How to address the current IT talent shortage in the most effective way possible
In today’s digital landscape, your reliance on qualified developers and tech staff will only increase. The good news is that there are effective approaches for recruiting and retaining tech talent that your business can adopt in order to cope with the ongoing tech talent shortage.
The following strategies can help you attract and retain talent in the face of fierce competition as the IT labor market tightens.
Upskill and reskill your tech team
One of the most effective ways to combat the growing tech talent shortage is by shifting your focus inward and investing in upskilling and reskilling your existing tech staff. By identifying skill gaps in your workforce and offering the right training programs to develop those skills, you can ensure that your employees are up to date with the latest trends and emerging technologies, and are equipped with the right skill set to meet your business's current and future needs.
Upskilling and reskilling also support recruitment efforts and are among the top expectations of modern-day employees. Some examples of companies that are investing heavily in providing skills training programs for their employees include Amazon
Commit to diversity and inclusion in your workplace
Tech is one of the least diverse sectors. In fact, 68% of business leaders
agree that there is a lack of diversity in their tech workforce. The tech industry is still largely dominated by white men (close to 88%
), while women and minorities remain largely underrepresented.
Fostering a diverse and inclusive workplace – that is race, belief, and gender agnostic, and where all candidates and employees feel welcome – not only allows you to fill more positions but also helps you earn more commitment and deeper trust from your employees.
Offer competitive compensation and meaningful perks
According to the Gartner Global Labor Market Survey
, compensation is the number one driver for IT talent attraction and retention. Besides the base salary and performance bonuses and commissions, a comprehensive compensation package should also include 401(k) plans, paid holidays and sick leave, and full-coverage health insurance.
As the size of the compensation package that your company can offer would depend on its financial resources, you can prioritize allocating competitive compensations to employees in high-risk areas. In addition, providing your tech staff with meaningful and attractive perks like remote work options, flexible schedules, learning stipends, parental benefits, employee stock purchase plans (ESPP), etc, can help you attract and retain talent with the skills and competencies required to keep your business growing.
Hire non-degree holders and self-thought developers
Skills-based hiring is on the rise. Chances are your competitors are already taking a skills-based approach to the hiring process by shifting their focus from degrees to skills. In fact, close to 80%
of hiring managers say that they recruit developers without a technical degree, and 24.4% do so regularly.
Research has shown that over 35%
of developers consider themselves to be self-taught and the number is growing rapidly, thus reducing or eliminating some hiring requirements like college degrees can be an effective approach to widen and diversify your candidate pool.
Provide your developers with modern, developer-friendly technology tools that facilitate their daily work
When it comes to boosting developer experience (DevEx), equipping your software engineers and developers with the best technology is a game-changer. Enhancing developer productivity, satisfaction, and retention depends mostly on the quality of the technology and tools they are provided with.
Having to work with legacy systems is a developer’s worst nightmare. Developers crave flexibility and ease of use, and that's something legacy systems can’t offer. Your developers need access to modern tools and robust, state-of-the-art technology that makes their daily work easier and more efficient.
A developer-friendly technology is one that is fully customizable and extendable, offers fast coding and cross-platform deployment, can be easily integrated with other platforms and technologies (both existing and emerging ones), and offers all the necessary features that can boost your developers' efficiency, productivity, and satisfaction.
One thing that developers dislike more than legacy systems is missing or incomplete documentation. So make sure that the technology you’re providing your developers with also comes with complete, accurate, and comprehensive documentation that your developers can refer to.
Implement the necessary practices to better retain and engage your existing developers
Tech talent retention has never been more critical given today’s highly volatile marketplace and the increasing cost of employee turnover. Retaining your developers helps you maintain consistency, prevent productivity losses, and save time and money spent on developer acquisition and onboarding.
In addition to what we've covered earlier, consider implementing the following best practices to improve developer retention and engagement:
- Nurture creativity and give your developers the space to be innovative.
- Offer career advancement opportunities and professional development programs.
- Create a healthy, welcoming, and people-centric corporate culture.
- Avoid micromanagement as it stifles creativity, harms productivity, and increases stress levels at work.
- Offer good work-life balance programs to increase job satisfaction.
- Empower your developers by involving them in the decision-making process and acting on their feedback.
- Encourage open and supportive communication in the workplace.
- Remove bottlenecks in workflows and enable your developers to self-serve any tools and resources needed to complete their tasks.