As businesses across the globe recover from the economic aftermath of Covid-19, they have redefined the efforts to maximize their potential. This has led to a widespread campaign for digital transformation where organizations modify their processes, operations, and strategies to adopt artificial intelligence, machine learning, and other new technologies.
While this has the potential to improve how businesses function and achieve goals, there is a downside to rapid digital transformation as the demand for tech talent proliferates.
The shortage of talented and technologically-savvy candidates has been making headlines. According to Forbes, 54% of companies have reported talent shortages. The biggest talent crunch is felt within the technological sector, where 918,000 IT jobs remain unfilled. Meanwhile, the US tech industry is bracing for a $162 billion loss in revenue due to a shortage of skilled tech talent.
IT skills like Artificial Intelligence (AI), programming, cybersecurity, cloud computing, and data analytics are in greater demand. Shoring up on these growing needs requires talented and skilled professionals who can help organizations take advantage of these emerging technologies.
This increase in demand, coupled with the ‘Great Resignation,’ threatens the digital transformation efforts of businesses. Thousands of professionals have resigned from their positions to pursue new, more fulfilling careers, making it even more challenging to account for the tech skills shortage.
Businesses looking to beat the talent deficit and steer in the right direction must arm themselves with the proper tools. The following suggestions can help.
The need for technology and digital transformation has reached a fever pitch after the pandemic. Businesses want to efficiently leverage technologies and create a competitive edge, and for that, they need a competent, skilled, and talented workforce.
As the demand for technological talent rises, so does the cost of training, labor, software, engineers, and others, further widening the digital gap. According to a DataPeople report, the availability of tech specialists has reduced drastically with a 25% decrease in applicants. At the same time, the number of posted jobs almost doubled in 2022, affecting nearly 70% of companies.
The only way to ensure that you get access to quality candidates before the competition is to create a good reputation as an employer. Here’s what you need to do:
It’s evident that the talent market was not ready for the rapid adoption of digital transformation and fell short. The talent gap has widespread ramifications where 40% of the organization now opt for third-party help to fulfill the needs of their digital processes and strategies.
The pandemic has caused a significant shift in the employee mindset, as made evident by the Great Resignation. 40% of the workforce wants to quit or change their jobs.
You don’t want to be on the other end, dealing with challenges like project delays, employee frustrations, and burnout due to a lack of healthy employee experience.
The onus is now on employers to create immersive employee experiences that are authentic, engaging, and offer purpose and meaning. Empty perks and money simply don’t cut it anymore.
Employers have had their backs up against the wall for months as turnover rates continue to skyrocket. As a result, many businesses have been forced to throw money at the problem, trying to entice top talent with higher wages, bigger perks, and better benefits.
There is an expansion within the compensation benefits sector with out-of-the-box perks. In fact, in the wake of the so-called Great Resignation, 51% of employers reported either increasing the existing benefits or adding new perks to keep employees committed to their organization.
However, it takes very little to improve your employee experience strategy. It would be best to build a reputation for supporting and uplifting your people. Offer solid growth opportunities, focus on their fulfillment, create a positive work environment and cut out the modern toxicity workplaces have become known for.
Some organizations offer health and wellness stipends as a part of their current benefits package. In many cases, mental health support and memberships to maintain physical well-being are great ways of retaining top talent.
The reality is that employee expectations have changed during the pandemic, where they now expect more from companies.
The opportunity to work from home or the chance to settle elsewhere altogether – abandoning the exhausting and long commute significantly impacts the employee experience. The opportunity to live in cheaper, quieter, and more enjoyable locations has forced organizations to make remote work a norm.
The fact is that people have gotten the taste of freedom, and many don’t want to return to the physical work setting. In fact, it’s estimated that by 2027, almost 50% of employees will be working remotely or freelancing.
The strategies detailed above should be on your agenda, but they can’t be implemented immediately. When you need help stat, let Definity First fill the talent gap.
Definity First helps businesses leverage technologies and enhance productivity without investing in hiring and retention. As more companies adopt cloud technology and digital platforms, maximizing existing channels is essential to avoid unnecessary delays and frustration.
Contact us today to find out how we can help.