With the cost of securing tech talent internally and through third-party providers only continuing to rise, attracting and retaining a technology workforce will require immediate and long-term tactics. The cost of hiring top-tier IT talent is escalating by the day. The persistent skills shortage has been exacerbated by increasing post-pandemic digital transformation spend and pent-up business demand, creating an intense short-term tech talent scramble.
According to Everest Group research, only one in four organizations have a well-defined digital talent strategy to help consistently improve their foundational tech talent metrics.
With the shortage in quality IT skills intensifying by the day, enterprises require a holistic strategy to attract digital talent and engage and retain current employees to win the IT talent war.
Build and Advance a Winning Talent Acquisition Strategy. Our talent excellence membership offers holistic coverage and deep industry context, addressing key aspects of talent research, including workforce trends and talent acquisition strategy .
Our Talent Excellence research program offers practical insights to help leaders develop a comprehensive talent acquisition strategy to create optimized, future-ready organizations.
Enterprises are realizing that classic attraction and retention strategies are being relegated to “common differentiators.” Many enterprises are starting to max out on the stretched end of their annual digital talent budgets – even as attrition levels spike beyond 30% for key roles.
Here are a few novel approaches enterprises can take to initiate a digital talent strategy and alleviate digital talent challenges, especially for access and time-to-hire:
Award retention bonuses: Offer retention bonuses with a time lag of only a few months to counter immediate attrition
With tech talent at the front and center of every business, enterprises across industries are inevitably competing for the same target talent pool. With demand expected to outstrip supply, only enterprises that take their digital talent destinies into their own hands will survive. And the planning and structural interventions required to drive digital talent self-sufficiency need to begin today, if not already.
As we look past the pandemic, it has become apparent that we now have a completely different and equally challenging set of issues.
We help IT leaders understand where they are positioned in the market, identify and become the top choice among different talent sources, stay up-to-date on market trends, provide best in class practices, and ultimately beat out the competition in finding, attracting, and retaining critical tech talent.