Embracing the Current Tech Talent Shortage as a Competitive Advantage
The Talent Pool Staggers
If you are like me, you are growing tired of hearing about the new normal, macro uncertainties, and the wide range of challenges facing organizations in 2022. There are numerous articles stating that we are in unprecedented times and that companies need to adopt new playbooks rapidly. While this may be true in several areas- ESG, supply chain resilience, cyber security, and remote workplaces come to mind. I feel that there are opportunities to update some tried-and-true playbooks to address the current challenge of technology talent scarcity that is pervasive across all industries. According to a study by Gartner, 66% of CIOs are seeing talent scarcity in crisis proportions owing to attrition. This problem will worsen as the demand for technology talent will amplify over the coming years. It is critical for organizations to have multiple strategies to ensure success and, ultimately, a competitive advantage.
I started my consulting career in the late ’90s when the major technology challenges facing organizations were how their systems would handle Y2K and deciding which ERP system to implement. Thousands of college students were hired during this time by the top consulting firms to meet the demands of the marketplace. These consulting firms hired students for their attitude and aptitude, sent them to intensive training and surrounded them with experienced consultants, and let the magic happen. I was fortunate to be hired by Arthur Andersen’s business consulting group based in Philadelphia.
The training, mentorship, and exposure to projects at an early stage in my career afforded me an exciting career in technology consulting that was life-changing. Those lessons and relationships early in my career set me up with critical skills to help my clients be successful on their projects.
In 2022 we see different technical challenges, but the talent shortage is amplified by the organizations prioritizing numerous technology projects. These are transformational initiatives are focused on cloud optimization, digital transformation, artificial intelligence, and cyber security, to name a few. Julie Sweet, CEO at Accenture, said nearly 70% of the CFOs the company surveyed reported having three or more transformation programs underway or soon to launch. Too many technology projects and too few resources are setting organizations up for failure.
Talent Scarcity: Facing the Tussle
In these current economic conditions, it is imperative to do more with less. We all know that the only way to do this is by implementing technology solutions. Over the past few months, I have met with numerous clients that have stated that their number one challenge is hiring and retaining technology employees. These employees are needed to implement new solutions, optimize existing tools, maintain and enhance platforms, and drive the strategic roadmap of the organization. The result of this talent scarcity is delayed projects, over-working existing employees, rapid increase in the cost of talent, and overall frustration by all stakeholders.
There are three main levers to address this challenge. The first is to reskill your current employees by training them on emerging technologies. This often is an excellent way to drive employee retention, but employers must be prepared to put the right support structure in place as it will be a stressful time for the employee. This entails discussions with your employees about their career paths, goals, and commitment to learning new skills. You will need to provide them with detailed training plans, certification paths, and mentors.
The second way companies address the talent shortage is to leverage partnerships with consulting firms that can provide consulting engagements to implement or optimize technology projects. Additionally, most consulting firms offer consulting solutions to work as part of your exciting employees. At my firm Volteo Digital, we pride ourselves on offering a wide array of advisory and consulting solutions to add the most value to our clients.
Some organizations are taking a more long-term approach to the talent shortage. They are hiring employees that may lack experience but have the attitude and aptitude to be trained and mentored on a specific technology stack. These may be recent college students that are going through an intensive four-month training program while gaining insights from mentors that have real-life experiences. There are also several organizations tapping into underserved communities or Veterans returning from military service that are looking for long-term career paths in technology. This long-term path often yields a highly engaged group and committed to their new career path and their organizations.
There are countless benefits to taking the long-term approach to tech talent development. One of the major benefits is that this path provides a much larger tool of talent. A pool of talent that will be much more diverse than typical pathways. Tyler Cowen, a prominent economist, author, podcaster, and talent investor, shared this on a podcast.
“Also, if one thinks about women or minorities, you get persisting injustices because we’re not in every way good at identifying talents in those areas, either. So identifying talent better, it’s one of the most important things we could do. And at a global level, there are billions of people who don’t have the opportunities they could have. Work from a distance is enabling some of that, but all of a sudden there’s a mad scramble on to find all this talent and put it to work.” - Tyler Cowen
I feel strongly that organizations that lean into this sentiment will have a lasting competitive advantage by turning talent scarcity into superpower.
Volteo Digital Plants the Flag
I am incredibly proud to work for a company that has made its mission to make our clients successful and to create meaningful, life-changing opportunities for every Volteo Digital employee.
We at Volteo Digital have been leaning into talent scarcity challenge for several years. By investing in our Center of Excellence in Guadalajara, standing up a Next Gen course, creating relationships with top universities, and creating a world-class training program, we are committed to graduating hundreds of new developers into the ServiceNow ecosystem. Upon graduating from this intense program, these students will have life-changing opportunities.
ABOUT THE AUTHOR
Ryan Gallagher
Ryan has more than 20 years of experience leading transformation, optimizing value chains, and strengthening operations for global companies in the finance and technology industries.
He has been responsible for driving customer success and scaling company's capabilities worldwide.
As COO, Ryan is responsible for all aspects of Volteo Digital's service delivery, operations, sales, and customer success in North America. View full bio
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