Economic, demographic and business operational trends are creating talent gaps or setting future gaps. It can be noted that experienced Tech Talents are leaving the workforce, taking with them, not only years of business experience but also knowledge and skills set. The potential for tech talent gaps extends worldwide.
It is found in the recent data that companies are viewing falling unemployment rates with rising trepidation as many are being forced to lower job-fit requirement. For example, settling for fewer years of experience than they would like in certain high-demand and fast-changing technology areas. Many companies such as Swiss Gulf Partner analyses this problem and take initial steps to fill the gap between tech talent and organisation.
In this article, we will discuss how to identify and fill the tech talent gap in great detail.
- Wage Gap
According to Bloomberg TV, Corporate profits as a percentage GDP are at all-time highs of 12%, whereas waged as a percentage GDP at all-time lows of 2%.
What you can do?
- Review your compensation policy regularly to make sure it is properly aligned with the business strategy, revenues and labour market.
- Recognize success and successful practices and reward them.
- Build intrinsic value in your organisation through your work culture. Know about your product and services and what your labour market wants to find a way to provide it.
- The STEM Gap
STEM means Science, Technology, Engineering and Maths. College grades are not enough to meet ever-increasing market demands. According to the recent survey, it is found that there will be one million more jobs than students learning how to code.
Start closing this gap by:
- Becoming involved as an organisation with STEM initiatives at high school students.
- Check the STEM challenge as an example of making STEM fun.
- Communicate and collaborate with educators and policymakers on what aptitudes are important.
- Skill Gap
Recruiting and hiring managers continue to rely on mediocre and inflexible position descriptions which focus too heavily on skill and experiences and not enough on applicant performance.
Here’s how to fill the gap?
- Stop focussing on skill and experiences as required for successful candidates
- Define top performance in your career description
- Interview for passion. Aptitude and demonstrated previous performance which is the best indicator of future success.
Check out here to learn new ideas on how to bridge the widened skill gap in great detail.
You can use surveys for new hires and hiring managers about their experience during the recruiting process. You can also review sourcing metric to see how many new hires and applicants came to you through your websites or other means in order to reach to you. As you begin to fill these gaps, you’ll find that improvement in one area will support progress in another.