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New Multiplier report highlights the rise of specialized skills in emerging tech fields, global hiring trends, and the evolving approach to talent acquisition.
NEW YORK, Oct. 31, 2024 /PRNewswire/ -- The demand for specialized tech talent is rising sharply, with the International Data Corporation predicting that over 90% of companies will face IT skills shortages by 2026. A new report from Multiplier highlights how US-based companies are increasingly hiring from international markets to address these shortages. The findings show a 31% increase in demand for specialized skills across borders, showcasing the need for businesses to rethink their talent sourcing strategies.
Drawing on proprietary data from over 2,000 companies using Multiplier's Employer of Record (EOR) solution and insights from over 5,000 jobs posted to Arc. dev, a leading global marketplace for remote tech talent, the report highlights critical trends shaping the tech talent market.
Surge in specialized skills: AI at the forefront
The demand for remote talent with AI expertise has skyrocketed, leading the shift towards specialized roles over general skills. According to Arc.dev's report, job listings incorporating AI skills as a requirement have surged by 130% over the last two years, positioning AI as an increasingly in-demand expertise in the tech industry. "The rise of AI is reshaping the tech landscape, and leveraging global talent pools has become essential for companies to build teams with the specialized skills needed to develop and implement AI-driven solutions," says Hiraash Thawfeek, CTO at Multiplier. "Arc.dev's findings reveal that in 2022, only 9% of job postings required AI skills. By 2024, this surged to 21%, underscoring the industry's urgent need to adapt."
Generative AI roles, in particular, have seen an unprecedented 1300% increase in demand over the past two years, highlighting the critical importance of this field. Additionally, machine learning and data science roles have grown by 80% and 250%, respectively, further demonstrating AI's dominance in the evolving tech landscape.
The growth of other specialized fields such as Blockchain and Security, while notable, follows behind AI. Blockchain positions have risen by 500%, and Security roles have increased by 600%, reflecting a broader shift toward prioritizing niche expertise to meet the demands of a rapidly advancing tech industry.
Skill-based hiring is the way forward
As companies seek specialized skills, they encounter shortages due to rapid technological advancements. "Academic institutions struggle to match practical experience in fast-evolving fields," said Jeff Lam, Director of Recruiting at Arc.dev.
In response, many organizations are eliminating traditional educational requirements and focusing on assessing practical experience. This shift allows self-taught individuals to enter the workforce, tapping into talent that may not have formal qualifications.
Sourcing specialized skills
As companies prioritize skills-based hiring, they are extending their searches beyond local talent pools and traditional tech hubs. In fact, tech hires constituted 15% of all hires made through Multiplier in the past three years. For example, For example, while India has traditionally been—and continues to be—a favored hotspot for hiring tech talent, Multiplier's data reveals that emerging markets such as Pakistan and the Philippines are gaining popularity across the Asia-Pacific region.
Tapping into global talent pools and sourcing specialized skills from emerging markets will enable companies to remain competitive in the face of growing tech skills shortages. Using an Employer of Record (EOR) like Multiplier, alongside specialized talent marketplaces like Arc.dev supports a more flexible hiring approach. Multiplier simplifies access to global markets, handling payroll, benefits, and compliance with local laws, while Arc.dev allows companies to hire skilled tech talent within 72 hours. Click here to download the report.
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You can find the press kit here.
About Multiplier
Multiplier is a global employment platform for HR leaders and professionals who need an easy, fast, and cost-effective way to onboard, pay, and manage the best global talent across 150+ countries. Through best-in-class global payroll, EOR and compliance technology, person-to-person support, and hyper-local employee benefits, Multiplier empowers its customers to connect with the best talent and build a world of limitless opportunity.
