3 Reasons The Tech Talent Shortage is a Lie
Hiring for tech companies right now is tough; no one is denying that. By 2020, the current White House Administration’s Council of Advisors on Science and Technology predicted a shortfall of almost 1 million tech professionals. This is just one of many statistics and articles highlighting the ever-growing tech talent shortage, which is now at its highest level since 2008.
But what if we told you the tech talent shortage was a lie? What if the real shortage is of companies willing to invest in talented tech professionals? Let’s explore three reasons why the tech talent shortage is actually a lie and why it’s not caused by what you’ve been led to believe.
3 Reasons The Tech Talent Shortage is a Lie:
1. Businesses aren’t spending the time or money developing the tech talent they need internally.
When it comes to the tech talent gap, who is to blame? Is it schools that claim it’s their job to educate, not to train? Or is it the businesses that are unwilling to develop tech talent internally through proper training and educational opportunities? We think it’s the latter.
In order to reap the benefits of qualified tech talent, businesses must invest in talented tech professionals that have the basic skills required but need real-world experience to enhance their capabilities. For specialized areas in tech, like software development, it takes five to ten years for an individual to become proficient in software development. But, if businesses won’t hire an individual until they reach that proficient level, yet there are no entry-level opportunities available for them to reach that proficiency, then how can tech talent ever elevate itself to the level demanded by those same businesses?
It becomes a self-fulfilling prophecy and, in response, the tech talent gap continues to grow. If there are no opportunities for development, growth, and investment to hone their skills, how can recent graduates or those yet to enter the workforce fill the positions that are available? They can’t. To see a difference, companies must start investing resources in developing talented people rather than fighting over the limited pool of talent currently available. By doing so, they will also drastically improve their employee retention rates. Employees want to work for an employer that invests in them. When you do so, you validate their sense of worth and prove that you are committed to creating a future for them at your business, which is an excellent way to retain tech talent known for swapping employers every few years.
2. Businesses are trying to lure quality tech talent with the wrong incentives.
Top Engineers or Developers are only so interested in perks like ping pong tables and open work environments. If you want to net the top tech talent, then you have to pay them like such. Gone are the days when free meals or dry cleaning were enough to retain qualified tech professionals. Millennials, many of whom make up the tech talent workforce, know their skills are in high-demand and go to the company that is willing to pay them what they deserve. However, money isn’t the end all be all. Tech talent also holds out for companies that offer perks that matter to them, like increased autonomy, freedom, flexible work from home policies, and time to work on projects they are passionate about.
So, is it difficult to find the best tech talent out there? Yes. Is it impossible if you are willing to pay and provide the right perks for the positions? Definitely not. If you’ve been having trouble netting the tech talent your business needs, consider the salary you are offering and check whether it’s on par with today’s average tech salaries. If it is, then reconsider the additional perks the role will receive. A little bit more autonomy goes a long way when it comes to attracting tech talent.
3. Quality tech talent is out there; it’s just harder to find than ever before.
Although talent has never been so accessible to employers, finding top-tier, quality talent has never been harder. While the talent pool has definitely grown, the talent pool you are looking to choose from is often difficult to identify or find without the tools and network that resourcing agencies have access to. These agencies have built relationships with hundreds of candidates and companies and invested in a recruiting infrastructure and the advanced technology needed to run it, so finding the right talent for your business is as easy as searching through their database.
Instead of wasting precious time and money on the lengthy process of finding and narrowing down potential tech candidates, reach out to a talent resourcing agency whose job revolves around exactly that. These experts are skilled at finding top tech talent, ensuring they are the right culture fit for your business, and guaranteeing they are the permanent fix to the tech talent shortage at your company.
The tech talent shortage is real, and it’s growing. However, the reason for it is not due to a lack of talented individuals passionate about technology. It’s actually caused by companies refusing to invest in developing entry-level tech talent, the lack of acceptable pay or perks for specialized tech positions, and the inability of companies to find or access the talent they’re looking for. Until these problems are addressed, the tech talent shortage will continue to worsen, and companies will be unable to net the qualified tech talent they need to remain competitive.
If you notice a gap on your tech team or have been unable to find the qualified tech talent your business needs, contact Mondo today. We’ll match you with the hard-to-find, quality tech talent you’re missing.