The IT industry is in the midst of a hiring battle, which is limiting its ability to innovate and thrive. According to a study by Korn Ferry, the talent shortage will reach more than 85 million professionals by 2030, potentially resulting in an $8 trillion yearly revenue loss.
But what is the true cause of this gap? Is the problem a scarcity of competent people, a mismatch between skills and demand, or a failure of education and training systems? While these elements may contribute to the problem, the underlying cause is far deeper and more fundamental: tech companies are not investing in their people.
Keeping an Eye on the Prize
The channel currently suffers from high turnover, low employee engagement, and weak diversity and inclusion procedures. These challenges not only have an impact on the morale and productivity of the current workforce, but they also deter future talent from entering or remaining in the industry.
Short-term earnings are frequently prioritized above long-term sustainability by many companies, who disregard the human component of their organization. They fail to give their employees proper remuneration, benefits, recognition, feedback, mentorship, professional development, or work-life balance. There’s also a lack of a desirable work culture. These factors contribute to the vicious cycle of the talent shortage and are the main reasons good workers leave or migrate to other industries.
The secret to finding the right talent is prioritizing people. Technology is always expanding and changing, necessitating the learning of new skills and capabilities by the workforce. Many IT organizations, however, are hesitant to invest in their workers’ development, preferring to acquire ready-made talent from the market or outsource the job to third-party suppliers. This short-term approach may save money and time in the near term, but it creates low engagement and poor quality over time.
How to Make a Change
Investing in people means more than just providing them with salaries and benefits. Here are a few ways to put employees first:
- Create a culture of learning and growth where individuals are encouraged and supported to acquire new skills, explore new domains, and apply their knowledge to solve real-world problems.
- Provide opportunities to work on challenging and meaningful projects, collaborate with diverse and talented teams, and receive feedback and recognition for their contributions.
- Empower them with autonomy and ownership, allowing them to make decisions and take risks, and trusting them to deliver value to the customers and the organization.
- Care for their well-being and happiness, and ensure they have a healthy and balanced work life.
- Respect their individuality and diversity and create a sense of belonging and inclusion.
- Listen to their voice and opinions and involve them in the decision-making process.
- Celebrate their achievements and successes while supporting them in their failures and challenges.
- Provide a safe and comfortable work environment and address any issues or concerns that they may have.
Keep in mind that the right talent will align with the vision, mission, and values of the organization and share its passion and purpose. Look for those who are willing to learn and grow, as they have the potential to become leaders and mentors.
It’s important to provide opportunities for professional development and training to help current employees enhance their skills and knowledge. This not only benefits the individual but also contributes to the overall growth and success of the organization. By developing a culture of continuous learning, team members are more likely to stay engaged and motivated in their roles. Creating a supportive and collaborative work environment where employees feel valued and respected can also lead to increased productivity and job satisfaction.
Investment in People Capability
By reevaluating their human capital strategy and making investments in their workforce, companies in the channel can properly address the talent shortage. Encouraging professional aspirations and ambitions and providing individuals with opportunities for training, coaching, and mentorship are critical parts of a strong “people first” mindset.
When people feel supported in their personal and professional growth, they are more likely to be engaged and motivated in their work. This can result in higher productivity, job satisfaction, and, ultimately, contributeto the company’s success. Spending the time to create a culture of inclusivity and diversity can attract top talent and create a positive work environment where everyone feels valued and respected.
The lack of talent is not an insurmountable problem, but it does call for a long-term, strategic solution. IT companies must understand that their people—not their technology—are their most significant resource. Companies can bridge the talent gap, build a devoted clientele, and find a competitive edge by investing in their employees. The technology is not the product; rather, the engineer responsible for it is.