Hiring and retaining should always be a priority for any business: without a strong base of employees to advance in business operations and deliver great results and results, organizations will eventually lag behind the competition and fail. In today’s business climate, recruiting IT professionals must be a key business priority, given the fierce competition for technological talent and low supply to meet demand.
According to the latest data from a consulting firm Korn FerryThe US technology industry is expected to face a shortage of at least 1.2 million tech workers by 2030.
To gain the best technological talent in this candidate-driven market, companies need to offer increasingly competitive salaries, flexibility beyond telecommuting and, most importantly, expand their talent pipelines beyond traditional technology centers in other regions around the world. .
Samantha Lawrence, Hired’s senior vice president of human strategy, says that for most companies, all managers and leaders need to be involved in developing and refining the hiring and retention strategy – and when it comes to hiring technology, especially IT managers.
They can help identify talent gaps, communicate their hiring needs, and identify potential areas for improvement within their existing teams to improve retention rates.
“Because they are most involved in day-to-day operations, they can also best identify skills development opportunities and help talent managers isolate specific sets of skills and experience that are most needed for a role. “Lawrence explains. She says that as part of their retention strategy, companies must also invest in the career development of their employees.
“We recently conducted a survey of software engineers, and more than half said it was important for them to have their employer provide opportunities for professional development,” she explains. “Given that companies cost on average between 30% and 50% of the salary of a start-up employee to replace them, providing opportunities for training and retraining is an important and more cost-effective way to address skills gaps. and reducing staff turnover. “
“Software eats the world”
DevSkiller CEO Jakub Kubrinski says that as “software eats the world” at an ever-increasing pace, competition for technological talent is heating up. “In general, you can’t succeed in digital transformation without the right people with the right skills in the right roles,” he says. “However, to achieve this, it is no longer enough to have a policy in place to acquire and retain technological talent.”
Kubrinski explains that because the pool of talent is limited and the pace of technological development is accelerating, most companies need to shift their attention and efforts to a strategy for retraining and retraining. “Identifying employees who do not yet have the desired set of skills but have a high potential to acquire them, and planning career paths for them is the key business process for success in a world where every company becomes a technology company.” he says. .
In most cases, the two most important non-human stakeholders are the IT department and the board.
The first should formulate the necessary skill sets for each technology position, depending on the level of seniority and the technology stack used, and be the main “sparring partner” for HR in the elaboration of the fine details of the strategy.
“On the other hand, the board must facilitate the alignment of the strategy with business objectives and financial boundary conditions,” Kubrinski added.
Align employment with broader objectives
From the point of view of Jeff Weber, CEO of Robert Half, company stakeholders need to use business performance indicators to determine whether their IT hiring and retention strategies are in line with the company’s broader goals. “The engine of digital transformation is that investment in technology is now not separate from business performance,” he said. “It’s part of the business presentation.”
Weber points out that organizations need to have a talent strategy for technology professionals that is no different than the one they had for other key resources that have led the business strategy over the past two decades. “The challenge for many organizations is to be willing to acquire talent who may not have all the skills, but who can, through their skills development and retraining program, allow some of that retention and capacity they need,” he said. he.
The business is already facing growing knowledge of technical skills across the organization, Weber said, reinforcing the concept that technology, talent and business strategy permeate the entire organization, touching every employee at every level. “It is inherent in organizations for this corporate investment model to be based on technological talent,” he said.
However, Kubrinski notes that while hiring and retaining IT professionals is currently in the spotlight, mainly due to a lack of talent, he said that in the medium term the noise around this particular category of professionals will decrease. He predicts that with the constant influx of new IT professionals in the market, as well as the development of low code and no code solutions, the balance between supply and demand for IT skills needs to be stabilized. From his point of view, bridging the digital skills gap seems more appropriate as a key long-term business priority.
He points out the recent Salesforce study, a lack of digital skills is expected to generate a loss of $ 11.5 trillion in cumulative GDP growth for only 14 of the world’s richest economies. “Therefore, the most successful companies of the future will be those that can build a digital workforce – not only by acquiring and retaining talent, but also by retraining and upgrading skills,” Kubrinski said.
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