Tech Landscape and Outlook Report 2024
Insights from 1,000+ hiring managers & engineers on the current state of the tech job market.
Founder’s Note
Today, every company is a tech company. As a result, the market dyamics of hiring quality engineers is a very important factor in each of our growth journeys. And recently this market has had some severe ups & downs.
In 2021, the funding bubble made hiring a good engineer an almost impossible task. We saw some of the most bloated salaries with a single developer at times holding even 10 offers and even BMW bikes being offered to entice talent. Then, late in 2022 funding began drying up and we started seeing massive layoffs, led by the big tech companies. Finally, 2023 saw one of the worst funding winters and the job market was pretty much dead.
The obvious question: What will 2024 look like? That's what we answer in this report.
Karthik Sridharan
Co-founder, Flexiple
Despite 35% of engineers noticing a hiring slowdown, hiring managers paint a different picture, with 46% actively expanding their teams.The job market seems to be sending mixed signals, but as managers move forward with expansion plans, sentiment among engineers is likely to improve.
46% of tech companies to hire in 2024, while 31% engineers experience a hiring freeze
Despite 35% of engineers noticing a hiring slowdown, hiring managers paint a different picture, with 46% actively expanding their teams.The job market seems to be sending mixed signals, but as managers move forward with expansion plans, sentiment among engineers is likely to improve.
73% of engineers saw their teams let go, but 27% of them escaped layoffs
73% of engineers have seen team members let go, with 18% experiencing half their team being laid off and 21% witnessing a one-third reduction. However, 27% of engineers reported no layoffs at all — as companies are starting to hire again, which may slow down these cuts.
22% of engineers saw big raises (>25%) in 2024, but 21% of engineers saw no changes.
51% of engineers saw salary increases of 10% or more, while 49% received minimal or no raises at all. The pandemic-era big raises have cooled down, leaving many engineers disappointed. Salaries haven't kept pace with expectations this year. However, there's hope for better salary changes in the future, although the huge hikes of 2021 are unlikely to return.
42% of hiring managers are actively seeking junior engineers.
This suggests that companies are focusing on building talent from the ground up. The job market for entry-level engineers is improving, possibly due to AI adoption and companies' preference for training junior engineers over hiring senior professionals.
2 years is the average career stint of techies in India in 2024
Most engineers plan to stay with their current employer for only two years, with a small percentage aiming for longer. The decreasing average tenure suggests engineers are always seeking better opportunities. Companies must address priorities like salaries, culture, and growth to improve job satisfaction and retention, especially near the 2-year mark.
26.5% of tech companies prefer to hire engineers skilled in AI/ML
Hiring managers are primarily seeking engineers with AI/ML and Data Science expertise, followed closely by Frontend and Backend development skills. The demand for AI skills has skyrocketed since ChatGPT's rise in late 2022, with companies prioritizing these skills to stay ahead of the trend.
Chapter 1 : Hiring Sentiment
Hiring Patterns
Salary Updates
Layoff Landscape
Role Evaluation Factors
Chapter 2 : State of Work
Emerging Tech Hubs
Remote vs. In-Office Salaries
Productivity Trends
Average Job Tenures
Chapter 3 : Skills in Demand
In-Demand Skills
Hiring Challenges
Upskilling Trends
Tier 1/2 vs. Non-Tier Hiring
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“Flexiple has exceeded our expectations with their focus on customer satisfaction! The freelancers are brilliant at what they do and have made an immense impact. Highly recommended :)”
Henning Grimm
Founder, Aquaplot
“Overall Flexiple brought in high-level of transparency with extremely quick turnarounds in the hiring process at a significantly lower cost than any alternate options we had considered.”
Kislay Shashwat
VP Finance, CREO
“Todd and I are impressed with the candidates you've gathered. Thank you for your work so far. Thanks for sticking within our budget and helping us to find strong talent. Have loved Flexiple so far — highly entrepreneurial and autonomous talent.”
William Ross
Co-Founder, Reckit
“The cooperation with Christos was excellent. I can only give positive feedback about him. Besides his general coding, the way of writing tests and preparing documentation has enriched our team very much. It is a great added value in every team.”
Moritz Gruber
CTO, Caisy.io
“Flexiple spent a good amount of time understanding our requirements, resulting in accurate recommendations and quick ramp up by developers. We also found them to be much more affordable than other alternatives for the same level of quality.”
Narayan Vyas
Director PM, Plivo Inc
“It's been great working with Flexiple for hiring talented, hardworking folks. We needed a suitable back-end developer and got to know Ankur through Flexiple. We are very happy with his commitment and skills and will be working with Flexiple going forward as well.”
Neil Shah
Chief of Staff, Prodigal Tech
“Flexiple has been instrumental in helping us grow fast. Their vetting process is top notch and they were able to connect us with quality talent quickly. The team put great emphasis on matching us with folks who were a great fit not only technically but also culturally.”
Tanu V
Founder, Power Router
“Flexiple has exceeded our expectations with their focus on customer satisfaction! The freelancers are brilliant at what they do and have made an immense impact. Highly recommended :)”
Henning Grimm
Founder, Aquaplot
“Overall Flexiple brought in high-level of transparency with extremely quick turnarounds in the hiring process at a significantly lower cost than any alternate options we had considered.”
Kislay Shashwat
VP Finance, CREO
“Todd and I are impressed with the candidates you've gathered. Thank you for your work so far. Thanks for sticking within our budget and helping us to find strong talent. Have loved Flexiple so far — highly entrepreneurial and autonomous talent.”
William Ross
Co-Founder, Reckit
“The cooperation with Christos was excellent. I can only give positive feedback about him. Besides his general coding, the way of writing tests and preparing documentation has enriched our team very much. It is a great added value in every team.”
Moritz Gruber
CTO, Caisy.io
“Flexiple spent a good amount of time understanding our requirements, resulting in accurate recommendations and quick ramp up by developers. We also found them to be much more affordable than other alternatives for the same level of quality.”
Narayan Vyas
Director PM, Plivo Inc
“It's been great working with Flexiple for hiring talented, hardworking folks. We needed a suitable back-end developer and got to know Ankur through Flexiple. We are very happy with his commitment and skills and will be working with Flexiple going forward as well.”
Neil Shah
Chief of Staff, Prodigal Tech
“Flexiple has been instrumental in helping us grow fast. Their vetting process is top notch and they were able to connect us with quality talent quickly. The team put great emphasis on matching us with folks who were a great fit not only technically but also culturally.”
Tanu V
Founder, Power Router
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