Finding skilled tech talent is hard. The shortage of skilled tech workers has become a top issue in many businesses throughout the country.
As the war continues to rage, it’s become necessary for companies to offer increasingly more compelling compensation packages to stay competitive in the job market. However, the talent war is hurting companies in far more ways than one.
The talent war seems to be a never-ending cycle.
In a recent survey conducted by indeed, 86% of respondents claimed that is was challenging to find and hire technical talent. In fact, 75% of the respondents said that the time it takes to fill a position has increased in the past three years.
Does this process look familiar to you?
Step 1: A new position opens in your company and you must find a qualified candidate to fill it.
Step 2: While you wait to find a new qualified employee to take over this position, you must fill that position with one of your current employees.
Step 3: The employee that has taken on these new responsibilities in addition to their own, starts to become burned out and realizes they could go to another company for better pay, and not have to work as hard.
Step 4: Rinse and repeat.
When positions are not filled, the responsibilities fall to employees who are currently with the company. This increase in responsibilities causes burnout and eventually a higher turnover rate.
In what ways is the talent war harming business?
The aforementioned Indeed survey queried over one thousand tech hiring managers and recruiters to better understand just how the talent war is effecting business.
One of the questions these hiring managers and recruiters were asked was this;
How do you feel the tech talent shortage has affected your business?
83% of the respondents replied that the talent war has hurt their business in at least one of the following ways:
- Lost revenue
- Slower product development
- Market expansion
- Increased employee tension and burnout
While only 16% of the respondents replying that the talent war has not hurt their business.
The overwhelming response was that yes, the talent war has had negative effects on most businesses. As companies try to remain competitive in the marketplace, they must move into new markets and not only keep up with the latest technology, but remain innovative.
Innovation during the talent war.
The struggle to find talent obviously has negative effects on how well business can be run.
- Stunted revenue
- Slowed production
- Stunted company expansion
- Increased employee tension/burnout
These negative results of the talent war lead to one thing in a business: a loss of innovation. Without talented employees to help grow the company, innovation slows to a snail’s pace.
A top priority for 2017 should be to make sure your team is filled with talented workers and that your current workers aren’t at risk for employee burnout.
If you’re having trouble filling those positions, be sure to contact us at HT Partners. We’ll be your trusted advisor in this endless battle and do all the heavy lifting for you. We find the top talent in the industry and match them to meet your business needs. Call us at 847.202.3242 to learn more.