2023 Trends…
As we reach the conclusion of 2023, the Colorado technology sector is undergoing a transformation that is reshaping the way companies attract and retain top talent. As we wrap up the year, we wanted to reflect and share some of the trends that we have seen over the past year to help our clients stay ahead of the curve and have a strong start to 2024.
Compensation Plans Leveling Out:
Integrity Network saw a leveling out of compensation plans in 2023. This means that the dramatic increase in compensation needed to secure new talent that we saw in la 2021 and 2022 are beginning to drop to more manageable levels. In the height of the Great Resignation, companies were competing intensely for talent and struggling to retain their employee base. This resulted in companies needing to increase compensation plans by 20-30% to either attract or retain talent. Since resignation levels have decreased to pre-pandemic levels, we have seen offers go back to the traditional 10% increases.
Hiring Despite Layoffs:
The resilience of the technology sector is evident as companies continue to hire despite periodic industry-wide layoffs. The focus has shifted from sheer headcount to strategic hiring, with companies looking for candidates who bring diverse skills and experiences to the table. These strategic hires are a core value proposition that Integrity Network has been able to bring to our clients in 2023. This strategic approach to hiring allows organizations to adapt to the evolving demands of the industry while maintaining financial stability.
Increased Focus on Benefits:
Beyond salary and job security, candidates are increasingly prioritizing benefits that contribute to their overall well-being. In 2023, tech companies are recognizing the importance of a robust benefits package in attracting and retaining top talent.
Health and wellness initiatives, mental health support, and flexible work arrangements are becoming integral components of benefits packages. Companies are also investing in professional development programs, offering continuous learning opportunities to nurture employee growth. The focus on benefits aligns with the evolving expectations of the workforce, demonstrating a commitment to employee satisfaction and work-life balance.
As we approach 2024, Integrity Network is committed to helping software and technology companies navigate the competition faced in the hiring landscape.