​The Tech Sector is Entering a New Phase for 2023

10 February 2023 by Orlaith O'Mahony
Hiring Insights Hiring Tech Trends Technology

The Tech Sector is Entering a New Phase as 2023 Brings New Challenges & Opportunities

Experis is one of the leading IT & Tech Recruitment Specialists in Ireland. We partner with a multitude of world-renowned, and innovative companies to build their teams. Experis on a Global scale, operates in 50 countries worldwide, hires 38,000 skilled IT professionals daily.

80% of the Global Fortune 500 turn to Experis for professional talent, this is down to our reputation, our scope, and the history of our success.

The Technology sector in Ireland has experienced significant challenges recently as companies are forced to tackle the unexpected business realities, they have encountered in 2022. Most technology companies were buoyant, optimistic, and positioned for growth earlier this year based on the unprecedented consumer demand of 2021. So, what's changed?

Hiring Insights within the Tech & IT Sector, Q1 2023

  • Many IT companies are starting to now realise that they may have over hired in 2022based on enhanced growth projections which are now outdated and feel overstaffed as a result.

  • Macro-economic factors have resulted in higher interest rates and economic growth rates have decreased dramatically resulting in a drag on economic activity.

  • Along with other factors this has caused a confidence drop in the marketplace with the tech sector particularly adversely effected.

  • EMEA is expecting to see the biggest cuts in IT budgets in the next 12 months (31%), while about half of the other organisations in the Global region plan to increase their IT budgets.

  • In comparison to EMEA, APAC is expecting to increase IT budgets by 50%, NA by 49%, and SCA by 47%.

  • The Top 5 expected staffing priorities within the IT sector for the next 12 months include Cybersecurity (34%), Technical Support (32%), Customer or user experience (31%), Database management (27%), Customer relationship (25%).

  • Current Tech challenges are being met by upskilling existing workforce (50%),but future digital transformation anticipates a rise in automation. Looking to the future, consideration of automation as a solution increased from 39% to 50% among employers.

  • Lack of budget (26%) and time constraints (25%)present the biggest challenges to upskilling programs with the EMEA region.

  • Tech & IT employers are looking to upskill new hires in company culture (47%), and soft skills (44%), rather than technical skills.

  • The Most sought after soft skills within the IT & Tech industry include Critical Thinking & Analysis, Creativity & Originality, Reasoning & Problem-Solving, Reliability & Self-Discipline, and Resilience & Adaptability, as well as Collaboration & Teamwork.

  • Although, the restructuring within the Tech sector has been turbulent, there is some optimism for smaller/medium IT companies, the layoffs by big tech giants have released much needed skilled talent for other IT companies to attract and hire, which may ease the talent shortage in IT.

  • On a Global Scale,43% of organizations plan to increase their IT talent budgets in the next 12 months, despite fears around recession, and high inflation.

  • Ireland ranks 19thwithin Countries’ Employment Confidence ranking worldwide (25%).

Experis Ireland currently have 25 amazing live IT & Tech opportunities within Ireland. Our mission is to connect fantastic candidates with some of our world-renowned clients and help in any way we can during this tumultuous time.