How to find and retain technology talent

Asked what keeps many businesses up at night, he highlights the global job shortage and the need for digital transformation. When the two are combined, a significant issue emerges – the race to attract and retain tech talent.

In the year Between 2020 and 2022, the number of jobs posted and closed in technology has increased significantly worldwide. There were 102,756 jobs posted on January 1, 2020, then increased to 180,519 on July 1, 2022, indicating that calls for tech talent are steadily increasing.

Joy Jegarajan, chief technology officer for PwC Consulting in the UK and Europe, Middle East and Africa region, said: “The market for technology talent is accelerating. Among the top ten roles in demand are technology roles. [the UK’s] Manchester in particular will more than double the number of tech jobs by 2021.

With a looming global recession and ongoing strategic shifts due to the impact of Covid-19, keeping businesses agile and resilient is a key objective for many companies.

As a result, businesses are increasingly adopting new technologies and systems to stay ahead of the times. However, for many tech talent pools are not easy. Not only finding tech-savvy talent, but also the need to retrain existing employees is a problem that needs to be addressed for companies looking to grow their capabilities.

In addition, for many well-established companies, the process of solving long-standing legacy processes to implement technology solutions can be a long and difficult process. So what pitfalls should companies avoid when joining the tech race, and where is the tech talent?

Technology skills, please apply

When pointing out where the tech talent resides, it’s important to first highlight where the top tech jobs are.

According to data from GlobalData, between July 2009 and August 2022, the US has by far the highest number of tech jobs listed at 45.81%, as shown in the graph above. In second place is India with 13.2% followed by China with 6.23%.

Considering that the four companies that closed between July 2019 and August 2022 were all US companies, it makes sense that the US holds the top listed tech jobs.

Despite accounting for the lion’s share of the listed job market, the US ranks fifth in jobs posted between July 2019 and 2022.

The Philippines, India, and China, ranked first, second, and third, respectively, saw significant growth in posted technology jobs, indicating a strong focus on implementing technology practices in business. On July 1, 2022, Germany overtook the United States as the fourth most competitive and fast-paced playground for tech talent.

But, it’s not just about where the jobs are in 2022. For investors, an important part of unlocking tech talent is pinpointing where future talent pipelines will be.

According to the Global Innovation Index 2020, Oman has the highest proportion of graduates in Science, Technology, Engineering and Mathematics (STEM) subjects, accounting for 46.1% of the country’s total graduate talent pool. This indicates that Oman is looking to position itself as an emerging destination for businesses looking to hire tech talent.

In general, the Middle East and North Africa (MENA) region, together with Asia, dominates the top ten rankings, indicating that these areas are successfully developing future technology talent areas. Jegarajan points out that while the United States and China have large numbers of STEM students, Poland has also developed a prominent tech talent hub through STEM graduates.

Ian West, partner and head of technology, media and telecommunications at KPMG UK, explains: “There needs to be coordination between government, academia and business for regions looking to develop tech talent. It starts not only in colleges and universities, but even in high school and elementary school.

What not to do in tech racing

In such a competitive environment, West explains, it’s easy for businesses and investors to stumble early. He explains that “tech FOMO” (fear of missing out) can cause businesses to make costly mistakes in an effort to keep pace with competitors.

West advises that companies that want to enjoy the benefits of adapting technology solutions should take a deep breath before developing a comprehensive strategy.

“[Businesses should ask the questions] What technology do we need? What is our business?’ and ‘Why do we invest in technology?’ “If you understand what your purpose is, it’s easier to understand what your technology skill requirements are.”

The need to look outside the business at what others are doing, combined with the pressure to not adapt quickly, can lead business leaders to invest in technology in a way that doesn’t fit their business strategy, West explains.

Another common mistake is attracting more attention than creating talent.

“Focus on middle-level workers [looking at] Career change, and training and access to diverse talent pools, are critical to ensuring a rapid pace of change and stimulating innovation and growth. [at a company]” says Jegerajan. “A huge number of jobs will be disrupted by digitization and this will create an opportunity for new skills to be developed with new potential.”

Looking for different talents

When asked for tips on ad tech jobs, West explains that using inclusive language is an important skill that is often overlooked.

“Think about the way you want people. How do you describe the job description? ” he says. “[With tech]You need to look for the largest possible pool and often job listings can eliminate people from different ethnicities or people who only want to work certain hours or people from certain geographies.

Of course, another key opportunity to exploit in the tech race is the abundance of workers open to hire from around the world. West explains that a positive aspect of the lessons learned during Covid-19 is the ability to work remotely.

“[By making your advert geographically open] There are a lot of people you can appeal to,” says West. “In general, more flexibility is more persuasive to not only get people to join you, but also to keep them.

While the race to find and retain tech talent seems set to remain a hot topic in business, it comes with the dual challenge of implementing ever-evolving tech-centric strategies.

While some countries, such as the US, have been faster than others in developing a tech talent pool, the race to create a strong talent pipeline through STEM graduates has for the time being rested in MENA and Asia. The issue and solution for tech talent is truly global.