{"id":32400,"date":"2021-06-18T07:31:22","date_gmt":"2021-06-18T11:31:22","guid":{"rendered":"https:\/\/centricconsulting.com\/?p=32400"},"modified":"2021-12-15T00:19:34","modified_gmt":"2021-12-15T05:19:34","slug":"the-tech-talent-war-has-no-end-in-sight-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/centricconsulting.com\/blog\/the-tech-talent-war-has-no-end-in-sight-heres-what-you-need-to-know\/","title":{"rendered":"The Tech Talent War Has No End in Sight. Here\u2019s What You Need to Know"},"content":{"rendered":"

In this segment of \u201cOffice Optional with Larry English<\/a>,\u201d Larry talks about the war on tech talent and what that means for your organization.<\/h2>\n
\n

Are you prepared for the coming war? No, I\u2019m not talking about some geopolitical clash, but rather the significant challenge businesses will be dealing with for years to come: The tech talent war<\/a>.<\/p>\n

The Covid-19 pandemic caused an unprecedented wave of tech adoption for businesses across all industries \u2013 as companies learned to work remotely and connect with customers virtually, they essentially crammed a decade\u2019s worth of tech adoption and digital transformation<\/a> into a single whirlwind year.<\/p>\n

Now, big organizations with big budgets are driving up wages, paying more for workers \u2013 and not just for workers on the coasts, but for qualified candidates anywhere. In other words, companies are up against wage inflation and a competitive field that includes not just their own backyard but the entire world. This makes the talent squeeze especially difficult for medium- and small businesses.<\/p>\n

The Pandemic Exploded the Tech Skills Shortage<\/h2>\n

The shortage of tech talent is not a new problem. Over a decade ago, more than half of CEOs<\/a> expressed concern over the dearth of talent for digital roles. By 2019, 79 percent had concerns. Covid severely exacerbated the skills gap, and there\u2019s no end in sight.<\/p>\n

According to CompTIA\u2019s 2021 Workforce and Learning Trends report, 40 percent of companies<\/a> hired tech staff during the pandemic, and 66 percent have plans to add more in 2021. Many of the changes brought by the pandemic aren\u2019t going to fade with lowering infection rates, which means companies will need to continue investing in tech and modernized ways of working to survive.<\/strong> Companies everywhere are figuring out how to make hybrid work permanent<\/a>. And digital channel adoptions such as telehealth<\/a> and curbside grocery pickup<\/a> are so overwhelmingly preferred by customers that many firms are putting permanent solutions in place.<\/p>\n

At the same time, a mass talent exodus is on the horizon \u2013 Microsoft\u2019s 2021 Work Trends Index found that over 40 percent of employees<\/a> are considering making a job change. People with in-demand tech skills will be able to be picky about their next move. Wages are already increasing substantially; my company is seeing tech salaries inflating for some roles as much as 20 to 30 percent. Companies that fail to deliver the working experience people want \u2013 flexibility is overwhelmingly preferred \u2013 will suffer severe brain drain.<\/p>\n

Companies Must Get Creative \u2013 Fast \u2013 To Cultivate Tech Talent<\/h2>\n

The stakes for beefing up the tech talent pipeline are high. A recent Korn Ferry study<\/a> found that unless we get more high-tech workers, by 2030, the U.S. could miss out on over $160 billion of annual revenues.<\/p>\n

Proactive companies are already working on creative solutions. These include:<\/strong><\/p>\n