Tech Job Market: What’s in store for 2024?

Read Time: 5 min

Today, we’ll share the top trends in the tech job market for 2024 and what they mean for you if you’re looking for a new job next year.

Some of these trends may surprise you.

The reality is that 2024 will look different from the past two years, and the better you understand the trends, the better you’ll position yourself for career opportunities.

We’ll also provide 5 recommendations that will make you more effective in your job search next year.

The Reality of the Tech Job Market in 2024

1. Layoffs will still happen

We just saw fresh layoffs at Spotify and Twilio at the end of 2023, among a number of other companies.

Companies will conduct more layoffs as they right-size their teams for changing market conditions. Unfortunately, that will continue to happen throughout the year.

While these headlines still sting, brighter days are ahead.  The trend suggests we’re headed in a positive direction, with the volume and the pace of layoffs slowing considerably going into 2024.

This trend is welcome news for employees and job seekers alike because it means we’re trending toward a more stable job market in tech - which we haven’t had in over 18 months.

2. Employers mandating Return-To-Office (RTO)

In late 2023, we saw Google, Amazon, Meta, and Apple all announcing mandates requiring employees to be in the office at least 3 days per week. X (fka as Twitter) even implemented a 5-day in-office policy.

Though most organizations agree that the five-day office week is dead, even Zoom, the virtual meeting company itself, asked employees to work in person a few days a week.

There was a recent study that found that 90% of companies plan to implement a return-to-office policy by the end of 2024, and 28% of companies will threaten to fire employees who don’t comply with their new mandates! 😮

Job board data shows remote work taking a hit. Remote job postings are way down from their peak with fewer companies hiring for remote positions.

 If you’re looking for a remote position, you might find it more challenging than before. But remote job postings are still well above pre-pandemic levels. So, there are still a lot of remote jobs available relative to historic numbers.

With 65% of workers wanting to work remotely all of the time and 25% considering quitting their jobs rather than returning to the office, there will be turnover at companies that have RTO mandates, and that can present opportunities for those willing to relocate or put up with a commute.

3. Hiring is picking up (in some areas)

Many companies are projected to grow in 2024.

With inflation finally under control, the FED has signaled they will begin cutting borrowing rates in 2024. That's great news for tech growth companies that typically receive more investment dollars in a low-rate environment. With new investment inflows, tech companies will ramp up hiring. We're not expecting the rampant hiring we saw in 2021 but rather a steady rise as compared to 2022-2023.

We’ve personally talked to a number of execs and senior leaders who are planning to hire steadily in 2024.

What’s interesting is that according to the CompTIA Tech Jobs Report small- and medium-sized businesses, which make up 84% of jobs in Tech, have recorded steady employment growth throughout 2023, with the trend expected to continue into 2024.

Does this mean all small and medium-sized companies are hiring? Unfortunately, no, some are still struggling, but it does mean the majority of hiring is happening at smaller companies.

This is consistent with what we’re seeing specifically in B2B SaaS companies where there are companies who are well-funded, have product-market fit, and are growing their teams for the future by hiring up a lot of the great talent that is currently on the market.

Another thing to note is that when job markets are volatile, people typically want to work for larger companies because established companies are perceived as more stable. We hear all the time from job seekers with talk to. That makes competition less stiff for jobs at smaller companies.

Now, some tech jobs remain in extreme levels of demand in 2024, including Artificial intelligence (AI), data science, data infrastructure, and cybersecurity, which continue to be hot areas of tech. With that said, there’s plenty of opportunity in a variety of other sectors across tech.

Hiring is picking up in certain areas of the tech job market, which is positive news for anyone looking for a new job in 2024.

4. Jobs will remain competitive

There are still a lot of highly qualified candidates who were laid off and are looking for new jobs.

And there are also many employed workers who are looking for better opportunities as well.

With all of the layoffs that happened in 2022 and 2023, that really took a toll on employee morale at many companies.

Employees have had to deal with the stress of constant restructuring and picking up extra responsibilities from their laid-off peers. They’re overworked and burnt, and these folks are now looking for a fresh start. I can’t blame them.

Nearly 1 out of 3 tech professionals are actively searching for a new job, and 60% want to change employers within the next year.

(source: Dice “Many Tech Professionals Will Look for New Jobs, New Employers in 2024”)

We’re going to see more resignations and more people switching jobs throughout 2024. It won’t be as extreme as the “Great Resignation” in 2021, but there will be job switching.

And in some cases, companies are opting to hire junior-level candidates, and they’re moving positions offshore, in an effort to reduce salary costs. That’s making competition for some positions even stiffer.

If you’re looking for a new job, there are expected to be more new tech jobs available in 2024, but most jobs will remain competitive.

Based on these key trends in the tech job market in 2024…

What should you focus on if you’re looking for a job in 2024?

1. Ditch outdated job search advice like “play the numbers game” or “update your resume for every role”, unfortunately, that doesn’t work anymore. (see this video for one tactic to get interviews)

2. Consider small or mid-sized companies rather than only focusing on big companies

   Even big companies aren’t always the most stable, as we’ve seen the past two years with mass layoffs at Salesforce, Google, Meta, Amazon, and many others.

   Smaller companies are continuing to hire and they’re more open to remote and flexible work schedules if that’s important you. In fact, many tech startup companies are 100% remote without any permanent offices at all - so they’ll never make you return-to-the-office.

3. Strategic networking is more critical than ever because companies want to reduce their hiring risk, and that means they prefer to hire candidates referred to them by other employees or from people in their network. The good news is that you don’t need to have connections starting out, you just need to start developing your network in a targeted and strategic way.

4. Keep upskilling your hard and soft skills because continuous learning is required for tech professionals. Whether you’re a software engineer or a sales rep, you have to keep upskilling, or you’re falling behind. Employers want to hire people who constantly put energy into their own self-development.

5. Showcase your skills - don’t just list them on your resume. Create a portfolio of work examples or create a short video of yourself presenting on a topic that is relevant to your target role. That will make you stand out to hiring managers because they know what you bring to the table before they even talk to you - and not many candidates do this - that puts you in a very advantageous position.

Summary

The tech landscape will undoubtedly look different in 2024. It will still be challenging, but there’s good reason for optimism, especially with layoffs decreasing and hiring picking up.

The job market will remain competitive, and we still can’t rely on a good resume and job applications alone. It takes a strategic approach to land a job in this market.

The great news is that if you invest energy in building your network, upskilling, and learning how to market yourself effectively, that won’t only help you in your job search, but it will create a springboard for your career. Whenever you change jobs or if you’re ever laid off, you will take these assets with you, and they’ll open new doors for you.

We wish you resilience, determination, and a successful 2024 💛

If you could use help landing your next AE or SE role, we can help! Apply to work with us 1-on-1. We'll personally reach out to chat about how we can help you accelerate your job search.