In the current technology-driven world, the demand for tech talent is higher than ever. That’s why many companies are struggling to find the right IT professionals that would greatly add value to their business.
According to Gartner’s research, 58% of businesses have experienced significant changes in their technology skills since the onset of the COVID-19 pandemic. The pandemic has accelerated the pace of digital transformation by at least five years.
Many business owners feel its impact as the IT talent gap continues to increase. In the survey we conducted across the US, UK, and Australia, IT roles ranked first as the most difficult to hire for in all three regions. It scored 43%, 42%, and 32% respectively.
So, why is it hard to find tech talent? Here are some common reasons why:
There’s a talent shortage
According to a report by IMF, the tech talent shortage is expected to exceed 85 million workers by 2030. This deficit would result in an annual loss of revenue of over $8 trillion.
Datepeople’s Tech Hiring report revealed that while job postings had doubled in 2021, the talent pool had shrunk by 25%.
This means that despite the rapid growth of the tech industry, the number of qualified candidates is not increasing at the same rate. As a result, organizations are struggling to fill the ever-increasing number of job vacancies.
Digital innovation is happening quickly
Tools, software, and programming languages are constantly evolving. When IT professionals are having challenges in keeping up with tech advancements, organizations will find it difficult to find candidates with the latest skills and expertise.
If you offer professional development opportunities and training programs that tackle the latest tech trends, it’ll be easier for you to attract talent and even retain your existing ones. You need to adapt quickly to secure outstanding candidates in an ever-changing industry.
Candidates struggle to find companies they culturally align with
These days, younger job seekers prioritize workplace culture when applying for jobs, and it’s often a dealbreaker.
If you want to attract the best candidates, telling them that you have a “great culture” is not enough. You have to prove it. List down all the specific things that show potential candidates that you do have a positive work environment.
You might also find it helpful to ask your existing employees for other perks that can make your company an even more enjoyable place to work.
The cost to hire and retain tech talent is high
The demand for highly skilled and experienced tech professionals is high, so are the costs to hire and retain them. You need to be knowledgeable about how much to offer them, including perks and benefits, to come out as the most appealing company to work for.
You also need to consider appraisal and yearly hike as one of the points to retain employees and provide career development programs to save time and costs from re-hiring and re-training new staff.
Geographic boundaries restrict employers
For organizations seeking to grow their tech workforce, area limitations have always been a challenge since they’re confined to their local vicinities. As a result of the pandemic, many job seekers have started looking for remote work opportunities. The post-pandemic has implored many job seekers to look for remote work opportunities. In fact, 93% of candidates prefer remote or hybrid work setup.
That’s why many businesses have considered outsourcing as it gives them access to a wider talent pool. Hiring offshore staff allows them to find IT professionals who might not be in their local area.
Cloudstaff can help you fill your open tech positions
We have been helping organizations across the globe find the perfect IT professionals for over 15 years. With our industry-leading staff retention rate, enterprise-grade tools and technology, and the commitment to help you grow your business, we can help you expand your tech workforce cost-effectively. Talk to one of our specialists today to learn more.