In an era where technology drives innovation and growth, many companies are finding it increasingly difficult to secure the talent they need to stay competitive and meet the demands of their customers.
Despite anecdotal evidence that it’s hard to find a job, 64% of global tech leaders are facing significant challenges in locating candidates with the requisite skills for IT and tech roles. Additionally, 56% of tech leaders report an overall shortage of tech candidates, highlighting a momentous skills gap in available talent.
The issue could get worse before it gets better. By 2030, it’s estimated that more than 85 million jobs will go unfilled, exacerbating the global talent shortage. Indeed, IT executives have reported that the scarcity of available tech talent poses a significant barrier to adopting new technologies, and it won’t improve unless changes are made.
In this article, we’ll review the most effective strategies tech companies are deploying to tackle the tech talent crisis and ensure they have the expertise needed to thrive in the future.
Unlocking talent with better pay and benefits
Attracting and retaining top professionals requires more than just offering high salaries. To truly win over new candidates and keep them engaged, tech employers are enhancing their overall compensation packages.
Salary alone just isn’t enough.
To make a significant impact, companies are focusing on comprehensive employee benefits, which play a crucial role in an employee’s decision to join and stay with a company. Basic offerings such as health insurance, vision, dental, retirement plans, Employee Stock Ownership Plans (ESOPs), and paid time off are now considered standard by most employees.
To stand out, tech employers are offering various options to add to benefits packages that cover:
- Mental health services
- Wellness programs
- Caregiver assistance
- Childcare
- Specialists (massage therapists, chiropractors, physiotherapists, etc.)
- And many other options.
Securing financial futures
Given the financial instability since 2020, employees are seeking better preparation for future economic uncertainty. To meet this need, tech employers are introducing financial wellness benefits to assist employees with budgeting, debt repayment, emergency savings, and financial planning.
Taking this holistic approach to attracting new talent unlocks a wealth of potential within tech and maintains high levels of motivation, loyalty, and retention among new hires.
Addressing tech talent training barriers
Sourcing candidates with the appropriate skills and competencies is becoming progressively more difficult, even if the candidate has a secondary degree. Recent reports have found that many engineering curricula lag behind today’s industry requirements by at least 10 years.
Once a graduate is hired, substantial time is spent training them up to current industry standards.
Financial barriers also hinder the industry from accessing diverse talent. The high cost of secondary education presents a significant obstacle for potential candidates, resulting in fewer individuals pursuing college degrees to gain the necessary skills to join the tech workforce.
Lightening the financial load on workers
To overcome these challenges, tech companies are developing early-career programs that alleviate the financial burden of education and build a pipeline of skilled professionals.
These programs empower young workers to work on real projects, gaining hands-on experience, practical training, and valuable industry insights. Participants also receive financial support toward a secondary degree or diploma.
Upon program completion, participants are well-prepared to transition smoothly into full-time employment within the company. This approach allows young workers to develop valuable skills, and tech companies can recruit well-trained employees.
Global hiring to bridge the tech talent shortage
In response to the persistent tech talent shortage, 75% of small- to medium-sized businesses are also expanding their search beyond national borders to find professionals with the skills of tomorrow. They gain access to a vast pool of qualified candidates to fill critical roles by tapping into international labor markets.
Global hiring allows tech companies to connect with a much broader and more diverse group of professionals. This international reach ensures employers can work with the best person for the job, regardless of their location.
By drawing in talent from various parts of the world, companies introduce a range of unique viewpoints and experiences to their teams. This diversity propels ingenuity and provides unconventional perspectives to complex problems.
The rise of remote work and advancements in communication technologies have made global hiring more feasible. Companies can seamlessly integrate international employees with the help of video conferencing, project management software, and collaborative platforms.
The challenges and opportunities of global employment
While hiring internationally has advantages, it also presents challenges that can prevent some companies from adding it to their recruitment strategy. A few significant drawbacks are maintaining compliance, managing global payroll, calculating taxes, and the cost of setting up operations in a new country.
To address these issues, tech companies are partnering with global employment platforms to help them with cross-border hiring. These platforms streamline the hiring process and provide
- International compliance
- Accurate global payroll
- Employee onboarding and offboarding
- Expert advice on employment law, taxes, and local regulations
This strategy helps fill the immediate talent shortage and positions tech companies to stay competitive on a global scale.
A solution to a persistent talent crunch
The tech talent shortage is predicted to continue over the next few years, and companies must adopt innovative strategies to keep up with demand and their industry. Global hiring offers a comprehensive solution to this challenge, and you don’t have to take the traditional path to hiring internationally.
As a leading global employment platform, Multiplier provides the expertise you need to secure the best talent worldwide. Our EOR platform ensures a quick and compliant onboarding experience and offers the employee benefits candidates want.
Position your company to thrive despite a growing talent shortage. Embrace the power of global hiring with Multiplier, and build a dynamic workforce that’s future-ready.
