Bizmod 2024 Annual Talent Report reveals in-demand talent and hard-to-fill jobs

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The report found that large companies with job postings relating to key tech trends dropped by 26% compared to a 17% decrease in global job postings.

“Cost-cutting measures and slowing revenue growth likely drove this sharp decline,” explains Jessica Tandy, executive director at Bizmod.

Tandy says that going into 2025, it is crucial that companies budget for attracting and retaining the right talent, especially considering the recent economic trends that have affected recruitment.

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On the flip side, areas with strong investment and innovation, such as generative AI saw increased demand for advanced skills. Despite short-term declines, the long-term outlook remains positive with tech-related job postings up 8% from 2021 to 2023, signaling potential for future growth.

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Hard-to-acquire talent

The report revealed that the five most challenging talent to acquire in South Africa are:

• Business analyst (short-term insurance) – these professionals are in high demand and are well-compensated making them less likely to be actively seeking new roles. They also tend to transition out of the short-term insurance section quickly and often have high financial expectations.
• Data specialists – Predominantly found in banking and financial services, data specialists possess scarce skills making them highly sought-after. Rapid career progression in corporate environments often leads to increased salary demands that are faster than in other roles.
• Solutions architects – this skill is in high demand due to digital transformation requiring a mix of technical skills, business acumen, and communication.
• Full stack developers – Proficiency in front-end and back-end technologies is difficult to find due to rapid tech advancements and increasing demand.
• iOS developers – Specialised skills in Swift and Objective-C with high demand being driven by mobile app growth.

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High demand

The top talent in demand according to the Bizmod 2024 Annual Talent Report are:

• Artificial intelligence (AI) – According to the Jobs Report by the World Economic Forum AI and machine learning specialists are among the top 10 most in-demand jobs.

  Tandy says, “AI literacy is not only crucial for technical roles but also for strategic decision making, enhancing customer experience and improving operational efficiency across industries.”

• Cyber security – Cyberattacks and data breaches are having a significant impact on the South African economy as we are particularly vulnerable to cybercrime due to the expanding digital economy.

  A report by McKinsey indicates that by 2025, 70% of enterprises will have a cloud-first strategy. Tandy says this is driving the need for cloud security engineers, ethical hackers, and security architects, to ensure that cloud systems are protected against breaches and misconfigurations.

• Cloud computing - Cloud computing is enabling businesses to scale operations, reduce costs, and enhance flexibility and agility. According to a Forrester report, 70% of companies state that DevOps and cloud adoption are crucial to their digital transformation strategies.

  Tandy says that by enabling faster, more efficient application deployment and improving operational efficiencies, DevOps and cloud platforms are seen as key enablers of businesses’ ability to innovate and stay competitive in an increasingly digital world.

• Data science and analytics - South Africa’s wealth of data offers opportunities to revolutionise sectors like finance, agriculture, and healthcare. Extracting insights from large datasets can lead to better decision-making, operational efficiency, and solutions to local challenges.

  Glassdoor South Africa says that data science roles are among the highest-paying jobs in the country, with positions such as data scientists, data engineers, and machine learning experts often earning salaries well above the national average.

• UX/UI design - As digital products and services become increasingly essential, this is crucial to ensure that these products are intuitive, accessible, and aligned with user needs.
  The growing adoption of mobile technologies, e-commerce, and digital services in South Africa makes UX/UI design a key area of focus. Tandy says that research has shown that businesses with a strong focus on UX design have up to 2x higher user retention and satisfaction.

Tandy concludes, “With the rising demand for tech, data, and analysis talent amidst economic uncertainty, companies must invest in the right talent at the right level, ensuring that they secure the expertise necessary to meet project demands and achieve high standards.”