The key to overcome the talent crunch - Deepstash

The key to overcome the talent crunch

Companies recognise that they need to seek people from a more diverse pool with a broader set of desired capabilities. Technical skills remain critical but are less needed for specific jobs such as customer success and product managers.

Companies could find a person who has the ability most predictive of success in a role such as collaboration, stress management, and self-confidence, and the rest can be learned on the job through training.

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MORE IDEAS FROM How to Attract Top Tech Talent

The war for technology talent

Software and technology are becoming a critical component for businesses throughout the economy, not just tech companies.

This trend is growing. Before Covid-19, more than 40% of software engineer and developer hires were made by non-tech companies. During the first few months of the pandemic, while many companies were cutting staff, Facebook announced it would hire 10,000 additional product and engineering staff members. Amazon plans to surpass that.

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  • Commitment to diversity and inclusion. Top talent are attracted by companies with a strong diversity, equity, and inclusion (DEI) strategy.
  • Transparent and accountable senior management. Managers at high-performing tech companies are often visible and willing to engage with employees.
  • Culture of coaching and development. Millennial and Gen z workers tend to value companies that invest in high-quality coaching and development of employees.

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The online job application process

Online applications can take hours of candidates' time when applying for a job. While some firms are moving away from these online systems, many companies move towards them.

A recent survey states that 73% of businesses of all sizes use talent acquisition software to source, track, analyse, and onboard new recruits. 99% of the US Fortune 500 companies use applicant tracking system (ATS) providers, allowing them to customise questions and set filters, and automate the bulk of the filtering labour.

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Diversity & Inclusion

There is a significant relationship between competitive profit gains and diversity.

Companies with gender, ethnic and racial diversity are at least 15 percent more likely to experience above-average financial returns.

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The model of future work

By 2030, up to 30 to 40 percent of all workers in developed countries may need to move into new occupations or upgrade their skill sets. Skilled workers in short supply will become even scarcer. Any company that doesn't join the early adopters and doesn't address its underlying talent needs may fall short of reaching its goals.

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