The world is slowly winning over COVID with multiple vaccination programs. It's evident that businesses are getting back to their feet. In fact, digital businesses are accelerating much faster than expected. Economies across the world are showing a V-shaped recovery in a short span.
Companies find it challenging to identify the niche technical talents required to meet the growing demands of digital businesses. Inability to find these tech talents exposes companies to the risk of becoming digital laggards.
Below are some of the critical roadblocks faced by companies in finding these niche tech talents
Let us deep-dive into this problem by focusing on a particular region to see how accurately significant the pain is. I will take one of the hottest hypergrowth regions in the US, the New York Metro region, comprising NY and NJ Urban centers. The focus is on four central tech stacks, which are powering the digital transformation for many companies.
- Data science and ML engineers
- Cloud & Big Data Engineers
- DevOps Engineers
- Full Stack Application Engineers
The focus is primarily on identifying talents who we refer to as ‘Specialists’ with a minimum experience of 3 years.
Clearly, Full Stack engineers are in abundant supply compared to the other three areas. While the spread seems to be good, these most likely accounts for passive candidates. And it’s very likely that they’re well settled in their jobs.
Instead, let us look at available jobs and people who are actively looking.
Now comes the reality of resource scarcity. Demand for data science engineers tops the charts with (21X) 2100% the supply. As you can observe, the minimum demand is (4X) 400% the availability of supply - which is ASTRONOMICAL!
If some companies are looking for urgent hiring, then they are looking at an extremely bleak probability of acquiring the talent they want!.
Also, the cost spent on recruitment will yield very low returns as the percentile of candidates ‘actively looking’ for jobs is too low.
Check out the image below for a quick visual inference of the probabilities:
Probability of getting the talent you need is only 4-25%
Cleary talent shortage is hitting hard on companies of all sizes, whether they are large enterprises or SMBs or Startups. Addressing this concern is critical, unless you want to embrace one or more of the below issues for yourself.
- 57.8% of the companies are already reporting a stalled/non-scalable digital transformation Initiative.
- 43.75 % are not able to meet the customer experience (CX) KPIs.
- 18.75% have lost revenue.
- 15.25% are not able to match with their sales performance.
- 14% have missed business compliance requirements.
I wish I could say it’s very easy, but there is no silver bullet! It’s impossible to find a one-size-fits-all approach here. But the need of the hour is a change in mindset. COVID has disrupted the traditional work model. And as days pass, more and more employees will switch to working remotely.
Companies should for sure have a ‘Trishore strategy’ as part of their Talent Augmentation Program. Trishore strategy brings the best of in-house and remote experience for the customer.
What is Trishore Strategy?
Trishore strategy combines the best-in-class methodologies for evolving your company from a LOCAL to GLOBAL Talent Acquisition Model. The below pyramid gives a general structure on how companies can plan their Talent Strategy. Since the technical talent is key behind the execution, it’s wise to adopt a combinatorial approach (as mentioned in the table below).
- Empowers organizations to create a future workforce strategy by allowing Talent Managers and the HR to create a predictable supply chain.
- Dramatically increases the probability of Talent Hiring by 50%
- Accelerates concepts to completion.
- Creates a structured borderless framework for resource scarcity and visa restrictions.
- Alleviates attrition risk instantaneously.
Let us apply the Trishore strategy and see how it improves the probability of hiring for a Talent Manager in the New York Metro.
The above analysis is based on one specific region (New York Metro). But we are highly confident that the other tech regions like Bay Area, LA, and Seattle reflect similar patterns.
Hence, having a Global Strategy provides a unique advantage of exponentially changing the hiring equation of your company by 5X to 10X.
Needless to say…
- 33% of companies are already evaluating a Hybrid Model.
- Trishore with Global-Remote is the key to acquire and retain critical talents.
TalaNova is born with vision of helping Startups and hypergrowth SMEs with a borderless extended arm of high caliber spqcialist. Our mission is to build a global community of high-caliber deep-tech engineers who would accelerate disruptive projects on a global scale.