A shortage of any type of skills or talent can present both challenges and opportunities within an industry. For people working in the industry, it can mean you have your pick of roles and can secure higher pay and better benefits. For organizations looking for the right talent, it's more of a challenge, making it difficult to secure the talent that they need to fill essential roles. In the tech industry, a shortage of talent is creating problems for some but proving to be a positive for others.
As the tech world continues to grow and evolve, the demand for tech talent is booming. There is no shortage of tech jobs for candidates with the right skills. Even the global pandemic didn't have an adverse effect on the industry in the same way that it did on others. However, the other side of the coin is that employers are struggling to not only hire the right tech talent but also retain their employees.
According to Karin Kimbrough, LinkedIn's Chief Economist, almost 150 million new tech jobs are expected to be created in the next five years. So what does that mean for the sector, including both employers and employees?
Rising Demand for Tech Talent
There are multiple reasons the demand for tech talent has risen and continues to rise. In addition to tech businesses, including giants like Google and Amazon, many of today's businesses are underpinned by technology. Businesses need engineers, software developers, data scientists, and other tech talent to get ahead. In addition, aging populations and declining birth rates are creating a global talent shortage across different industries and sectors.
Recently, the pandemic has also had an impact on finding and retaining tech talent. In one survey of IT leaders, the majority predicted that 2022 would see them facing problems such as:
Managing strong cybersecurity for hybrid workforces
Managing health and safety protocols for returning to the office
Choosing necessary technologies for their companies post-pandemic
Recruiting technologists and filling open tech positions
Employers are not only finding it difficult to find the right talent but also to keep them. Many people chose to quit their jobs during the pandemic and now have higher expectations from their employers. A common aspect of work now expected by many in the tech sector is the ability to work remotely, with this being massively popular during the pandemic it is not hard to see why. Employers would be wise to implement a framework to support this. It is not far fetched to presume that companies who provide access to a global work platform hire talent quicker than those who do not, with a wider selection of potential employees to choose from, it makes the hiring process much less stressful.
The Challenges of the Tech Talent Shortage
Both employers and employees can face challenges due to the tech talent shortage. While employers may struggle to hire and retain the right talent, people working in tech can face their own challenges. Tech workers may be struggling to keep up with the demands of the industry and the new skills and qualifications that employers and recruiters are looking for.
Hiring during a tech shortage
The major challenge caused by the tech shortage is that of hiring tech workers. Naturally, if there is a shortage of tech talent, the competition for hiring people in tech is fierce. Employers and recruiters need to be aware of how to face this competition and present attractive opportunities to tech workers. Standing out from the crowd is tough, especially for organizations that might not be able to afford the largest compensation packages.
Employers need to keep up with a changing market too, while also facing challenges such as making tech a more diverse space. The technology industry isn't the only one looking for skilled tech workers, creating even more competition.
Fortunately, there are ways to hire the right tech talent during a time when everyone else is trying to do the same. Employers and recruiters need to find new approaches and perhaps even consider tempting people who don't yet have the right skills into tech roles.
One of the ways employers can consider finding the right tech talent is by nurturing new talent themselves. Designing programs for recruiting and training new talent, such as apprenticeships, can be an effective way of finding the right candidates. Creating pathways for promotion and advancement increases retention too.
Challenges for tech workers
Tech workers can also experience challenges due to the tech talent shortage. The key challenge faced by workers is ensuring you are keeping up with the tech skills that are currently in demand. Keeping up with your field and which skills are most relevant is essential to be able to find the right roles in a changing world.
Opportunities Arising from a Shortage in Tech Talent
The tech talent shortage also offers various opportunities, particularly for tech workers but potentially for employers too. If you're a tech worker, you can find that you have your pick of jobs, with many companies vying to get your attention. This often means you can consider a range of different locations, business types and sizes, salary ranges, and benefits. When browsing tech jobs, there is also the option of permanent roles and contracting roles, both offering different types of opportunities.
Tech workers can use the talent shortage as a way to consider which skills are more in demand and what they can do to make sure their skills help them stand out. It's a good time to think about whether you want to add to your skills and experience to increase your earning potential.
Employers can also look at the tech talent shortage in a positive way that offers them new opportunities. It's a chance to rethink your recruitment processes and the best ways to attract the top talent that you're looking for. This could include assessing your company culture to ensure it provides an attractive working environment, optimizing the recruitment process, and offering remote or hybrid work as an option. You can make this even simpler by using a Recruitment agency in Shrewsbury (or one where you live). Employers need to keep up with what workers want, especially when it's an employee market and they can have their pick of roles.
Being open to non-traditional candidates and different ways of hiring can help employers find the talent that they need. Focusing on providing opportunities for younger people, in particular, could not only find the right tech employees but also help to create long-term employees willing to stick around.
The tech talent shortage presents both challenges and opportunities for employers and employees. You can use the issue to your advantage if you know how.