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  • Writer's pictureGargi Parkhe

Global Overview of the Tech Industry

The spread of technological progress has never been so evident as in the last decade. From e-commerce to fintech, it’s apparent that technology now touches every aspect of household, commercial, and public life. Driving this change is a core workforce with professionals such as engineers, programmers, information specialists, mathematicians, and data scientists.

Analysis of trends in employment reveals that the tech workforce in 2020 was 5.5 million strong and has been growing at an average annual rate of 2.2% since 2001. The pace of growth is well above the 0.4% average rise per year for total employment in the economy during this period. As a result, the share of the tech workforce in total employment went up to 4% in 2020 from 2.9% in 2001.

It is interesting to note that even during the pandemic, the tech workforce continued to expand, rising by 0.7% in 2020, when employment for all other occupations, taken together, contracted by 5.5%.

Analysis of employment data by sectors for computer and mathematical science occupations which forms the bulk of the tech workforce reveals that 10 key sectors employed nearly 78% of the workforce in 2020. Of these, professional, scientific, and technical services had the largest share. The same is true for computer and information systems managers, where 34.9% of the workforce was engaged in the professional, scientific, and technical services sectors.

To conclude, here are the four predictions in the tech recruiting sector for 2022 that you should know about;

1. International hiring will boom

There’s a wealth of highly skilled employees across the globe, even in synchronous time zones if need be. Next year, it is believed that recruiters will start to take advantage of this fact. By removing international borders from their talent search, they’ll discover great candidates in places they hadn’t previously considered.

2. Recruiters will stabilize in their roles.

Going forward, tech companies may need to pause and reevaluate how they plan to retain and strengthen their recruiting staff. If organizations consciously choose to make recruiting a consistent and predictable role, building dedicated systems and workflows around a core team, they’ll be much better positioned to attract and keep quality recruiters.

3. Companies will fund recruiting boot camps

In 2022, with such rapid changes on both sides of the talent market, it’s critical that companies and recruiting agencies take a more active role in educating future recruiters about skills that are relevant to them

4. Candidates will drive the change in hiring practices

The shortage of tech talent is not going away any time soon. With the market tilted so heavily toward candidates, it seems likely that hiring practices will put the candidate experience even more front and center.

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