Facing a tech talent shortage? Discover strategies to tackle the IT worker shortage and find top tech talent for your business needs.
Did you know? Over 44% of major organizations foresee a significant talent gap in the next five years. Right now, there are only 65 potential candidates for every 100 tech job openings. This imbalance means longer hiring times and higher costs. And it’s not just a local problem. Globally, the tech-skill workers' shortage is real. Even if every unemployed person in the US got a job today, there’d still be 5 million vacancies. Sweden faces a gap of 70,000 tech specialists. Israel has a 15% deficit of software developers. Russia? They’ll need 6 million more skilled workers by 2039, and China’s shortage could be twice as large. The projections are grim: by 2030, we’re looking at a global shortfall of 85.2 million tech workers.
So, what’s behind this tech talent drought? Let's break it down:
Moreover, there’s a big mismatch between what employers and tech workers want. Companies prefer experienced hires with a laundry list of skills, but seasoned developers want flexibility, interesting projects, and good pay. It’s like dating in the modern world — everyone has a long list of must-haves, but finding the perfect match is rare.
This talent shortage is more than a headache for HR; it’s a barrier to progress:
Finally, think about increased hiring costs. In 2020, 69% of US companies struggled to fill positions, and the UK spends €7.6 billion annually on temporary staffing and recruitment, a 39% increase from 2017. It’s like trying to fill a leaky bucket. No matter how much you pour in, it never seems enough.
Despite the growth in tech job openings, some positions are tougher to fill:
So, how to hire software developers during tech talent shortage? Some suggestions are as follows:
Briefly, the scarcity of qualified IT workers will not go away very soon. But businesses can get through these rough patches if they have a plan. Train your present employees better, concentrate on keeping them, and search outside of your country for fresh recruits. You can remain ahead of the competition and ensure the continued success of your company in the digital sector by making strategic steps.
Let’s investigate how companies can creatively overcome tech talent shortage in Canada:
Also, there is a growing demand for qualified cybersecurity experts due to the proliferation of cyber threats. Recruiting and training in this crucial sector should be a top priority for companies. It's similar to a security system that keeps an eye out for suspicious behavior in addition to locking the doors.
If the local talent pool is dry, look globally. One of the best strategies for retaining IT talent in 2024 is the use of services like New Wave Devs where you can hire across three continents. Sourcing-as-a-service can help you find candidates that fit your needs perfectly. It’s cheaper and faster, automating most of the hiring process. Leveraging a global talent pool can help you build a strong, remote team. Plus, it’s cost-effective, often cutting hiring expenses by 60%. Most companies find this subscription-based solution ideal for building their talent pools and meeting changing project requirements.
These strategies and insights can transform the shortage of technical personnel from a daunting challenge to a manageable task for companies. Keeping oneself ahead of the curve, inventive, and adaptable is key. You may find answers by welcoming global talent pools, savvy recruiting, or by upskilling yourself. It’s time to roll up your sleeves and start digging for those unicorns!