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2024 brings a new challenge to the IT job market: a hiring slowdown and tighter budgets. This means IT professionals should now make smart moves: Where should you focus your job search? What skills will keep you in high demand? Join us as we navigate the current Vietnam IT job market, and offer tips to make you the ideal IT candidate in 2024.
The IT Job Market in Vietnam: Recovery and Realignment in 2024
In 2023, a massive wave of layoffs impacting over 260,000 global tech employees (according to Layoffs.fyi), has rippled through the domestic market, forcing many Vietnamese IT professionals to consider career changes or accept lower salaries.
However, signs of recovery emerged by year-end. In the fourth quarter of 2023, the number of employed individuals in Vietnam saw a substantial increase (over 400,000) compared to the same period last year, according to the General Statistics Office. The Department of Employment reports a rising labor utilization index in industrial enterprises, with Electronics – Information Technology remaining in the top four industries in terms of labor demand.
This trend is corroborated by ITviec’s IT Recruiting Trends 2024 Report. The report shows that in 2023, 75% of firms experienced moderate to high growth rates and minimal layoffs. Encouragingly, the majority of IT firms (90%) maintained or increased salaries for new IT hires, with significant salary decreases rare (only 9.7%).
This positive trajectory continues into 2024, with 73% of IT companies planning team expansion in 2024. Among them, 12.7% plan for ‘High growth (31-50%),’ and 14.3% aim for ‘We’re on fire! (over 50%)’, indicating balanced growth projections.
Despite these positive indicators, the IT job market in Vietnam has yet to return to its pre-pandemic heyday fully. More than 40% of respondents in ITviec’s IT Recruiting Trends 2024 Report foresee an ongoing escalation of technology challenges throughout the first half of 2024.
In 2024, while most firms have plans to hire more IT professionals, the ‘No growth’ also plan peaked, with 27% of respondents indicating this status, marking the highest point in five years. The main reasons for stagnant IT team growth include the need to optimize costs (30%), considerations regarding there being no demand as a result of the current strong business performance (17.7%), and a decrease in the number of new projects (17.6%).
The data suggests a shift in employer focus, prioritizing skills that directly address current needs. This, coupled with the influx of laid-off IT professionals seeking new positions, intensifies competition for available jobs.
For IT professionals in Vietnam, the information above presents both challenges and opportunities. Adjusting expectations regarding employer preferences, actively expanding skill sets, and strategically selecting companies with long-term commitment prospects are crucial for success in this evolving job market.
Having explored the evolving IT job landscape in Vietnam, it’s clear that success depends on both adaptability and strategic career choices. But what specific qualities will make IT professionals stand out in 2024?
Let’s delve into the key areas companies will be prioritizing.
What qualities do employers look for in an ideal IT professional?
For new recruits in 2024
The IT Recruiting Trends 2024 report by ITviec outlines the top levels, years of experience, titles, skills, and programming languages that employers are seeking in an ideal IT Professional for recruitment in 2024, in order:
The report emphasizes the intense competition in recruiting Senior and Junior/Mid IT professionals in 2024, as 58.7% of participants are emphasizing Senior-level recruitment, while 32.6% are concentrating on Junior/Mid-level talent. This suggests that IT companies will face heightened competition in attracting skilled IT professionals in the current year.
In the year of 2024, the significance of soft skills for IT candidates is emphasized, with Problem-solving accounting for 11.7% at the highest, Communication for 9.1%, Collaboration for 8.6%, and Adaptability for 8.1%. It is unexpected that Agile/Scrum remains in the second spot, accounting for 9.6%, for the most sought-after skills, indicating its essential nature. These skills are considered crucial for an ideal IT candidate, in addition to their technical abilities.
At the same time, the report highlights that employers intend to hire in HCM at a rate of up to 69.1%, suggesting a notably competitive job market in the city. Nonetheless, IT candidates might consider exploring opportunities in alternative cities with less competition, such as Hanoi or Da Nang.
For the employed IT professional
1. GenAI tools skills
BCG’s study in 2024 of over 1,400 C-suite executives indicates that GenAI is rapidly transforming the business landscape. BCG points out that the majority of leaders anticipate that GenAI will introduce new positions within their organizations, with nearly half of their employees requiring reskilling in GenAI within the next three years.
Also, GenAI does come with risks linked to its implementation. According to the IT Salary Report 2023 – 2024 conducted by ITviec, IT professionals expressed their foremost concern regarding GenAI’s uncertainty regarding data calibration. If input data is not adequately calibrated, the reliability of the outcomes may be compromised. Therefore, in order to work effectively with GenAI, an ideal IT professional must be able to differentiate between authentic and false information, as well as efficiently harness the potential of this cutting-edge technology.
