Widespread use of digital data in almost every sector over the past two decades has fuelled the global race to find and recruit tech professionals, ranging from data analysts, software/hardware engineers, software developers, coders, security engineers, and more. As a result, demand for tech professionals has always outpaced the supply, and the need for top talent is growing exponentially. In 2018, a Korn Ferry study suggested that by 2030, a gap in skills could result in over 85 million jobs unfilled with a cost of $8.452 trillion in annual unrealized profits for companies. Before the events of 2020 that we know today have changed the way we work, live, and attract talents.
In the two years since the pandemic outbreak, more and more businesses have adopted this “work from anywhere” philosophy. People are reassessing their lives, career paths, and relationships, causing a major shift to occur. This has led to an intense battle for talent has been fought with the kind of intensity most hiring managers have not had before. This is large because of a “name your price” competition where only a handful of companies believe they can beat the competition.
Although many companies have suffered massive losses between 2020 and the present, it’s crucial to know that major tech companies have enjoyed the most profitable times of their careers. This, naturally, provides them with an advantage over the cool factor of their name. Their purchasing power also received an upswing to attract the top tech talent, regardless of geography.
In the current post-pandemic environment, experts in talent acquisition must have faith that, while money can be a major factor, it’s not all. In a survey conducted by LinkedIn, people worldwide, job seekers were asked to consider the most important factors when they choose a business. The top three most important factors include:
- Balance between work and life (63 percent)
- Compensation and benefits (60 60 percent)
- Culture and friends (40 40 percent)
Innovative companies are already reinventing the old ways of working by focusing more on satisfying the demands and wants of employees. The race is now on to give employees greater flexibility, independence, transparency, new employee benefits, and many more advantages. What about the what is the purpose? More and more, employees are trying to understand their work. Instead of just wanting an opportunity to earn a living, they are looking to be a part of something that has a lasting impression.
Many HR professionals recognize the importance of data when making informed choices about hiring and establishing a workplace culture. Understanding what today’s workforce wants is vital, especially when IT professionals are aware of an opportunity to make a difference just around the corner. With even a minimal understanding of what prospective and existing employees want, organizations can implement changes and modifications to draw and keep people best suited to their requirements.
- Flexibility As long as you have an internet connection and the ability to work from anywhere is not just possible but also practical from an economic and productivity perspective. LinkedIn’s study found that employees who are flexible in their work are two and a half times more content working in their job than those who don’t have the flexibility and are twice more likely to recommend the company to others looking for jobs. In recognition of the advantages of a flexible environment, employers should look into offering in-office and virtual options.
- Culture: Expand your reach. Businesses that offer the ability to work from anywhere find employees from all over the world. However, this brings a new set of issues and complications about work visas, time zones, language barriers, social rules, etc. It can create a diverse and inclusive workforce with a broad view that encourages more creativity. While it’s been difficult to deal with restrictions and lockdowns, businesses should, when necessary, give opportunities to workers from all over the world to get together physically, strengthen trust, promote collaboration, and build loyalty.
Transparency: Communicate information quickly and extensively. Sharing expertise and knowledge across every level of the company and all regions avoids an isolated working environment and instead encourages cooperation and communication in two ways between teams. For instance, many businesses organize monthly town hall-style meetings that share information from top to bottom, questions, and feedback.
- Values one of the most important competitive advantages for any company has to be its ability to give employees a goal. When a company’s values drive business decisions–developing clean energy solutions to help reduce carbon emissions, creating safer roads, or using AI to help the world become more sustainable–employees can know their work contributes to making a difference. Regardless of their field, many employees want to mean satisfaction. Businesses that convey a common vision or a meaningful mission beyond the organization itself have an increased chance of attracting people who can drive their mission forward with enthusiasm.
- Compensation and Benefits: Put money into people. They are the lifeblood of your company, and employees must stay with and progress with the business. Apart from an attractive salary, companies need to think outside the box regardless of size. You could consider offering an office stipend for home use fitness membership or wellness days, match donations to charitable initiatives of employees allowances for professional growth and financial incentives to purchase electric vehicles, or bonus money to newly-weds. It’s an investment that could pay dividends over the long term.
- Support More than ever, individuals want to be reassured and connected, regardless of their location or location. Companies that can upskill new employees, offer opportunities to those within the company and encourage open communication will gain more than just hardworking employees. They’ll create a strong business that can do more in less time.
People who say that tech talent will always be highly sought-after and in short supply may be right. The people who say the fight for the best talent will never be decided except by the top bidder have probably not considered the ever-changing playing field and the changing preferences of players that could necessitate a company to change how they operate. It’s not too late. Businesses that can effectively communicate their brand’s identity, values, and goals are positioned to draw the right people at the appropriate time and in the long run.