Digital Market Overview: An Opportunity for Innovation

While we have seen a lot of innovation and pioneering within the Digital & Tech sector this year, it has also been a fairly challenging year for hiring, with widespread reports of redundancies being made across the sector. As a result, fewer companies are actively hiring and there is a surplus of available talent competing for available roles. But, with all of that being said, in a year that has seen more tech layoffs than ever before, we are likely to see an increase in the number of new start-ups and increased innovation on a smaller scale as a result of this, leading to growth in the market.

This year in particular, salaries in the sector have been liable to vary significantly from company to company, with the value of projects and the role itself often being of greater significance when determining the salary offering than the candidate’s location. Equally, although salaries in our industry have always been relatively broad, we have had some cases of hugely inflated salaries being offered for certain positions, and this could perhaps be a knock-on effect of the increase in contract developers who are now open to considering permanent positions.

Whilst we have seen some cases of businesses requesting a return to office work, particularly from smaller agencies, we are also seeing individuals looking to move into a new role because they are no longer being granted the ability to work flexibly and/or remotely. Whilst collaboration is of course important, I would advise clients to try and be flexible wherever possible. There are candidates on the market who might never want to return to the office again, and by enforcing mandatory office working, you will be missing out on this talent to your competitors who have managed to reach a compromise. Equally, it’s important to consider that remote developers can earn a London salary even if they’re not located in London, so enticing them to join a business that is offering a lot less will always be a challenge. Businesses need to have some level of flex; for example, offering a higher salary for candidates who are traveling to be in the office.

Although we have certainly seen some challenges in the hiring market this year, we are anticipating an increase in activity over the next few months. In our experience, the candidates who are looking to make a move are usually motivated principally by progression and learning and development opportunities. The tech stack on offer is also a key driver, as the professionals we are speaking to are keen to engage and work with new tech for projects, so this is a very attractive selling point. We have seen an increasing trend of professionals who are happy to move into a new position on the same salary, which paints a clear picture of the current market. I would advise clients to ensure that they are prioritising their learning and development offerings and taking the time to map out the progression opportunities for the positions they have available to ensure they are as attractive as possible.

Damian Speirs
Director