The Tech Talent Market is Only Getting Tighter
The Great Recession, inflation, digital transformations, and increased demand are making it more and more challenging for companies to fill open roles for specialized tech talent.
In this third article in our series about tech recruiting in the new digital era, we discuss how the search for qualified tech professionals is getting harder, but results in better long-term gains for companies and the industry.
Increased Competition for Tech Talent
65% of 1,300 IT professionals surveyed by our parent company SThree believe the demand for their skills will increase in the coming months, with an ebbing of the pandemic far from diminishing the need for organizations to focus on their digital capabilities.
Employers will face increasing competition for the most qualified talent, fueled by the need for constant digital transformation, according to Computer Futures’ new white paper, The Rise of the Tech Talent Shortage.
Read our previous article, How to Attract Tech Talent in a Competitive Market.
Inflation in the Tech Industry
For many reasons, including the Covid-19 pandemic, the war in Ukraine, and changing standards in pay transparency, inflation has swept the nation at every level and in every industry. Households are affected as prices continue to rise, creating the need for higher salaries. However, so are business costs and companies are scrambling to keep up.
Tech professionals do their research before stating their salary requirements and are more informed about their worth or going market rates than ever. They are so in-demand that they have their pick of employers from which to choose and do not have to settle for low offers or offers that do not check all of their requirements.
As mentioned in our previous article, Top Challenges Facing Salesforce Hiring Mangers, hiring budgets adjust to the market at a slower rate than candidate expectations. The process of determining an appropriate salary for an open role and clearing it through the company’s internal stakeholders can get lengthy and convoluted. Meanwhile, companies who act pre-emptively or have a more streamlined process in place are beating their competitors to the punch.
Drivers in Digital Transformation
Coupled with the challenge of inflation, the modern consumer will simply not accept outdated standards in their user experience. Companies who do not keep up with the times and meet the consumers where they live are losing market share to their competitors who are investing and have already invested in increased technological advancements.
See our case study from July 2021, Ecommerce Mobile Apps and the Covid Culture.
To stay competitive and therefore profitable, CEOs are making recruiting tech talent a key business imperative. An article by McKinsey Digital in April said: “…incumbent companies cannot expect to succeed in the digital world without being technologically strong, which is simply not possible without a deep bench of tech talent. In fact, developing robust people and talent strategies are among the highest-value actions a business can take.”
Getting the Jobs Filled
Among other options referenced in our previous articles, the best way to find the qualified tech professionals companies need and quickly is to partner with a specialty tech staffing firm. The top agencies have intricate networks within the sector and can provide access to the best talent available before it is available to the wider hiring market.
Computer Futures provides the insight into the industry that companies need to form a competitive offer, taking the responsibility off the business and speeding up the hiring process exponentially. Along with sourcing and vetting the candidates for skills and experience, we match professionals with companies that are a great fit on many levels.
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