I’ve previously talked a little about the talent shortage, and how essential training for these gaps in skill can be for companies to move forward in this competitive recruiting atmosphere. Just how tough times are getting in certain fields though, was recently brought to light in a Dice Tech infographic based on a 2014 forecast survey.
It turns out that companies are not only currently having a hard time keeping up with their tech demands, they see this as a hiring issue that will only be getting worse. These tech savvy workers are in high demand and they are well aware of their position of power. For instance, 75% of hiring pros surveyed said that pay was a reason that tech veterans are leavening current employers. We see here that attraction is only one part of the issue; retention is proving to be just as important, if not more. It might be wise for companies in the position of lacking tech employees to invest in strategic retention plans for their tech veterans.
Sad to say though, retention won’t do it all. Of those companies surveyed, 24% said that they anticipate the need to hire substantially more tech employees in the next 6 months, and almost half (49%) said that they will be hiring slightly more.
As the demand for these skilled workers creeps up, so do their pay expectations, but a lot of companies aren’t following the trend, and they’re losing out on candidates. When survey respondents were asked, “Are there positions available now that you have not been able to fill based on the salary guidelines for the position?” 58% said yes.
It seems that this trend of hiring managers not seeing or following the new industry standards for hiring tech workers has been a leading factor in the issue. In the last 6 months alone, survey respondents have seen a 34% increase in tech pros rejecting offers.
It sounds like combating the issue of sparse tech hires has several elements to it. Firstly, companies need to invest in the tech talent that they already have. This should mean making sure that their pay is in line with the new industry standard. Other retention efforts should be tailored to the employee; things like time off, work flex and bonuses. The cost of retaining in-demand talent renders a high return on investment when considering things like recruiting and hiring costs, training and impeded productivity due to decreased time-to-fill as well as the natural the learning curve of a new hire (that is, if you can find them).
Secondly, recruiters and hiring managers are going to have to work together to get real about the new expectations that tech workers are developing. This can mean higher starting salaries, increased benefits and more aggressive recruiting practices. Organizations need more tech support, and recruiters need more organizational support to make that happen.