Top Talent Shortage? Not With This Hiring Strategy

By: Kelly Meissner on October 30th, 2017

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Top Talent Shortage? Not With This Hiring Strategy

Globalization  |  Hire Smarter  |  Tech

Win the talent wars by looking globally

Highly qualified, reliable talent is the holy grail of staffing — everyone wants it, but it’s hard to find or even know where to start looking.

For technology companies, it doesn’t help that we’re in the middle of a global tech skills shortage.

Earlier this year, Harvey Nash and KPMG published a survey of more than 4,000 CIOs and other tech leaders in 86 countries. A majority of the CIOs (62%) said a lack of talent will prevent their organization from keeping up with the pace of change.

Some business leaders turn to outsourcing as a stopgap, but too often this decision leads to disastrous results. Is there a better solution? First, we need to understand the causes of the tech industry’s current hiring struggles.

What’s contributing to the shortage of tech professionals?

1. Universities can’t produce qualified graduates fast enough

Research firm Gartner projects 1.4 million computer specialist job openings in the U.S. alone by 2020 — creating a talent shortage that universities won’t be able to fill by 30%. And we’re already well on our way to that number. As of 2015, the U.S. job market had over half a million openings in information technology, the largest number of any occupational category.

2. The pace of technological change keeps accelerating

Businesses rely on technology for everyday operations, to stay competitive, and to drive growth. They need to find quality tech talent with current, advanced skills. It amounts to a simple case of demand outweighing supply.

3. Tech professionals have more choices

As a result of this demand, tech workers can be more selective, holding out for a job with a top company or looking for benefits like remote or flexible work options. Randstad’s 2016 Information Technology Workplace Trends Guide indicates that retention of qualified talent is one of the top three threats to business performance, according to the hiring managers surveyed.

The solution? Broaden the search for talent

Businesses are starting to recognize the value of non-traditional hiring strategies, particularly ones with a global perspective. Here’s why broadening the horizons of your talent search makes sense.

1. Location is limiting

Restricting your search for talent to a certain city (or even region) severely limits your opportunities to find qualified candidates. In fact, one workforce study found that there are only five skilled candidates for every eight open tech jobs—and that’s in hubs like New York and Seattle. So focusing your talent search in areas where you think qualified people tend to congregate is no longer a smart hiring strategy.

2. Workers want flexibility

The same fast pace of technology that contributed to the tech talent shortage has also created the tools that make location-independent teamwork possible. From online collaboration and management tools to virtual meeting apps, teams have the resources they need to work together from anywhere.

Globally sourced teams of professionals give businesses access to fresh talent with a wider range of skills, greater organizational agility, and the improved productivity that results from a remote workforce.

Where to start your global talent search

Globally, about two-thirds of CIOs from larger organizations are already investing or planning to invest in digital labor. Nearly half are increasing their investment in outsourcing for 2017. (Harvey Nash / KPMG)

But why risk your time, funding, and outcomes on an outsourced team that’s out of your control and may not deliver the kind of results you’re looking for?

There’s a better solution. If you need to build a top-tier tech team, don’t overlook the value of expanding your search. Crossover can help you get started with custom assessments that narrow down your selection of candidates to the top 1% of job seekers worldwide.

The result? You get a dedicated team of highly skilled, extensively vetted talent, plus transparent, data-driven insights about their progress and productivity through WorkSmart, Crossover’s remote team management platform — whether they’re located in San Francisco, Stockholm, or São Paulo.