There is no doubt that the hiring market is changing, but as we evaluate the change and its causes, the more important question becomes how are we reacting and adapting to the shifts to continue to find, hire, and retain great talent?
Regardless of where the shift is coming from – an economic downturn or a talent shortage – there are ways that companies can proactively work to overcome the challenges in the current market, especially in their search for niche IT talent which can be even harder to source. We’re breaking down the shift and sharing recommendations for combatting these hiring challenges.
The big picture challenge at hand is that the demand is high for tech talent, but the candidate pool is not seemingly large enough to meet the demand. The challenge becomes even greater in the search for talent with niche technical skill sets, as the candidate pool becomes even more narrow. Even as we hear news of larger tech companies experiencing layoffs and we see stagnant job growth in the IT market according to TechServe, there is still a gap in the market. While these layoffs may actually help level-set the market and bring talent to smaller companies who may not have been able to compete previously, those small to mid-size companies still need to think through their hiring strategies to help them attract and retain top talent in this market.
So, where should you start? Here are a few of our team’s tips for finding and hiring the best talent in today’s IT hiring market:
- Be intentional. Employers need to be intentional in creating opportunities to be seen as a top-tier employer by potential candidates. Whether that means evaluating benefits offerings or offering hybrid or remote options in the workplace, the key is to stand out amongst the crowed. Offering remote positions allows you to cast a wider talent net, ultimately growing your pool of candidates, which is especially helpful in the search for more niche roles.
- Adjust to meet salary expectations. With a recent increase in labor costs, employers need to be considering higher salaries and perhaps even unique bonus offerings to stand out to high-performing talent. And keep in mind, you are no longer competing with only your local market for talent. It’s national, international, and global due to the rise of remote work. Evaluate compensation and benefits now, before you go to market with offers.
- Restructure your hiring process. Focus on soft skills and basic technical requirements, then train a new hire with the more in-depth technical skills needed to do their new job. Hire based on the person and potential, not their experience. You may even find a better cultural fit this way.
- Strike while the iron is hot. Don’t let a drawn-out hiring process keep you from getting great talent. Go to the table with your best offer and immediately gain interest from the candidate. When candidates apply, it’s important to be transparent about the interview process and to move as quickly as possible through the necessary screenings and interviews. No one enjoys a lengthy process, and companies need to keep in mind that candidates are often applying to multiple positions at once, and in this market, may receive multiple offers, so it’s important to move as efficiently as possible to secure great talent.
While there are many ways companies can adapt to the ever-changing hiring landscape, the most important thing to do is to stay informed. Things shift quickly, and our team is here to help with real-time hiring insights and advice for staying competitive in the market for IT talent. If you need help with attracting, hiring, and retaining top tech talent, contact our team today!