There is a global challenge to find talent across industries and departments.
As we look past the pandemic, it has become apparent that we now have a completely different and equally challenging set of issues. The more lasting impact will be disruptions and shortages affecting the talent supply brought on by an accumulation of social and cultural changes set in motion over generations and exacerbated by the pandemic.
Currently, there are now 2.7 million more job openings than people actively looking for work. In the US, 4.3 million people quit in August 2021, up from 3.0 million from a year prior. Yes, the pandemic set off a landslide of changes; however, the US had been moving toward a talent scarcity long before.
Everest Group helps 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.
In 2021, IT workforce attrition rates increased by 10% across roles and regions – and time to hire took two to three times longer than the norm. The current tech talent trends show that the IT talent shortage will be a long-term challenge, with the possibility of lasting the next three years.
Organizations need to arm themselves with the resources to develop world-class talent capabilities to find and keep talent and will ultimately need to shift their internal infrastructures to adapt to the change.
Enterprises may adapt in a variety of ways, including changing the workforce structure, improving workplace culture, looking at other talent models, evaluating new geographies and looking to outsourcing, or leveraging digital/next-gen or automation capabilities.
At the end of the day there is no one strategy that will be sufficient to “win,” and it will require many different strategies and tactics to build out a successful talent strategy.