2. Tech leaders must possess the essential skill of resolving IT employee conflicts
This year, the occurrence of conflicts among employees is expected to reach unprecedented levels due to various crises in the VUCA (volatility, uncertainty, complexity and ambiguity) world. These conflicts, regardless of the level at which they occur, have a detrimental effect on both individual and team performance, making the workplace an unsafe environment for many.
An “ideal” tech manager who possess the ability to successfully handle interpersonal conflicts among employees and strengthen the IT employees’ engagement are poised to make a significant positive influence on their organizations and enhance the whole team productivity.
In the 2024 IT Recruiting Trends report published by ITviec, it is highlighted that a positive and collaborative work environment, as well as a good relationship with managers and colleagues, are crucial factors contributing to employee satisfaction.
3. Flexibility with intentionality
According to the IT Recruiting Trends 2024 Report conducted by ITviec, a majority of employers (62%) have indicated that they currently follow a fully functional in-person working model. On the other hand, as per the IT Salary Report 2023 – 2024, more than half of IT professionals (51.4%) have expressed that they found jobs that are easy to work remotely appealing.
These two insights suggest that employers almost have a flexible work policy, from the hybrid working model to a full-time office setup, which could have a profound impact on the lives and wishes of the IT professionals. Therefore, it is imperative for an exemplary IT professional to possess the adaptability required to embrace different working models and still be able to achieve the desired work-life balance.
What are the “ideal” benefits packages for “ideal” IT professionals?
Amidst the economic difficulties encountered in 2024, a significant proportion of IT hiring decision-makers, precisely 21.7%, are adopting a strategic approach by planning salary increments for prospective IT employees. These increments predominantly fall within the range of 6-10%, with the ultimate goal of enticing and retaining skilled individuals in a fiercely competitive market. Meanwhile, the majority, comprising 78.3%, intend to maintain existing salary structures for new hires throughout 2024.
In 2023, three of the top five factors that attracted new IT hires were work environment perks. These perks included remote/hybrid options, which accounted for 13.8% of the attraction, a positive environment, which accounted for 11.7%, and flexible hours, which accounted for 9.6%. These enticing features played a significant role in attracting talented individuals to join the workforce. Furthermore, creating a positive company environment has been identified as the second most crucial aspect for IT companies to focus on in their development plans in 2024.
Or in short, employers are prepared to offer higher compensation and create an improved work atmosphere in order to seek out and hire the ideal IT professionals.
What are the benefits for IT professionals in knowing this information?
- By adopting a skills-driven approach, IT professionals can actively incorporate the skills that are essential for becoming an ideal IT professional. This enables you to stay updated with the latest industry trends and technologies, making you more valuable in the job market.
- Furthermore, having knowledge about the salary & benefits packages offered in the IT industry can provide you with an advantage during salary negotiations, as you can leverage this information to secure better compensation. You can refer to sources like the ITviec’s IT Salary Report 2023 – 2024 to gain insights into the salary landscape and make informed decisions.
- Job seekers should take the initiative to gather information regarding the working environment, working hours, salary and bonus policies, and also the thorough review about their direct supervisors and managers from the “Company Review” feature on the ITviec website. Additionally, they can refer to the latest IT Salary Report for updated salary data. By doing so, you will gain a comprehensive understanding of their preferred company and prevent any potential misunderstandings regarding cultural fit.
Which platforms have the “ideal” IT job opportunities?
In the year of 2024, a significant number of IT companies have expressed their intentions to invest in job posting. It has been observed that “job sites” emerged as the most effective channel for IT recruitment in the year 2023. This success in attracting suitable candidates through job sites may have influenced the decision-makers to allocate more resources towards IT job posting, resulting in a 12.3% increase in investment for the channel.
Looking ahead, the majority of respondents have outlined their employer branding enhancement strategies for 2024, which include strengthening their presence on social media platforms, engaging in targeted activities, and reaching out to specific communities. These initiatives aim to provide IT candidates with a deeper understanding of potential employers, enabling them to make well-informed decisions throughout the application process.
IT employer branding activities to invest/develop more in 2024
Therefore, IT candidates who are looking for new opportunities should be actively looking on IT-specified job posting sites, such as ITviec, and on social media platforms to connect with potential employers and stay updated on the latest job opportunities in the IT industry. It is recommended to refer to the annually updated list of 30 Vietnam Best IT Companies if you are uncertain about which are the best names for IT companies in the market. Overall, staying proactive and utilizing a variety of resources can help individuals in the field of information technology find exciting and rewarding IT job prospects.
Conclusion
With all the twists and turns of 2023, it’s tough to say for sure what the future holds for IT jobs in Vietnam. But the ITviec’s reports give us a good idea of the most sought-after IT skills for the coming year, helping you identify the ideal IT professional profile.
By taking a proactive approach and continuously developing your skill set, you can navigate the evolving IT job market in Vietnam and secure a rewarding career in 2024. Follow ITviec blog to stay ahead of the curve and access exclusive insights.