One of the most talked about topics in tech nowadays is the shortage of talent. There simply are not enough qualified people in STEM fields to meet the market’s demands. But how big is this problem, and how can we tackle it?
A recent study by Capgemini and LinkedIn found that this talent shortage, or talent gap as they put it, is only widening. About 70% of US’s organizations and 55% of German ones acknowledge this fact. Web development and Mobile app design were among the skills where the gap between demand (by companies) and supply (the number of available developers) is greater.
According to US Forrester Report, firms are now willing to pay 20% above market rate for quality software engineering talent. Similarly, a global study by Harvey Nash and KPMG found that around 6 in 10 out of 3000 tech leaders recognized a talent shortage. And Robert Half’s salary guide found that 44% of CIOs miss out on talent because they cannot afford salary demands.
It is apparent that not only a talent gap exists, but that it is widening as companies needs of qualified STEM personnel increase exponentially. Here are 3 ways of your company can tackle this problem and get ahead of the competition:
# 1 Retention Policies
Might seem obvious, but this goes a long way from offering free coffee and the occasional remote day. An effective Retention Programme starts at the hiring process by choosing team members that will fit well within the company culture. Access to training for further improvement of skills and ability to participate in relevant conferences and events should also be a staple in any modern organization.
# 2 Increase the salary budget
The most straightforward approach, and the costlier one, increasing your team’s salary has a double effect: you give them a message that their work is valued, and you make it more expensive for the competition to try and convince them with a new project.
# 3 Outsource your development needs
A quite daunting approach, but which can yield you results for years to come, allowing you to cut costs, stop fighting with your competition for dwindling talent and focus on other parts of your business. At Lisbon Nearshore, we are experts in helping our customers to fight the digital talent gap by building specialized IT teams for them in Lisbon, Portugal.
Whichever way you decide to use to help your organization stay ahead of the competition, realize that each takes considerable organizational changes, and that business-as-usual will not cut it anymore. Today’s globalized highly mobile workforce makes it so that you must always stay on your feet, in a fast-paced world.