Tech Job Insights: Q3 2024 in review
We're back with our insights of Q3, July - September!
While TechCrunch continues to update their running list of tech layoffs, the negative impact of which we certainly do not dismiss, we want to take a wider look at the tech market to highlight a range of stories - the good and the bad. This quarter started with a bang, namely the UK General election, and there is plenty to talk about.
Industry Highlights
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In September it was announced that Edinburgh Women in Tech Scotland has aligned with Women Who Code. Women Who Code, the charity that previously backed WWC, closed with little warning in the spring of this year. This new alliance means that hundreds of women now get to attend more events aimed at women in tech, and engage with their peers.
This welcome news comes on the back of research that shows that women working in tech face increasing pressure of choosing between family and a career, as well as a comprehensive report by WomenTech Network which outlines the current number of women working in tech, and the challenges they face both currently and going forward. According to this report, women make up 35% of the global workforce in tech. View the report to read their take on things like retention, representation, adapting to the 'Generative AI Era' and workplace culture.
In their State of Hiring 2024 report released earlier this year, CoderPad outlined that the top three factors that developers consider when looking for a new role remain the same as for the 2023: salary, work-life balance and remote possibilities- in that order. They also listed Python and JavaScript as both the best-know and the most sought-after programming languages - which has been backed up by the TIOBE Index in each month of Q3.
Across the quarter, the TIOBE Index also showed that Rust climbed to an all time high since the launch of the index in 2001 - nearly breaking the top 10 - whereas fan favourite C dropped to an all time low number 4).
The Office for National Statistics reports that the total number of vacancies decreased by 3.8% compared to the previous quarter, meaning this is the 27th month in a row that we see a decline. From the latest ONS report:
“Total estimated vacancies were down by 141,000 (14.4%) in July to September 2024 from the level of a year ago, although they remained 45,000 (5.7%) above their pre-coronavirus (COVID-19) pandemic January to March 2020 levels.”
In terms of industry specific vacancy trends, ‘professional scientific & technical activities’ has faired well over the past three months compared to most other sectors.
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Contract and projects going particularly strong – we are delighted to have filled a vast majority of contract roles that our clients have referred to us, in an otherwise challenging market. All credit goes to our contracts and compliance team who have tirelessly worked these roles, and ensured a smooth and comprehensive screening- and onboarding process for all parties.
This quarter we also starting using a new screening provider – Amiqus – streamlining our already thorough compliance process across contract recruitment. Our supplier diligence process is extensive and we are proud to work with an award-winning Edinburgh based business that is also heavily involved in community and charity fundraising.
Having attending a bustling London Tech Week in June, the highlight of our events calendar this quarter was the inaugural Space-Comm Expo in Scotland, held at the SEC in Glasgow. We met people from all over the world - delegates and guests that had travelled a lot further than us to make it to Glasgow for the two-day event. Our work in Space Tech Recruitment is lead by our chief astronaut Henry, a principal consultant with over a decades worth of experience in technology recruitment. If you want to have a chat about 'Space-Comm' or anything else to do with space, satellites and rockets, do drop him a note!
Attending and supporting events is a core part of the way we operate - meeting new (and familiar) faces is always rewarding and we gain invaluable insight from these meetups and conferences.
Earlier this year, CEO and co-founder Nick was appointed to the Napier University Cyber Security & Systems Engineering industry advisory board. There's an array of talent sitting around the board, from world leading academics on the subject of cyber security, to industry professionals representing SMEs and larger corporate businesses. Nick is a recruitment industry veteran with 34 years industry experience. In recent years, he has been working with customers on their cyber and security projects, so he provides an opinion on talent for the future.
Edinburgh Napier University is one of Scotland's leading universities for the provision of Cyber education and producing quality graduates, many of whom have gone on to fulfil careers on global stage. The growth of the global cyber threat is impacting everyone from individuals to corporate giants, and not a day goes by without a new story of cyber criminals causing chaos. As you might imagine, the demand for cyber professionals is high and shortages of skilled professionals is a common theme, making it a great career choice for the immediate years ahead. The question is, how do we close the skills gap, when the demand is so high?
While we are currently focussed on the last quester of the year, there are also preparations – and anticipation! – for January 2025 when we celebrate our 30th birthday in business. Over the past year we have initiated a number of exercises to look at how far we have come, and how we can keep adapting to the world of work and the state of the industry. Not just adapting, but leading some of this change. We have some exciting plans and announcements that we are looking forward to make in due course - watch this space.
"We were cautiously optimistic about Q3 as we entered July, and in the end the overall results far exceeded our expectations. Our Q3 figures have been a real boost to the team, who worked hard while juggling summer holidays and awaiting to hear from decision makers over the summer months. Their commitment has definitely paid off, as we have been able to convert hard-earned opportunities in a challenging market.
The build up to a General Election always seem to bring some slowing down to hiring activities as business leaders await the results, and as expected, things did seem to pick up in July after the GE. We now sense a similar hesitation across the industry with the Autumn Budget looming, but we look forward to bringing our positive results and experiences from the past quarter into these final three months of the year."
That's a wrap on our 2024 Q3 insights - please get in touch if you have any queries about our findings.
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