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The job market for DevOps and Software Engineers experiences fluctuations in liquidity regularly, but over the past few years has remained high in comparison to other industries. Job market liquidity refers to the number of professionals moving roles compared to the number of professionals working in the industry. Our latest research found liquidity to sit at 22%, with over one in five professionals moving roles in the last 12 months. But what does this mean for professionals and employers? We'll dive into the industry's liquidity and explore some trending themes.
Job Openings and Demand:
High demand for software engineers indicates good market liquidity, as job seekers have more options and opportunities. Conversely, fewer openings may suggest a less liquid job market, potentially leading to more competition among job seekers. Today's market sees many job openings and a strong demand for engineers. Employers now need to work harder to source talent and adapt to an applicant's wants and needs. This could be as simple as hosting video interviews rather than in-person interviews or can have an impact down the line on what a candidate is offered in their package.
Programming Language Trends:
Software engineering and DevOps is a diverse field, with developers using a wide range of programming languages and technologies. Growing demand for specific languages can lead to increased job opportunities for developers skilled in those areas, affecting market liquidity for various roles. Here is where tight talent pools exist and an opportunity for professionals to learn new languages for the chance at landing higher paying positions.
Market liquidity can vary significantly based on geographical locations. Some regions might experience a surge in tech startups, leading to high demand for engineers, while others might witness slower growth. Our industry snapshot shares compensation data across Greater London and roles outside of Greater London, in some cases, pointing to a 20% difference in pay for the same role. Geographic data helps identify hotspots with abundant job opportunities or more competitive areas. This can be quite useful if remote working is available as candidates can source roles in more bountiful areas.
Market liquidity can also affect salary trends. Companies often offer competitive salaries and benefits to attract top talent in a highly liquid job market. A less liquid market might result in more modest compensation packages. In today's market, where engineers are in high demand, employers are locked in competition, tabling a myriad of benefits. The opportunities are vast, from equity packages to freedom to working worldwide.
As technology continues to evolve, market liquidity will remain a critical factor influencing engineers' job opportunities, compensation, and overall career satisfaction in the years to come. Job seekers and employers alike can use this information to navigate this dynamic job market effectively, which can all be found in our latest Industry Snapshot Reports:
DevOps - 2023 Industry Snapshot
Software - 2023 Industry Snapshot