Finding the best talent has never been easy, but it’s even harder with the war for talent.
Coined back in 1997 by Steve Hankin of McKinsey & Company, it refers to the increasingly competitive landscape for the recruitment, and retention of, talented employees.
Addressing the talent-gap isn’t easy when factoring in the global scale of tech roles, the level of competition from other companies, and the standards that candidates now have after the changes brought as a result of the pandemic.
Now you know what the war for talent is, how can you overcome it?
The current outlook
Many companies found themselves making drastic, and in some cases unnecessary, cutbacks.
The companies that opted for cutbacks in their capacity in 2020 will likely be finding themselves significantly short of talent in 2021.
As services resume to some normality, in combination with a potential spending boom, talent scarcity becomes an issue.
In KPMG’s report on winning the war for tech talent, one of the most important factors for companies to utilise in attracting talent in the wake of the pandemic is highlighting their core values to potential candidates.
Candidates are likely to research how an organisation has responded to the pandemic, which is something entirely new that needs to be considered when attempting to overcome the war for talent.
The age of digitalisation
Those in the tech sector that are hiring, for software engineers to those in general IT support roles, face a unique challenge – every business is digitising, meaning that the level of competition to find these in-demand skills and ideal candidates is even higher.
Additionally, there is a global element, as specific roles are paid higher on average in different locations, and with the age of remote working, the competition is no longer localised.
This digitalisation also has a positive impact on searching for top talent, however, as there is a rise in the number of self-taught software engineers and upskilling in the industry in general, outside of traditional routes.
Software development in the UK is a £34.4bn industry in 2021, with a market size growing 5.3% per year on average between 2016 and 20211, and as demand continues to increase for digital advancements, it drives industry growth.
Changes to the workforce
Finding top talent means understanding the shifting demographics of the current workforce, and how this will impact your processes.
By 2025, millennials are set to make up the majority of the workforce at 75%2, and with it comes a drastic shift in what attracts potential candidates to a company.
The good news is, 25% of millennials want to make a positive impact on their company3, which can indicate a shifting attitude to finding satisfaction beyond a traditional 9 to 5 job, namely, a higher emphasis on values.
A company that emphasises their Corporate Social Responsibility (CSR), diversity and inclusivity, value-driven strategies around sustainability and ethics, are far likelier to appeal to the newer generation entering and existing in the current workforce.
Focus on flexibility, value, and stability
As mentioned above, there is high competition across the board for roles in the tech industry, which means that if you are a company looking to attract skilled candidates, you need to find a point of differentiation.
74% of millennials want a flexible working schedule, as the standard 9 to 5 in the office is on a steady decline.
This coincides with a rise in remote working in software engineering, with 25% of employers open to remote hiring, and 51% of new candidates open to remote positions, in a survey by Hired.
Aligning your hiring processes with these factors in mind can be extremely beneficial in attracting candidates from an employee experience perspective.
Here are a few quick tips you can implement to attract in-demand candidates:
Cast the net wider
Across sectors, there is a steady increase in self-taught professionals, versus traditional routes such as university.
The issue is, often candidates with the ideal skillset are being overlooked in favour of candidates with a traditional academic background, which excludes a huge pool of untapped talent.
Particularly when including soft skills, the candidates who are self-taught shouldn’t be automatically excluded, especially for such a fast-changing industry.
Whilst you might have a candidate with 10+ years’ experience applying for a role, they may be less versed in newer technology than a less experienced, but more knowledgeable candidate.
Primarily, you can overcome the war for talent by casting the net wider and looking at transferable, soft, and technical skills overall, rather than prioritising one over the others.
Remote working increases the necessity for soft skills such as communication, resourcefulness, willingness to learn, delegation, managing team and projects remotely, and work ethic.
The most positive additions to your team will have a healthy mix of technical, transferable, and soft skills, so it’s worth keeping an eye out for them all.
Final thoughts
The war for talent isn’t likely to disappear anytime soon, as vacancies rise, and demand grows.
Beyond finding talent for your company, you also need to continually invest in the candidates you do secure in order to retain them, keep them engaged and make your workforce more productive in the long-term.
It’s just as much about putting out valuable information to attract candidates as it is about keeping up with the competition and demand, which means consistency is key in your messaging.
Embrace the challenge, and you may just overcome the war for talent.
Get in touch today to discuss your recruitment needs with us.