The White House Administration’s Council of Advisors on Science and Technology predicts that by 2020 the U.S. will be short 1 million tech professionals. How can employers do their part to help this growing shortage?
1. Spend the time and money to develop tech talent internally.
Some specialized areas, like software development, can take 5-10 years for an individual to become fully proficient. Organizations should create entry-level roles for these individuals to get the 5-10 years of experience needed. Without these entry-level roles, and training within them, the cycle continues of fresh talent not finding jobs and organizations not filling roles. By developing talented people rather than fighting over the limited existing talent pool, the gap could slowly close. Employee retention rates would likely improve as well. Employees desire an employer who is willing to invest in their future and are more willing to stay with an employer who does just that.
2. Offer the right compensation and incentives.
Know what employees are looking for. High-demand talent knows they are in high-demand and will go to the employer that has the best overall compensation package. It’s important to offer market-rate or above for this high-caliber talent, but also offer a strong incentive and benefits package. Tech talent holds out for companies that offer perks that matter to them, like increased autonomy, freedom, flexible work from home policies, and time to work on projects they are passionate about.
3. Widen your definition of a high-quality candidate.
Are you overlooking great candidates? Possibly. Many in the tech industry look for degrees from specific institutions. Indeed recently asked employers, “How important is an Ivy League degree when evaluating technical talent?” 24% of respondents said it was “very important.” But this mindset limits the talent pool incredibly. Consider applicants from technical schools or coding bootcamps, which are becoming more popular.
4. Consider a third-party recruiter who specializes in finding high-tech talent.
Indeed statistics show that 40% of firms hiring tech talent are not tech companies. If you are not a “tech company,”, then your recruiters are likely not experienced in finding tech talent. A recruiting agency that specializes in finding top tech talent will save you time in recruiting. They have pre-established relationships with this hard-to-find talent.
Unfortunately, the shortage isn’t going away any time soon. By 2020, 1.3 million new U.S. software jobs will require tech talent. But here will only be 400,000 new U.S. computer science grads, according to the Bureau of Labor Statistics. Employers will need to groom current or new talent and ensure competitive compensation packages are in place in order to stay ahead of the curve.
Additional ASE Resources
ASE Benchmark Surveys – ASE’s benchmark surveys can help you make sure that you are offering competitive compensation and benefits packages. We have both local and national data, including data for recent college graduates. ASE members receive free or discounted survey results and can access those results via the ASE Dashboard. Non-members please contact Survey Services at email@example.com.
Sources: mondo.com, indeed.com