Technology Resourcing Trends to Watch
In recent years, the tech industry has experienced unprecedented changes. A staggering 649% increase in layoffs was observed in 2022, exceeding the rates seen during the infamous dot-com bubble burst. However, the story has a silver lining. Companies are actively repositioning these tech roles. Halting digital transformation isn't an option in today's digital era where technology plays a pivotal role as a strategic enabler. Hence, redeployment is the way forward.
The Redevelopment Outlook: Where Are We Headed?
The Magnit's Winter 2023 Europe labour market' report indicates an unwavering demand for IT workers. To foster agility against a turbulent economic landscape, employers are seeking high-calibre data analysts, cloud computing engineers, AI architects, and managed services-related experts.
Diversity, Equity, and Inclusion: The Rising Imperative in Tech
The importance of diversity, equity and inclusion (DEI) in the tech industry is being recognised more than ever.
A Deeper Look into the Diversity Quandary
Despite increasing focus on DEI, the tech sector still has a long way to go. Disturbing statistics suggest that women constitute a mere quarter of the tech resource market, while ethnic minorities and people with disabilities are also significantly underrepresented.
The Positive Impact of Diversity on Business Performance
Businesses must acknowledge that diverse teams lead to improved productivity, decision-making, creativity, and customer experience. McKinsey's study on diversity showed that companies with diverse management are more likely to outperform their industry average.
Crafting a Strong Employee Value Proposition (EVP)
To lure tech resource amidst fierce competition, it's crucial to build a strong employer brand and position oneself as a preferred employer. The key to achieving this lies in developing an enticing Employee Value Proposition (EVP).
What Constitutes an Appealing EVP?
An effective EVP should reflect your mission, vision and values. It can include aspects like attractive compensation, benefits packages, work-life balance, career opportunities, a nurturing company culture, educational opportunities and mentorship.
Safeguarding Corporate Knowledge through Upskilling
With the decline in long-term employee tenure, companies risk losing valuable corporate knowledge. This calls for proactive measures to retain and transfer knowledge.
The Importance of Continual Learning
In an evolving technological landscape, businesses need to continually upskill and reskill their workforce. Investment in training and development programmes helps in filling skills gaps, providing opportunities for employees' growth, and ultimately enhancing job satisfaction.
Artificial Intelligence (AI) and its Role in Resourcing
Artificial intelligence (AI) isn’t coming to take your jobs. But it is transforming the way businesses can source and recruit tech talent.
Hiring managers face significant pressure to optimise their hiring processes and identify candidates who are the best fit for the job. AI can play a crucial role in enhancing that process, increasing the efficiency of candidate selection and supporting consistency in decision-making.
When used effectively, AI can improve the objectivity of the hiring process, leveraging diverse data sources to enhance the accuracy of candidate matching, regardless of the volume of applicants, and in a timely manner.
Despite obvious benefits in saving time and resources, it's important to note that AI is not a replacement for human judgment and should be used as a tool to support recruitment efforts.
A flow diagram illustrating the connections between technology resourcing trends.
It’s notoriously difficult to see around corners, but we know that the tech industry is evolving rapidly, and businesses must stay ahead in tech resourcing.
Key trends are shaping this future. Despite recent layoffs, the tech market remains buoyant, with roles being redeployed to meet digital demands. And, though studies reveal the underrepresentation of women, ethnic minorities, and individuals with disabilities in the sector, DEI initiatives are gaining traction, with businesses actively building diverse teams. They’re also helping those businesses enhance productivity and organisational performance.
Nevertheless, to attract top tech talent in the first place, companies need a strong EVP that encompasses compensation, benefits, career growth, and a positive work culture. As long-term employee tenure is becoming rare, businesses must address knowledge retention and upskilling by investing in training and development programs.
Lastly, our new and colourful friend, artificial intelligence. AI is transforming tech talent sourcing and recruitment, optimising hiring processes, improving candidate selection efficiency, and enhancing decision-making objectivity. However, human judgment is and will always remain essential.