Hiring tech talent is one of the challenges facing HR managers around the world. As more companies go digital, a huge demand for tech talent is unfolding in data science, cybersecurity, cloud computing, and more. But, unfortunately, the need for these positions far outdo the supply, resulting in tech talent shortages across the globe. So, where is the way out?
It is a robust talent strategy involving global mobility, aka internal relocation. But can global mobility (hiring from offices across the globe) resolve the talent crunch? How? Keep reading to find out:
What is Global Mobility?
Global mobility is the ability of companies to relocate their employees to different offices across the globe to fill in for talent shortages at specific locations. With global mobility, companies can save money from new recruitment, increase employee satisfaction, and increase talent retention — the essentials to stay afloat during a pandemic crunch.
What Do Studies Say About Tech Talent Shortage?
A recent Korn Ferry study on Global Talent Crunch (made on a country-by-country analysis) found that by 2030 there is bound to be a global skilled talent crunch, and one can expect a talent deficit of above 85.2 million people.
The study said that this international skills shortage could result in more than $8.5 trillion in unrealised annual revenue. For instance, the talent shortage can be alarming in the tech area, where the United States is an undisputed leader. As a result, the US can lose nearly $162 billion in revenue unless it finds top tech-skilled employees.
Similarly, a 2020 CIO survey by Harvey Nash (IT outsourcing service-providing firm) and KPMG (auditing firm) found that 65% of tech leaders spanning 83 countries have cited challenges in hiring as a significant blow to their industry.
Also read Bridge the Campus-to-Industry Gap with CodeQuotient.
In a report by the Manpower group, 54% of the global companies reported talent shortages, the highest figure in over a decade.
One message is clear -Technology skills are among the most difficult to locate, and unfortunately, most companies today are in the IT field. In light of this, the global shortage of tech talent has risen as more companies turn digital (especially post-COVID).
Can Global Mobility Help in a Demand vs Supply Scenario?
The global talent shortage has almost doubled over the past decade, and the need to balance demand and supply concerning tech talent is gaining more prominence globally.
For instance, the statistical report on the US talent shortage released by the Manpower Group stated that 69% of the employers in the US are struggling to fill various positions from 2020. Among these, tech positions contribute to the top 10 most challenging roles to be filled.
Sweden alone, for example, will lack seventy thousand IT/digital competencies by 2022. The tech-talent shortage scene is grim in Brazil, too, with a projection that more than 400,000 IT-related jobs will lie vacant by 2022 year-end.
The Korn Ferry report stated that the talent crunch, measured as a percentage of the global economy, is more pronounced in the Asian-Pacific region.
Due to these circumstances, many businesses have been forced to reevaluate their hiring strategies, particularly those that previously relied on hyperlocal or in-house recruiting.
When no “local” people are available to hire, businesses must figure out how to search a more extensive, potentially worldwide region for suitable job openings.
Also read: 8 Ways in Which Colleges can Students More Employable
Companies that include and publicise an effective relocation or global mobility incentive in their job postings can attract a larger and more qualified pool of candidates.
How to Reverse the Tech-Talent Crunch? Global Mobility is the Answer
One option to overcome the tech talent shortage is that organisations must give importance to talent strategy and take measures to upskill their workers.
For example, many organisations like Amazon and PwC have already invested hundreds of millions of dollars in upskilling their employees in various areas like AI and Machine learning.
They’re also preparing employees to advance into various tech-centric roles. In addition, one can partner with agencies that train candidates according to the company’s needs and help upskill the employees. However, this approach will take time and can be suitable in the long run.
Another practical approach would be to look beyond the traditional hiring hubs for hiring tech talent. For example, while the Korn Ferry report states that most countries face a deficit in the skilled workforce (including tech talent), some countries also agreed to the rule.
For example, countries like Malaysia, China, Russia, Mexico, and the UK are bound to have a surplus in tech talent. At the same time, India is expected to have a skilled workforce in technology, media, and telecommunications by 2030.
So the only feasible solution to immediately solve this global talent crunch would be Global Mobility. Global talent mobility is a desirable benefit for both current employees and potential new hires.
Also read: 6 Key Tips to Unlock Your Talent Retention Potential.
Organisations can recruit top-skilled and experienced tech professionals from their offices in the above countries. This will be the primary key to retaining tech talent, which is vital for the organisation’s success.
Global mobility or internal relocations can help attract new employees, and retain existing employees by providing opportunities for advancement. And advance business development and operations by ensuring the appropriate people are in the right place at the right time.
Organizations worldwide can tap into the (tech) talent surplus in the countries mentioned above.
As a result, businesses may be able to expand their resources. And look beyond traditional hiring hubs (where competition and hiring costs are high) to fill in the gaps.
 The Bottom Line Is
To solve the talent crunch, organisations:
- Must up-skill their workers for long-term benefits.
- Look beyond their traditional hiring practices on an immediate basis.
- Must go global to attract the best talent from their offices across the globe.
Also read: Why Smart Developers are Choosing Startups Over Big Companies?Â
Good talent extends beyond boundaries, and so should the hiring process. CodeQuotient hones industry-ready techies trained by top trainers. If you’re looking to hire outstanding tech talent CodeQuotient can work with you. Contact us today at info@codequotient.com and expect to hear within 24 hours.
