As co-founder and Chief Operating Officer/Chief Marketing Officer of DOZRErin Stephenson is an experienced leader in construction technology.
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In today’s tech world, the demand for top talent is exploding at a time when supply is increasingly threatened. In 2018, management consultancy Korn Ferry warned that “the United States is facing one of the most alarming” talent crunches of every country”, and they predicted that by 2030 the labor shortage in the tech industry will reach 4.3 million workers, resulting in unrealized output of $449.70 billion worldwide! In short, talent is becoming the number one challenge for tech leaders. According to a recent report from the Business Development Bank of Canada (BDC), minimum 55% of Canadian tech leaders “struggling to hire the workers they need.” Roles including software developers, data experts, hardware engineers, product managers and beyond are proving to be hot commodities now and in the future.
The battle for technical talent is not over, but there are several ways to stay competitive.
Focus on what you offer.
It is imperative to differentiate your organization from the competition. Take a step back and think honestly about what you offer your employees. The US employment platform Hired surveyed 2,000 software engineers to find out what motivated them. The top five responses provide valuable insights (participants could name more than one option).
1. New challenges and continuous learning (72.2%)
2. Construction products/solutions and troubleshooting (63.8%)
3. Earning Potential (62.3%)
4. Ability to work remotely (44.5%)
5. Work-life balance (37.2%)
There’s no denying that salary is important, but there’s clearly more to attracting (and retaining) technical talent. The ability to work remotely is proving increasingly important to candidates, with LinkedIn noting: 357% increase in ‘remote work’ vacancies from 2020. Furthermore, a 2015 survey by Glassdoor found that: 80% of workers prefer additional benefits over a pay rise, citing a better overall experience and better work-life balance. Think about what you can offer candidates and don’t be afraid to get creative with perks to attract the top talent you need.
Improve your current team.
Upskilling existing team members not only helps to combat staff shortages, it can boost morale and motivation. The Hired survey found that the main motivation for the software engineers surveyed was “new challenges and continuous learning”. A dive into the research further revealed that engineers specifically cited a love of learning and the importance of sufficient challenge as a key motivating factor. Providing access to training and education is a mutually beneficial strategy worth investing time and resources in. Upskilling can take the form of training and promotions, but multi-purpose project work and time to work on things employees are passionate about can be just as valuable.
Invest in company culture.
Corporate culture and recruitment are closely intertwined. I’ve written about the role of corporate culture in retention before, but it’s also a valuable addition when it comes to recruiting. There is much to be said about treating your employer brand as carefully and important as your corporate brand. The tangible and intangible components that make up your corporate culture are the foundation for the first impression you make on candidates. Focus on treating your employees well and creating a great work experience, and the word will get out.
From the job posting to the application process—even the social media posts and experiences shared by current and former employees—your company culture plays a key role in how you are perceived by talent. Don’t be afraid of online review sites like Glassdoor and Indeed. Potential employees look at these sites and want to see you there. Instead, use them to your advantage to showcase your culture and the great employee programs you already have through positive employee reviews. I’ve found that happy and engaged employees are your best recruiting tool.
Showcase your company culture across a variety of channels and platforms, while ensuring you speak up, to improve recruiting efforts. In 2019, Glassdoor found that 77% of candidates consider company culture before even applying for a position, while 56% of employees consider company culture more important than salary. These are not insignificant numbers. In order to stand out among technical top talent, it is worth investing not only in developing the corporate culture, but also in communicating that culture to the outside world.
Widen your pool.
As external organizations become more commonplace, expanding your search pool can give you access to more candidates. While it’s important to consider this, salaries can vary drastically based on location. Hiring a software engineer in San Francisco can be much more expensive than filling that same role with someone from a smaller city or rural base. While this is still a cost-effective strategy, consider how hiring multiple locations can affect your overall salary range.
In all this, don’t forget about employee retention. Retention is an extensive topic in its own right, one I plan to get into in a future piece, but it’s important to keep existing employees engaged while recruiting new ones. You don’t want to lose your valued and experienced staff, especially during a labor shortage.
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Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.