Better Understand The Tech Labor Market To Unlock Your Labor Strategy

Tech execs have a growing problem: there is huge competition to attract and retain an evolving pool of technological talent. In February 2022, job postings for technical occupations reached record levels, rising to more than 388,000 active monthly postings – about 50,000 more postings than in January. And solutions are coming from everywhere. The city of Savannah, Georgia, has established the Savannah Technology Workforce Incentive, which offers $ 2000 to qualified technology workers who move to the city. The existing lack of talent combined with both the war in Ukraine and the disruption of offshore labor due to a volatile economy will further exacerbate substantial compensation inflation and labor shortages. In 2022 alone, Forrester predicted at least a 7% increase in tech personnel spending in the United States.

As the demand for technical talent exceeds the supply rate, this problem will not soon disappear. According to the Bureau of Labor Statistics (BLS), roles such as software development and project management are expected to grow significantly over the next decade. BLS projects that an average of 189,200 will be open each year for software developers and software QA analysts and testers through 2020-2030. Similarly, project management specialists and business operations specialists are estimated to have an average of 141,900 professional openings per year.

This figure shows the professional separation and opening up from 2020 to 2020 for the computer and math professions from BLS.  .

Moreover, an ongoing workforce transformation will result in increased automation and additional demand for a talent pool that can provide innovative ideas and solutions to still-unknown challenges. This is evident in the 2022 companies’ most in-demand capabilities, with SQL, Python and Java topping the list, which clearly outperforms infrastructure and operations capabilities. These skills build capabilities in application development and maintenance, giving companies the flexibility to adapt their talents and drive business value. As companies focus on becoming more “future fit”, demand will only increase for well-rounded candidates who possess both hard and soft skills – who deliver technically but also understand the interpersonal dynamics required to be agile and a part. Adaptive team. Thus, in order to recruit and retain a cross-skilled worker, technical staff must keep an eye on the technological skills and emerging technologies in demand today. This will reduce the need to return to the tight labor market.

What will be the solution to your problem? One component is competing on employee experience, retaining talent and improving your EX practices for both hiring. Another factor is taking a macro-level view of labor trends to inform your “future fit” labor strategy. To do this, use Forrester’s recently published “2022 US Tech Labor Market” report, which provides a comprehensive overview of labor market trends that will influence how technology executives source, manage and invest in talent.

The “2022 US Tech Labor Market” falls under Forrester Tech Insight and Econometric Research (TIER) Series.

Source link

Leave a Reply

Your email address will not be published.