How are Companies Coping with Tech Talent Shortage?

Published on:
June 6, 2022

Say you need a team of developers to get going with a project. Firstly, hiring is a long and tedious process. Secondly, you might hire the best developer but finding the right fit for your in-house team needs more work. You need to hire, fire, rehire and go through a rigorous process of trials and errors to get there. And the struggle still does not end.

Do you know that tech positions are now among the top 10 most challenging roles to fill? Developers lack practical experience, and you need a team with a good skill set. Just thinking about the hustle of hiring, firing, and picking the best among the tech talent shortage scenario in the market makes us tired. And we can never let you go through it alone.

Everyone is hiring, Everyone is firing

So, in this blog, MarsDevs will try to get a better idea of the tech talent shortage situation, understand why it is essential to address the issue and illustrate a way for the companies to work productively.

Better insights into the talent shortage space.

Tech talent shortage

Did you check the new Korn Ferry report? It states that more than 80 million jobs can go unfilled by 2030. This is because there are not enough skilled people in the industry. And we are not talking about the experience yet. 

Recently the Manpower group released the US talent shortage statistics. The studies revealed that around 69% of US employers struggle to fill the position in 2020. In addition, it said that tech positions were among the top 10 most challenging roles to fill. While we can blame the pandemic for being the enormous global crisis that has affected the market, is it just that?

The pandemic just came forward and fuelled the need for digitization. This sudden demand intensified the tech talent gap. About 96% of companies are looking forward to increasing their cloud workloads as machine learning, and AI continues to grow. 

Tech talent availability

When you calculate the staff turnover in the IT industry, it ranks at around 13.2%. This data proves to be the highest attrition index among all the other sectors. One of the most significant factors that set back the development of the tech market is this attrition index. High turnover is costly. Thus, employers have to pay about 50–250% of the salary just for replacement. 

The Bureau of Labor Statistics then predicts that by 2026, the shortage of engineers in the market might exceed 1.2M. Now consider the number of great developers in the market. Also consider that the studies have marked that around 545K software developers would even leave the market by that time.

As a startup, how can you cope with tech talent shortage?

Outsource tech stats 

There are several questions about whether a startup can or can not strive without technology. The answer is mostly no. Having a good hand in tech gives your business a competitive advantage. You must have heard of the phrase "survival of the fittest." And it is identical in the business world.

But, there is no need to be distressed about the situation. It is hard to hire the right fit. But, there are several other options. Let us get the priorities straight. We want an excellent team of skilled developers but at an affordable rate.

In that case, it is best to start with outsourcing. When you start a business, you have several questions on your mind and several issues to work on. You need a team of researchers to go through user-centric research to understand your customer's behavior and then execute accordingly. You can not get stuck with tech issues when you have a whole business to manage.

Software development outsourcing

When you outsource, you get an experienced team of great developers at their job. You can check their track record and make sure they are skilled. The development team would present the social proofs so you know they are competent enough to work with you. Once you start working, you can delegate all your tech worries to the team and focus on the business yourself.

While there would always be a rant around the tech shortage, it is time to get out of that loop. Technology is the backbone of every business, and you need to automate your requirements. But, if you restrict yourself to hiring the best team, you would lose out. However, aren't these outsourcing tech services costly?

Often, due to the high demand for these offshore teams, they fail to be economical. But, to every problem, MarsDevs presents you with a solution. With a great team promising you premium quality coding and excellent UIs, MarsDevs is also affordable. You can connect with us and let us know what your requirements are. Meanwhile, we would be sharing our expertise. What about a virtual coffee, then? Should we discuss tech talent shortage or limitless possibilities now?

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