As technologies and business models continue their rapid evolution, companies are experiencing a step change in the workforce skills they need to thrive and grow. Previous research has shown that as many as 375 million workers globally might have to change occupations in the next decade to meet companies’ needs. Now, in a McKinsey Global Survey on future workforce needs, nearly nine in ten executives and managers say their organizations either face skill gaps already or expect gaps to develop within the next five years.
Is your company, just like most businesses today facing the challenge of finding and attracting IT talent? You are not alone. As the Tech industry implements more modern technology, it is becoming increasingly more difficult for companies around the world to find qualified employees.
So, how does this affect your business?
Not having adequate new talent entering the tech industry puts increased pressure on companies to retain their talent, recruit new talent and invest in their employer branding to stand out in the competitive market. Continuity is an invaluable factor in keeping the software and operations side of a business running smoothly. Lead developers can rarely be simply ‘plugged in’ when a new hire is needed, meaning the established staff who built and maintain your systems are worth their weight in gold.
The problem is when large companies expand, they look to hire the best and brightest people available. That often means businesses like yours are prime targets to be raided. Larger companies can usually offer larger salaries and greater staff benefits to poach talent from competitors. The pandemic has also shown how productive and cost-effective remote work can be – so you may lose staff to a company in an entirely different city.
So, what is the solution to the tech skills gap?
Assess your current systems
You need to know what specialisations your business relies on the most. Then you can determine how difficult it is to grow or replace members of your IT team. Just think: there are thousands of new graduates every year, but how many of them could you hire based on your current system requirements? The more specialised your systems, the harder it is to find the right fit for your team.
Prioritise training and development
Emphasising continuous learning has a proven ability to help retain talent. HR news reported that 94% of employees would stay at a company longer if the business was investing in their career development. This doesn’t always mean staff completing online courses – you may be surprised just what your team can achieve if you give them the space, security and budget to experiment on their projects between their work.
Get long-term support
Many people approach consultants when they have a problem. This may help deliver a standalone project but will only delay the effects of the technology skills gap. You need to work with a company that can keep your long-term success in mind and provide both advice and talent you can utilise. That talent needs to be diverse and confront the gender and racial biases that can limit the culture of a modern workforce.
Invest in potential
With niche skillsets come high demand. Open your mind, look at the broader spectre and break it down to “Must have” and “Nice to have”. If your candidate has a great will to learn, curiosity in your tech stack and a proven record of learning new languages but might be lacking some of the requirements asked for. Instead of seeing the threat, look at the potential. Ask yourself, could this be a good long-term investment? With the potential of the candidate, can we teach them the rest with a longer onboarding and a development plan?
The ongoing digitization requires that you as an employer rethink and innovate when it comes to your employee's skills development and recruitment - all to reduce the global skills gap. Our in-house team here at Thor are constantly working with our clients and candidates to support this change. If you have any questions or need any support, don't hesitate to reach out to me here.
