It’s no secret that the tech talent market is booming. But tech talent is hard to come by, so when you do come across the right talent you have to be ready to make a decision. Competition for tech talent is steep. The number of companies actively competing for tech talent has risen steadily over the last five years & with the borders shut there is no new talent entering the market. Everyone is literally fighting for the same candidates.
- Competition is stiff
Competition is fierce for high-skilled talent right now. If you are considering making an offer on a hire, odds are, you’re facing stiff competition. Because there are so many people trying to fill their own open positions, it’s tough to stand out from the crowd. You need a compelling, cost-effective, and timely compensation package to attract candidates. Think beyond salary and perks. Once you’ve proven your company’s mission and vision, you can think about other ways to attract talent. It’s about more than money. You want to focus on what matters to your candidates and give them a clear direction, career progression and a project to work on. Do that and your chances of getting a quality, motivated hire will increase exponentially.
2. The market is changing
Recruiters need to constantly stay updated on the latest developments in tech in order to be more effective at managing their pipeline and offering jobs to the best talent. And, it’s not easy. Technology has evolved rapidly in the last few years. The market is ever-changing and the demands from tech companies have changed. Many candidates are more qualified than ever before, thanks to the ever-increasing amount of tech training programs. A candidate’s knowledge of technology has risen exponentially over the years, too. Knowledge gaps that existed a few years ago have been easily overlooked, thanks to the increasing number of job sites (jobstreet, jobstore, linkedin, indeed…), career fairs, and technical writing programs.
3. The rise of the gig economy
Unstable employment and low job growth are the big reasons that the majority of workers are getting job opportunities through freelance work or temporary work. How are companies going to stay relevant without access to the best talent? Our workforce is changing There are millions leaving the workforce every month and millions more who have dropped out of the workforce altogether. Some companies are making the decision to have less employees and more freelancers. As a result, they will have to find employees who have the skills necessary to get the work done.
4. The future of tech talent
What can make the process even more difficult for recruiters is the rise of demand for workers from more than one industry. According to a Tech Pro Research survey, half of respondents were more likely to hire technology skills than people with specialised skills. Industries that were included were biotechnology, health care, and research, manufacturing, real estate, technology, travel and tourism, and agriculture. Recruiters need to understand the differing roles and responsibilities that these candidates can fill, as well as what benefits and perks they might offer. Recruiters can’t just compete on price, there are several other factors that go into hiring that aren’t so obvious.
Regardless of the industry, you’re always going to have a demand for skilled tech talent, so it pays to keep an eye on the trends. If you want to maximise your success and close the most important jobs, you need to be in on the current trends. Which trends should you be paying attention to? What are the current skill shortages for each of the technologies? What sorts of issues does the industry face in terms of employee retention? What sort of changes are companies making to overcome those issues? What questions can recruiters ask to land the right candidates?
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