What is the Future of the Technology Workforce?

Concerns about a looming recession will not likely derail the booming IT job market. Despite inflation and the high energy cost this year, IT hiring was at a record high, although keeping tech talent is still a challenge for several reasons.

First, salaries for IT staff and middle-level managers are high, while new hires are paid even higher than the existing staff, causing some to switch jobs. And because of the Covid pandemic, more IT workers are returning to the office, while others are teleworking due to choice rather than health-related concerns.

The Future of the Tech Workforce

Virtual employment will be a necessity rather than a choice. Virtual employment is practical, with companies able to retain or attract talent with greater flexibility.

But employers have to consider the overall impact of teleworking; where possible, it has to implement a practical work agreement that is specific rather than general to its remote employees.

· More streamlined communication will have to be established by employers.

Employers will need to document, communicate and enforce procedures for remote IT workers to ensure fair play for all, and avoid any disparities for any class of workers. On the other hand, employees need adequate training on such expectations and procedures for the company.

· Work-per-Hour in place of work-per-week will be trendier.

Accommodating hybrid work arrangements with IT employees is not always effective at keeping them on board. Today, the conversation has shifted to the days and number of hours, as employers recognize the need to consider the employees’ mental health, assuming a 45-hour work week.

These timelines are more productive and healthy work hours to reduce employee fatigue throughout their workday. Employees could work a couple of hours in the afternoon or the morning. A day off is a bonus, especially in IT, where most work is based on performance or deliverables.

· Employer’s Social and Political standing will be an essential factor.

Regardless of your political affiliations, when an employer stays silent about an issue, it is the assumption that they agree with the opposing side. Companies should establish core values before situations arise so that managers can reference them when deciding whether and how to respond to such political and social issues.

Young tech employees also want their employees to take a stand on climate change and promptly act on it. When Employees vocal about climate change feel that their employers are listening and incorporating their feedback, they are more loyal, suggesting a mutual long-term benefit when employers listen and act. But sometimes, taking a stance (or not) could lead to a difficult situation.

· There is a return of in-office benefits, but it comes with challenges.

While remote work could be as efficient and productive as in-office, IT managers perceive remote work differently. On-site employees are more likely to receive a promotion than virtual employees.

Here is the perception; with in-office employees, there is more visibility, and you are more comfortable with their performance. For a good portion of the employees’ work time, it is necessary to spend time in the office, gain networks of information, and innovate, sometimes through unplanned/informal encounters. But it is not essential to do this all the time.

· There is a disparity between male and female employees.

And for valid reasons. More women than men prefer to work from home due to childcare responsibilities or family-related reasons. There is also an existing wage gap and less diverse leadership. It will be necessary to intervene in this unconscious bias to avoid eroding any gains in the IT industry.

Such interventions may include bridging gender gaps during employment, wage gaps, and employee benefits.

· IT companies will be an internal marketplace for valuable skills.

It is easier to grow your career while looking outside the IT organization rather than inside. And Millennial Tech workers do not want to be trapped within a prescribed job description that limits their skills. So, there is more opportunity when employees put all than part of their skills on the table.

At the same time, project managers want to connect with employees with the skillsets to do the job right. By matching the employees’ skill sets, rather than their job titles, with the work at hand, internal skills marketplaces effectively meet both needs. This scenario could answer the question of why do companies choose to outsource work.

· Continuous training and reskilling will be a necessity.

There will be more emphasis on continuous learning and retraining to impart demand-driven skills, team-driven skills, and interdisciplinary integration.

Today, IT companies are experiencing a shift of significant proportions following technological advances, including artificial intelligence, machine learning, and predictive analytics. Robotics and semi-autonomous machines are performing tasks long believed to be workable only by humans.

Finally, advances in materials sciences such as bioengineering are rendering more human-like robots and changing how the world works. Continuous training and retraining will ensure IT companies keep track of the changes happening now and in the future.

· There is an increasing number of online exchange platforms.

Robust growth in online exchange platforms is changing how suppliers and businesses transact.

The JPMorgan Chase Institute classifies this online economy into four sectors:

· Transportation sector: Drivers transport people and goods

· Non-transportation labor sector includes services like dog walking or home repair.

· Selling sector: Independent sellers locate buyers using online platforms

· Leasing sector: People rent assets like real estate and parking spaces.

Out of all these sectors, the transportation sector dominates in terms of participants (at 60%) and transaction volume (equivalent to all the revenue generated by the other three sectors).

While some may view these trends above as outright automation, they offer immense opportunities in the IT sector. But implementing some of these changes could be a challenge across the industry.