Markets around the world had a heated reaction to the labor market slowdown and uptick in unemployment reported by the Bureau of Labor Statistics (BLS) in early August. Today, leading provider of talent acquisition technology iCIMS launched a new report with deeper insights on hiring and application activity, with a focus on technology-related jobs. The new iCIMS Insights August 2024 Workforce Report, based on proprietary data from thousands of organizations that receive more than 200 million applications and hire more than 5.5 million people annually, reveals an uptick in labor market activity from both employers and candidates.
“Our data, which is an aggregate of all jobs — including part time, full time, high paying, low paying and across all industries — shows that employers are still actively opening roles and hiring,” said Rhea Moss, global head of workforce & customer insights, iCIMS. “So, while the focus on the labor market has heated up, the labor market itself has not melted.”
The new report also provides a look into tech jobs across all industries, as well as sentiment around AI in the workplace, based on a survey of 1,000 U.S. adults conducted last month.
Key insights on tech jobs:
- Applications for tech roles increased last month and are now 36% higher than the start of 2023. Job openings and hires, however, for these roles are down 7% and 6%, respectively, during the same time.
- Applicants per opening (APO) for tech roles jumped. In July, open roles for technical positions received on average 62 applicants apiece, a big jump from 46 last year and more than double the average APO for the overall market (30).
- In July, 82% of applicants for tech jobs were under the age of 35, with 64% between 18 and 24.
- Candidates interested in tech-related jobs are spread out across the country. APO for technical positions is slightly higher on both coasts (65 in West and 66 in the Northeast) than in the middle of the country (56 in the Midwest and 60 in the South).
The impact of AI on job seeker behavior:
- The majority (58%) of workers say economic uncertainty and the rise of AI in the workplace would not affect their desire to secure a job in tech.
- More than one quarter (26%) of adults claim they have applied to jobs that either involve building AI or it’s a significant part of the role. Despite candidate interest, 61% say that their company was not hiring for roles that require AI skills.
- Younger workers are embracing AI jobs, with 19% of millennials and 31% of Gen Zers sharing they have applied to jobs that involve building AI in the last six months.
- While iCIMS data shows you don’t have to be in California to land a tech job, the West Coast is still viewed as being the hub for technical innovation. Nearly one in four (24%) people believe that most AI jobs are in Silicon Valley.
“AI is not just influencing how we work, but also driving a heightened interest in technical roles,” said Andreea Wade, VP of artificial intelligence at iCIMS. “Our latest data and analysis confirm workers see the opportunities that AI presents and are more eager than ever to pursue technical roles. As businesses navigate the complexities of integrating AI into their operations and workforce strategies, we will see a greater focus on developing technologies in a responsible, trustworthy and ethical manner that complies with global laws.”