Tech Talent Crunch: The Current & Future of IT Hiring

In fact, from 2024 to 2034, tech jobs are expected to grow from 6 million to 7.1 million. The Bureau of Labor Statistics projects 356,700 job openings annually for computer and IT occupations between 2023 and 2033. The IT sector alone is anticipated to add 215,800 jobs in that same time period. Meanwhile, roles like computer and information systems managers are expected to grow by 17%. However, by 2030, as many as 85 million jobs could go unfilled due to the persistent skills shortage.

Given the market, experienced tech professionals know their value and will turn down salary offers that don’t meet their expectations. But compensation isn’t the only challenge. The competition has intensified hiring processes as companies search for the “perfect” candidate who checks off every box. This has lengthened hiring processes and caused frustration among candidates.

The pressure to find talent is further fueled by GenAI’s accelerating growth. Unlike previous booms, today’s growth is driven by new tech that requires modern infrastructure. Companies are investing in AI products and platforms, and server sales are expected to triple to support this transformation. This year alone, software spending is projected to rise 14% to $1.23 trillion, and IT services will grow by 9.4% to $1.73 trillion.

As the tech world changes, companies are implementing dual strategies: investing in the latest tools and building talent to support them. While 66% of companies plan to upskill their current workforce, 41% are looking externally, and 39% are investing in certifications for their employees. This proves that hiring is not just about filling roles but building organizations for the future.

IT hiring is a high-stakes environment shaped by technological advances and a deepening skills gap. Whether through competitive compensation, strategic hiring, or internal development, organizations must move fast and smart, or risk getting left behind.