In the era of the Great Resignation, finding qualified tech workers is more difficult than ever. Nearly 50 percent of tech recruiters are currently struggling to fill jobs because they can’t find enough candidates, according to a recent hiring survey conducted by technical talent analysis platform CoderPad and training platform CodinGame.
So how do you hire engineers when there’s a labor shortage? This has led to tech salaries skyrocketing as companies compete for top talent. In this article, we’ll discuss the best ways to overcome the challenge of hiring in today’s market.
This tech labor shortage is one of the most pressing issues facing tech businesses today, with some companies even going so far as to consider outsourcing their tech teams. In fact, IT outsourcing has grown by more than 50 percent in just three years.
The tech talent gap can be attributed to several factors, including a growing demand for tech professionals and increasing automation that allows non-tech workers to do what they once did manually on computers or smartphones. But it’s not all bad news – we’ve got some tips on how you can hire engineers during this time of scarcity!
Hiring Tech Talent In The Era of The Great Resignation
Hiring tech workers has never been easy, and it’s now more difficult than ever. Tech pros are in high demand – according to the Bureau of Labor Statistics, there will be almost a million tech job openings by 2026 (that’s up from around 800k right now!). This means tech companies need qualified candidates who can fill these roles quickly so they don’t miss out on growth opportunities due to a lack of skilled personnel.
One way tech companies have tried hiring tech professionals during this time is through outsourcing; however, this strategy isn’t always successful because third-party recruiting firms often add their own overhead costs as well as quality control issues that may not align with an organization’s standards and culture.
Guide For Hiring Tech Talent During The Great Resignation
Here are a few tips for tech companies to follow when hiring tech professionals during the era of the great resignation:
1 Interview Process – Keep It Simple
The first step is to simplify your interview process. If tech companies have a long and arduous interview process, it will scare away tech professionals who are already in demand by other tech companies. The average time to hire for tech positions is 45 days, whereas the typical tech professional can find another job within one week of being laid off or resigning from their current tech company.
Streamline the hiring process as much as possible without sacrificing the quality of candidates, so that you don’t lose out on great talent because they’re too busy applying elsewhere.
If you want your tech team to be productive and successful at what they do then make sure all applicants feel comfortable with how interviews go before accepting an offer from your company – this means not making them wait weeks before hearing about whether or not they got hired.
Give tech candidates options when it comes to interviewing scheduling and format (e.g., remote vs in person) so they’re able to work around their busy schedules – this will also ensure your tech team is productive and successful at what they do because you’ve made sure all applicants feel comfortable with how interviews go before accepting an offer from your tech company.
2 Enhance Benefits – Give Them What They Want
Amp up your benefits beyond the salary and tech job perks like free lunches. For tech workers, it’s important that companies have a strong culture around work-life balance and diversity/inclusion initiatives because these are what truly matter most when choosing where to go next in their career path (and yes – even more than the pay!).
In fact, tech employees care so much about this that they’ll choose another organization over yours if your company doesn’t offer great benefits or isn’t as diverse/inclusive enough compared with competitors’ offerings–even though both those things tend not to come into play until later stages of recruiting.
Benefits should meet or exceed industry standards with regard to vacation/sick days off policy (which could be unlimited!), bonus structure (make sure tech employees know how much equity they’ll get), health insurance coverage for spouses and children as well, 401k matching percentage, etc.
Or, simply ask the candidates what they want in their benefits package and see if your company can reasonably accommodate.
3 Build Relationship – Get To Know Them
Assuming tech candidates did make it through the interview process, tech recruiters and tech leaders should get to know them better. Let’s face it: The best tech employees don’t want to work for just any company; they want to work for a company that is making a positive impact on society in some way. They also like being part of an innovative team where their contributions are appreciated and respected while working with people who share their values and interests.
In order to attract top talent, tech companies need to be more transparent about their culture as well as how they help employees grow professionally and personally. Tech workers aren’t going anywhere fast if they’re not accepted by other members of staff or feel the organization doesn’t have its priorities straight when it comes to tech talent retention.
4 Act Quickly – Cut Your Hiring Process in Half
In tech, the best thing you can do is to act quickly. The days of a six-month hiring process are over. It’s now imperative that tech companies shorten their interview cycles and be willing to bring new hires on board much more rapidly than they were before COVID hit.
A good place to start is by cutting your tech recruiting process in half: two weeks instead of four, three months instead of six, or even one month as opposed to two months if possible! If there’s an opportunity for growth within the organization but it won’t come until later this year (or next), then that might make all difference between making someone feel like they belong at work now versus feeling stuck somewhere else where nobody shares their values or timeline.
5 Flexible Job Requirements – Be Prepared to Hire Who You Can
The tech skills shortage is real, but that doesn’t mean you need to give up on hiring great tech talent. If your tech recruiting process takes too long and there’s a risk of losing out on top prospects while they’re waiting around for an offer letter from another company, then consider making some compromises so as not to make things worse by being too strict in terms of job requirements or expectations.
For example: if there are two candidates with comparable qualifications but one has more experience than the other (or less), try giving priority points towards those who have less work experience because this person might be able to learn faster and adapt better during times when things change quickly at work due to new initiatives; also keep in mind that some tech companies are now offering four-day workweeks, so if you’re looking for a long-term hire then it might be worth considering someone who is willing to make this type of commitment
6 Boost Salaries – Increase Your Salary Offer
With inflation and the cost of living on the rise, tech salaries have gotten more competitive. In fact, tech engineer salaries are now greater than they’ve ever been, with an average base salary of $108K per year for technology professionals according to Glassdoor’s 2022 study (up from $123k in 2018).
To stay competitive in the tech market, it’s important to offer a salary that is reflective of the current market. If you’re struggling to fill a tech role, consider increasing your salary offer to attract top talent.
7 Offer Remote Work Options – Embrace Remote Work Life
As an employer, you should embrace a remote work model, even after the pandemic is over. This can help you attract tech talent that may not be geographically close to your office.
Microsoft recently survey 160,000 of their employees around the world and found that 70% of them would like to work remotely at least part-time. Offering remote work as an option will make your company more attractive to tech workers, and it can also lead to a happier and more productive workforce.
Give tech candidates flexibility with their hours by allowing them to set their own schedules and create flexible arrangements. For example, if an employee wants to come into the office two days per week, let them do it! Give tech candidates options for how they want to work rather than forcing everyone into one mold.
You can also consider offering compressed workweeks or other flexible working arrangements.
The “Great Resignation” has presented a significant challenge for hiring and keeping staff, especially tech talent. To compete in today’s talent market, you’ll need to be creative and nimble when it comes to attracting the best candidates.
We hope these 7 hiring hacks will help you get through these trying times. And if you’re looking for help, email us hello@modernrecruiters.