There¡¯s an increasing demand for digital skill sets¡ªwith high-tech employment set to grow 13% from 2020-2030. Yet, as you know, the number of graduates from software engineering, data, and UX design programs isn¡¯t keeping pace.
What we found in surveying 1,000 global talent leaders in 2022, across 10 countries, is that we still have a long way to go in addressing the deepening tech talent shortage. The courage to tackle talent challenges will require more than commitments on paper¡ªbut new mindsets and strategies that build a more inclusive and resilient workforce, brick by brick.
In our latest report, ¡°The State of Tech Talent Acquisition 2023,¡± we partnered with Wakefield Research to help tech talent leaders get a data-driven view of what¡¯s happening and how leading companies are navigating the issue.
What You¡¯ll Gain From This Report
This report¡¯s data points reflect several key stories dominating the 2022 tech talent acquisition landscape worthy of our attention and consideration:
Talent acquisition teams are under pressure, but there are no diamonds.
The need to address talent gaps is an urgent one. Leaders are under increasing duress to expediently find the best candidates to fill much-needed roles. The longer hiring biases and outdated practices persist, the more difficult and expensive it is to remedy.
The following statistics highlight growing concerns:
- 91%: leaders are ¡°concerned¡± or ¡°extremely concerned¡± about hitting speed-to-hire goals for the year.
- 7 weeks: the average amount of time it takes to fill a tech vacancy.
- $30,000: the average cost to fill a tech role for a mid or large-sized company.
Unfulfilled diversity promises are piling up¡ªand the time for action is now.
Making a promise is easy¡ªbut without organizational change, a well-intentioned commitment on paper falls short of expectations and becomes an obstacle to reaching company growth goals. Something as rudimentary as changing prerequisites in a job ad becomes a major impedance to getting the right candidates through the doors.
Consider the following:
- 87%: companies that have made no changes in the hiring process to meet their diversity objectives this year.
- 1 in 5: leaders who say less than 10% of their tech talent comes from a diverse background.
- 23%: firms that have revised their job requirements to expand access for candidates from non-traditional backgrounds.
Traditional tech talent pipelines are dead.
In recent years, it¡¯s become apparent that the traditional four-year college degree isn¡¯t the only educational path for tech talent. We¡¯re also seeing that recruiting from social media sites doesn¡¯t necessarily create a sustainable path to long-term talent acquisition. Tech training program partnerships, on the other hand, are on the rise.
Let¡¯s take a closer look:
- 52%: job postings that include a college degree as a prerequisite for hire.
- 55%: talent leaders who source candidates through LinkedIn, making it the most popular tactic for finding tech talent
- 51%: progressive leaders are starting to leverage partnerships with tech training programs to increase the pipeline of skilled workers.
Beyond these 2022 findings ¡°The State of Tech Talent Acquisition¡± is packed with best practices based on learnings to help you address critical talent needs as well as bridge long-standing equity gaps. The biggest obstacle isn¡¯t necessarily a talent shortage¡ªbut rather, that organizations have been slow to adjust their hiring practices in light of a changing workforce. This report points a data-driven way forward.
You can download the full study here.