberattacks. Product Managers develop product strategies, manage product launches, and oversee the entire product lifecycle. Software Quality Assurance Engineers ensure software applications meet quality standards and customer expectations by testing them. Web Developers design, construct, and maintain websites and web applications. Network Administrators are responsible for setting up, configuring, and troubleshooting computer networks. Lastly, Data Analysts collect, organise, and analyse data to provide insights for business decision-making.
Are there indications of a growth in the job market in the United States?
- In March 2022, the unemployment rate for technical positions in the United States was 1.3%, the lowest since 2019.
- For the first time, the number of technical job postings surpassed 400,000 in March 2022, marking an increase of 29,000 postings from February’s total of 383,000. This growth in job opportunities indicates a positive trend in the technical job market.
- CompTIA’s research indicates that the United States will generate 1,78,000 new technical positions by 2022, with growth concentrated in 48 states. Currently, about 8.7 million workers are employed in technical occupations across the United States.
What implications does this hold for organisations searching for tech professionals like software engineers?
With the increasing demand for technical experts, organisations should consider expanding their hiring budget to retain and recruit the best talent in the industry. This may involve providing higher salaries, bonuses, benefits, flexible work hours, health and wellness incentives, and other career advancement opportunities. By doing so, businesses can remain competitive in the global skills market and attract and retain highly skilled personnel.
Which technical positions are most in demand?By 2022, software development and engineering will be the most popular tech jobs, followed by project management, business analysis, computer support, IT project management, network engineering, computer system engineering, program management, systems analysis, cybersecurity engineering, product management, software quality assurance testing, web development, network administration, and data analysis. As the tech industry continues to expand and evolve, these roles are increasingly sought after.
What is the Great Resignation of 2022?The current period is commonly referred to as the Great Resignation of 2022 as more and more individuals seek higher salaries and better career advancement opportunities. This trend is evident in the number of people worldwide who are leaving their current jobs to pursue more enticing employment prospects.
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