2024 Outlook Survey
We conducted a nationwide survey with several hundred tech leaders — here are their predictions for 2024.
Hiring Plans & Workplace Dynamics
In 2024, the landscape of team dynamics and work environments appears to be significantly changing.
A notable 18% of organizations plan to expand their teams by over 20%, reflecting a degree of optimism and growth. However, a combined 55% of respondents indicate either minimal increases or plans to keep their teams flat, while 20% are even considering reducing headcount. This suggests a cautious approach amid evolving economic conditions.
The work environment is predominantly shifting towards flexible arrangements.
A majority (62%) of teams are expected to adopt a hybrid working model, combining remote and in-office work. Purely remote work will account for 25%, while only 13% anticipate a full return to the office. This trend underscores the lasting impact of recent shifts in work culture.
Strategic Initiatives & Challenges
Regarding strategic focus, organizations are gearing up for significant technological advancements.
Implementing AI and Machine Learning, enhancing cyber security, upskilling teams, and re-platforming legacy technology are key initiatives, with new technology implementations taking a lead (50%), reflecting a strong push towards digital transformation and skill enhancement.
However, these initiatives come with their challenges. The biggest hurdles in hiring include finding candidates with the right skill sets within budget constraints (36%) and the overall quality of candidates(33%). Interestingly, getting people to come into the office remains a challenge for 20%, indicating the ongoing impact of remote work preferences.
Emerging Concerns & Skill Demands
Organizations are facing various concerns heading into 2024, with limited hiring budgets (49%), cyber threats (24%), and a potential recession (27%) topping the list.
These concerns highlight the need for prudent financial planning and robust cybersecurity measures.
In terms of skills, CloudComputing/DevOps (41%) and Cybersecurity & Threat Analysis (18%)are deemed most valuable for IT professionals.
This aligns with the broader trends of cloud adoption and heightened focus on security in an increasingly digital world.
Investment in Technology Training
The survey indicates a strong inclination (over 80%) towards investing in technology training, which is crucial for staying abreast of rapid technological changes and ensuring teams are well-equipped to handle emerging challenges and opportunities.
Conclusion
The 2024 outlook presents a landscape where organizations are cautiously balancing growth and operational efficiency, with a clear focus on technological advancements and skill development. The hybrid work model is becoming a staple, and the emphasis on digital skills, particularly in cloud and cybersecurity, highlights the direction of the IT sector in the upcoming year.
However, challenges like budget constraints, finding quality talent, and the looming uncertainties of economic fluctuations will play a critical role in shaping organizational strategies.