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In the current market, the race for exceptional tech talent is on, as many organisations fast-track innovation and transformation projects to meet the digital-first business needs. However, after a prolonged period of crisis management for many, how do you build or scale up the tech team you need without impacting wider budgets and profitability?

To develop a tech team that can successfully lead and deliver innovation, you need to understand what’s causing the current tech talent shortage, and how competitive remuneration can give you the edge when attracting talent.

According to Gartner, the global talent shortage is now the top emerging risk for organisations, while Everest Group identified that 75% of enterprises are anticipating skills gaps in key IT roles post-outbreak. Indeed, Analytics Insight has created a deep-dive breakdown of the average IT and tech skills gaps felt across all industries in 2020:

  • Artificial Intelligence – 66%
  • Robotics – 60%
  • Big Data – 58%
  • IoT – 62%
  • Cyber security – 64%
  • AR/VR – 61%

What’s causing the global tech talent shortage?

This skills gap and talent shortage is due to several causes and factors:

  • The accelerated speed of development

Technology and digital systems are currently developing faster than education institutions can teach them. This means there is a disconnect between what the universities are training students in and what employers are looking for, leading to large numbers of unemployable tech graduates.

  • Outdated workforce skills

Just like technology is developing at a faster rate than students can learn it, it is also developing faster than current employees can adapt to it, leading to many finding their roles have become obsolete due to increasingly sophisticated automation software.

  • A lack of in-house investment and upskilling

Many organisations need to build up their information systems and are looking for people with significant skills and experience, leading to a skills gap of senior-level tech professionals, and a surplus of junior-level equivalents.

The need to quickly increase headcount to deliver more means that companies and tech teams aren’t as prepared or have the time to develop existing talent. This means many tech candidates must explore new employment opportunities to gain new skills due to a lack of in-house upskilling opportunities. This in turn keeps staff turnover high and exacerbates the shortage.

How can you combat the talent shortage and attract the right tech talent?

There are a variety of ways to tackle the tech talent shortage. One way is to look internally and identify employees to upskill, or look at offering regular learning and development sessions to continually upskill your wider tech team. Securing employee training allowances as part of your annual budget gives employees the freedom and flexibility to invest in targeted development.

However, tech talent are looking for great opportunities that offer a healthy work-life balance and that will also offer a steppingstone to further development and progression. When looking to bring in new tech talent you will find more success if you are:

  • Creating dynamic and engaging job adverts
  • Promoting opportunities for career progression and development within the role
  • Offering flexible working hours
  • Promoting employee benefits schemes
  • Facilitating remote working
  • Creating an attractive company culture and brand
  • Offering an attractive and competitive salary and compensation package

 

How can we help?

Do you ever wish you had a recruitment specialist who cares as much about your business as you do? A team who can work alongside you to ensure everyone is pulling in the same direction?

At Formula, we get to know you, your organisation and what you’re trying to achieve in the long-term to make sure we get you there! We source high-quality talent with a view to your current needs, and your long-term strategy. We can offer accurate and insightful salary benchmarking to help you pitch your roles at the right level and attract the talent you need.

Get in touch to find out how we can help you today

 

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