Gone are the days of posting job specifications and receiving application forms. Today hiring is more complex, particularly across places such as London’s tech city where the majority of the 1350 businesses in the community have openings they are unable to fill. It’s simple supply and demand – the demand for skilled tech professionals continues to skyrocket as companies keep investing in tech, however the number of people joining the field is just unable to fill the growing gap.
To put this shortage into perspective, out of the 1350 Tech City businesses, 45% say a shortage of skilled workers is the biggest challenge they face and 77% reckon they could grow faster if there were more skilled people available. Across Europe there will be 900,000 unfilled ICT positions by 2020, which is mindboggling!
This unfilled gap has lead to a shift in power. It’s now down to the company to impress and entice the candidates rather than vice versa. In order to recruit and retain bigger compensation packages no longer cut it. Now companies have to provide a stimulating work environment where staff are happy to spend their weeks.
Understanding motivations:
In order to be able to entice new talent into a company, knowing what makes them tick is key. Take developers for example. Naturally the majority of employers assume developer’s main motivations are money and working with the latest tech, which is in fact is way off. In the technology industry money is rarely the primary reason for switching companies, and working with the latest technology should be a given. Rather, if the developer has a genuine interest in the company and the position is relevant to their background they are far more likely to consider moving. To find employees whose values align with company culture consider non-specific job descriptions and the result will be recruiting people rather than actual skills. You’ll find people passionate about the company and the mission, and can work out where they fit into the business.
The role of perks:
The competition for talent has resulted in extraordinary working environments. Companies are battling to outdo each other with increasingly elaborate perks and offices as a means to recruit and retain. These range from the cool ($2,000 for Airbnb new starts to put towards globetrotting) to the downright bizarre (all new Zoosk employees are entered into a competition to win a date!). Nonetheless, the office needs to be a place employees are happy to spend time, and some cool perks will go a long way in attracting talent into the company.
Getting innovative:
Using social media to engage with potential clients is by no means new. However using Snapchat to screen candidates or appealing for candidates via Youtube as Playstation did are new. Innovative hiring processes are becoming a commonplace and are key to tapping into undiscovered talent pools. It will also do no harm in sparking up interest around the vacancies!
There’s no doubt that the shortage of talented technologists is real. Companies are going to be fighting tooth and nail to get their positions filled. So it comes down to these employers to become innovative in the recruitment process if they want to build the team they need to grow whether this be in the way they attract talent, or what perks they offer newcomers.