Well, we have known for a while now that there’s a tech talent shortage. Isn’t it? But to be honest that shortage might be even bigger than you may have anticipated. In fact, according to a recent survey, it may be at its highest level since 2008.
1500+ CIOs agree that there’s a talent draught which creates a massive demand for those with the right skills.
An exacerbating issue of the post-pandemic era is the Great Attrition which is already being felt by many companies as tech talent streams out the door to pursue better opportunities. Being able to work remotely has made it even easier for people to leave, since geography is less of a barrier to poaching talent.
For many companies, these moves come with a big warning: there is a massive push happening to grab talent, and you may be missing out.
These seismic shifts come at a time when the shortfall for tech talent is already acute. As per the McKinsey & Company analysis, significant skill gaps exist in seven areas and it will get worse with time. Let’s take an example of Germany, 780000 additional tech experts are required by 2026 to meet the economy’s demand. Across the globe, more than three million cybersecurity positions were unfilled in 2020.
Leaders are now feeling the heat. Another survey by McKinsey says that more than 87% say their companies are not sufficiently prepared to address the skill gap. Further, 61% of HR professionals find that hiring developers will be their biggest challenge in the coming years.
Companies cannot expect to succeed in the digital world without a strong technological background, despite the formidable challenges in finding tech talent. Laying this foundation will only be possible with a deep bench of tech professionals. This sums up to that developing robust people and talent strategies are among the highest-value actions that any business should undertake. Every CEO’s top priority, therefore, should be tech talent.
Leveraging our years of experience in technology talent transformations, we have compiled a list of eight realities companies need to face in finding, keeping and growing tech talent and what they can do to address them.