Winning the IT Talent Tug of War
There is a constant competition for talent across all areas. This is particularly prevalent in the IT industry. In a recent article published by the International Monetary Fund (IMF), it stated that ‘by 2030, there will be a global shortage of more than 85 million tech workers’.
In the context of this future, it's important that we discuss the competitive market out there within the IT industry. If we allow ourselves to dissect the small factors of how to win this chaotic battle it could ultimately make it much easier for Hiring Managers to attract new employees efficiently.
So what are the important factors that come into play here?
- Having an attractive product that has potential for growth within its market and competition- A scaling startup or an established company won't win much talent in this current IT market if the product or service isn't interesting or relatable to modern technology.
A company that has a good reputation, that treats their employees well and rewarding them appropriately- recognition is one of the most underrated ways to attract new talent to your company. It's a small gesture or maybe sometimes a big one but it will help in the long run.
Maybe this is a little biased but I want to highlight the reputation that GemPool has in place. We live by our principals, one of which is “Team first, Desk Second.” This creates a supportive environment within the team, we also like to give back to our community and partake in different activities to raise money for different charities (e.g Beach Clean Up, Cooking for Families, Charity Pub Quiz, Sponsored Walk).
These examples can show you that it's not always the high salaries, comprehensive benefits and flexible working conditions that are the main reasons for having a good reputation. It can be the small things and those rewarding actions that we do that can help build a stronger impression of us.
The power of “word of mouth”- This can link back to my first point of having a good reputation, once there is a positive atmosphere and staff are treated well the message will spread. There are some actions that can be taken to make word of mouth a valuable weapon such as, employee testimonials, employee referrals and some videos from employees. This can help build a stronger brand for talent aqusition.
Providing flexibility- We are now used to the changes brought on by the pandemic over the last 2 years. Giving employees the ability to choose to work from home or perhaps a hybrid approach will always get the talent on your side. We have gathered small pieces of information and have laid out some stats regarding working from home and its perks and collated it all in a poll.
Competitive Salaries- This is definitely a crucial factor that could help candidates make their final decision in the case of multiple job offers. When you have that competitive edge when offering salaries that align with the current IT market you allow yourself to be the preferred choice when compared alongside all the other offers. It must be noted that the salaries being offered in the tech market in Ireland right now have been increasing and are often unpredictable. You need to make sure you have a really good take on market trends. Talk to us, we spend all day every day talking to candidates and companies. We can tell you what we are hearing and seeing.
Company Benefits- The benefits that are offered play a key role in the decision making process for potential candidates. It is essential to survey the market and provide benefits that are competitive. This also needs to be assessed and reviewed on a yearly basis to ensure you are keeping up to date with the competition and what your employees seek. For potential hires, having the ability to tailor the benefits package to promote those benefits that an individual holds in highest regard, is a great way to increase the chances they will take your offer.
What changes can be made to win talent?
I think many people that work in the IT industry could agree that interview processes are definitely something that can be chopped and changed to speed up the process and make it more efficient for both parties.
If you have a lengthy, time-consuming and complicated interview process you will be left with many active candidates dropping out completely and going elsewhere. Don't forget that in most cases candidates who are in your interview processes are working Monday to Friday so finding the time isn't always easy. Also, in the candidate driven market we have right now, most active candidates are in multiple processes at the same time.
Could we say that slow responses and feedback from Hiring Managers, TA’s etc can be a contributing factor to losing talent? - I believe so. If you want to grow, companies need to adapt to a fast paced market. It's like the saying “you snooze you lose”, it has a powerful meaning behind it.
Connecting with the market
Engaging with your industry and networking with candidates is a great way that companies could win the talent war. If you're providing value and sharing relatable insights to passive candidates in the market it has been proven to set you apart from your competition. It will help you win more candidates and ultimately overcome the battle on IT talent.
Look into the internal environment
Internal changes can always help win talent. Checking in with your employees, offering constant support is a powerful way to attract other employees to your business through having a good and positive reputation. This will additionally help in retaining talent as well.
Focusing on work-life balance
The one thing that stood out to me with past candidates is having a poor work/life balance. If this is something a company lacks, especially in today’s world it’s a huge red flag for candidates. If you’re not focusing on giving your employees the room to recharge and are constantly over-working them you can forget about winning in the candidate market. The word can spread so quickly and it will push people away from applying for existing jobs.
I found this topic very interesting to discuss and if you feel like there could be more to add to this conversation feel free to get in touch: 019052421/ firstname.lastname@example.org. Here at GemPool we see rapid changes in the current market and we as an agency learn to adapt to a company's hiring needs along with being experts at what we do, contact us for more.