Is Now The Ideal Time To Source Tech Talent?
The World Economic Forum has estimated that 150 million new technology jobs will be created globally over the next five years, and that 77% of all jobs will require digital skills from workers by 2030. However, only 33% of technology jobs worldwide are being filled by the necessary skilled labor.
Digital skills are already in high demand, with most companies requiring technological expertise to help them become more efficient, innovate faster, transform how they serve customers, and handle a more distributed workforce – basically, to compete. Indeed, more and more companies today consider themselves ‘technology’ companies.
So, with more and more people with technical and digital skills newly on the market, now could be the perfect time for employers – in all sectors – to source that much needed tech talent. But you need to act quickly with the right approach to snap up the skills your company needs.
Tech talent won’t be on the market for long
Our Talent Index research found that most people in the tech industry are quite optimistic about the job market: 50% of tech workers who participated in our survey said that they are confident they could find a new role within six months, and another 33% of them said they could find a new role within a little as three months.
Indeed, according to a 2022 survey from ZipRecruiter, among people who were recently laid off and worked in tech previously, 37% landed a new job within one month, and 79% found a new job within three months.
And of course, tech workers tend to have an advantage in the job market. Part of the tech worker advantage lies with the spread of tech jobs beyond firms in the tech sector: as noted, every business needs technical skills in some shape or form. Computer Weekly reports that over 17,000 tech jobs were added in January 2023 in the US alone, and in the UK, 350,000 tech jobs have been created over the last three years, with around 92,000 added between July-September of last year. But, even with recent ‘reductions in force’ adding to the supply of tech talent in recent months, it’s a very competitive market.
The key to attracting tech talent
It’s well reported that tech salaries have seen a dizzying rise in the last few years – and while our recent research suggests that this is still a key factor when it comes to choosing a new role (or leaving a current one), employees in the tech sector were no more likely than average to prioritize high salaries.
Moreover, in a challenging economic climate, the majority of businesses simply can’t keep raising pay and piling on bonuses. But there are several cost effective ways to show in-demand talent that you should be their employer of choice.
The Beamery Talent Index (Seventh Edition) survey found that people who currently work in the tech sector are more likely to be (and to value) working flexibly. 43% of respondents from that industry (vs 35% overall) said their job doesn’t require them to go to an office every day. Only 29% (vs 42% average) told us it was mandated that they work in the office every day.
Offering hybrid, flexible working is not just about where people work: it is about showing employees you trust them, and giving people the time and focus they need to work on interesting, challenging problems and projects without interference. It may even mean “unbundling jobs” into tasks that are assigned to people based on their skills, preferences, interests and bandwidth.
It’s important to people currently working in the technology industry that they know what they are getting into – pay transparency is vital. 88% of Talent Index respondents told us they would be more likely to apply for a role where the salary or salary range was advertised (32% said it was essential to have this information for them to apply).
Again, there is a wider point about transparency and trust: attracting top tech talent means being open and honest about the health and future of the company, the requirements of the role, expectations… basically, keeping them informed.
Tech sector employees were more likely than average to say that a lack of development opportunities was making them consider leaving their current company – so it’s worth looking at how you can demonstrate how a new hire can develop and progress within your organization.
Tech workers are keen to learn new skills and develop – 36% of those who took our survey said they are already participating in some kind of upskilling program at their current workplace. And another 37% said they are very eager to do so, but have not yet started.
Giving your talent visibility into the learning and development and potential career paths they could enjoy, could be the reason they would choose to work at your organization instead of a competitor. But of course, this starts with the organization having the proper tools such as a Talent Marketplace to give employees and new hires the kind of career path visibility they desire.
Diverse and inclusive culture
If you are hoping to attract new tech talent, now is a good time to showcase your employer brand, and your DE&I efforts as a company. According to a 2022 Gallup study, a diverse workforce and an inclusive culture is one of the top six things employees are looking for in their next employer. How do you stack up to the competition?
It’s well-documented that diverse teams perform up to 35% better than teams lacking diversity. So if your organization is able to offer a diverse and inclusive working environment, that could be a real competitive advantage when attracting talent with the tech skills you need.
Companies outside of the tech industry may face fierce competition to attract and hire these skilled workers. With the help of the right AI-driven tools, you can efficiently attract and engage top candidates with the key skills your organization needs.