Strategies for Sourcing and Retaining Top Tech Talent

In today’s competitive job market, securing top tech talent can be a daunting task for talent acquisition teams. Technical hiring requires a strategic approach that involves sourcing, attracting, and hiring the best candidates for the job. To help navigate this process, our comprehensive technical hiring guide provides insights and tips for acquiring the world’s top tech talent.

As technology continues to advance, organisations require agility, dependability, security, value, and speed more than ever before. The potential advantages of technological advancements, such as improved outcomes, increased productivity, and higher profitability, make it imperative for companies to attract and retain talented tech workers. 

The shortfall for tech talent is already acute. In Germany, 780,000 additional tech specialists are needed by 2026 to meet the economy’s demand and globally there will be 3.5 million unfilled cybersecurity jobs in 2023. A McKinsey survey of over 1,500 senior executives globally has revealed that business leaders are under pressure. The survey found that 87% of respondents believe their companies are ill-equipped to address the skills gap and 61% of HR professionals believe hiring developers will be their biggest challenge in the years ahead.

“There is a talent shortage that’s not going away. The demand for technology workers is increasing at a rapid pace. The supply side isn’t keeping up. It’s not going to keep up for multiple years, so companies that don’t adopt creative new talent acquisition strategies are going to be left behind,” said Ankur Gopal, CEO and Founder of Interapt

Recruiting tech talent is undoubtedly a challenging task, given the highly competitive nature of the tech job market, where demand often outstrips supply. As a hiring company, it’s essential to identify the qualities you seek in potential candidates and understand the key factors that influence tech recruitment to develop a successful talent acquisition plan. However, recruitment is not a one-sided process, and it’s crucial to consider what job seekers seek in potential employers.

Today, tech candidates prioritise factors beyond brand reputation, such as flexibility, diversity, and employee engagement. To attract top tech talent and build a robust candidate pool, companies must consider these values.

Recruiters and hiring managers in the tech industry face a daunting task with a high volume of open tech jobs. Here are some of the primary challenges they must overcome when filling tech positions in the coming year and beyond:

Time spent filling high-demand tech roles is a top priority

The average duration for hiring individuals in tech positions is seven weeks, and 89% of hiring managers express uncertainty in their ability to meet their company’s hiring targets for the current year. Regarding gauging successful tech hiring, according to a survey by General Assembly, 18% of survey participants identified the speed of hiring as the most crucial metric.

Significant skills gap

3 of every 4 (75%) companies have reported talent shortages and difficulty hiring – a 16-year high according to a recent Talent Shortage survey.

With the increasing adoption of digital methods across various industries, there has been a surge in the demand for tech talent. Nowadays, almost every company has become a tech company and is actively seeking to recruit software developers and other tech resources to manage their IT operations and build scalable applications.

However, modern hiring managers and companies are facing significant roadblocks in the form of a lack of industry-specific experience and skills. Despite having a streamlined recruitment process and budget, companies are struggling to find resources such as cybersecurity experts, data analysts, AI developers, and DevOps engineers, which further complicates the hiring process.

Sourcing the right talent in a tough labour market

In a rapidly evolving tech landscape, it’s crucial to find the right talent to fill your open tech roles. However, with the proliferation of new technologies, the usual channels for sourcing candidates have become oversaturated. Moreover, top talent often receives a barrage of InMails with numerous attractive job offers every day.

in a tough labour market, many candidates have multiple offers to choose from, giving them greater bargaining power in negotiations. This can lead to a situation where companies have to offer more attractive incentives to attract top talent, including more generous benefits packages, flexible working arrangements, and opportunities for career advancement.

Engaging and securing tech talent

More than ever, people with tech skills are in the driver’s seat in the job market. With this candidate-driven market, it seems that organisations are falling short of an engaging and productive hiring process, and with competition so fierce for global tech talent, it is crucial to ensure every part of the hiring process is performing.

In order to attract and retain the most highly qualified tech candidates, organisations must consider every stage of their hiring process, from the initial application stage to the final interview and job offer. Failure to do so may result in losing out on top talent to competitors.

Attempts to diversify the workforce are falling short

According to a survey conducted by the General Assembly, 20% of respondents identified the diversity of the talent pool as the primary factor for measuring success in hiring for tech positions. However, statistics indicate that, on average, only 27% of tech job applicants come from diverse backgrounds. Furthermore, 37% of HR leaders reported that diverse hires tend to leave the company within five years.

In a Beqom survey of 1,000 employed adults last year, 48% said they’d consider switching to another company if it had a built-out DEI strategy. Building a diverse and inclusive team not only aligns with ethical values but also has a proven track record of enhancing business performance. In addition, a robust diversity, equity, and inclusion (DEI) strategy can assist organizations in attracting talented individuals as it has become a crucial consideration for potential recruits. However, with the tech talent shortage, companies cannot afford to disregard a significant portion of the talent pool.

Securing global tech talent will require embracing proactive talent acquisition strategies to ensure a steady stream of qualified candidates. These strategies involve nurturing relationships with potential candidates, and leveraging technology to automate candidate sourcing and outreach.

With our embedded solution, we can support existing HR teams on business-critical hiring projects on a monthly subscription enabling organisations to have the flexibility and complete cost control throughout upturns and downturns in hiring. Our strategic-led approach to embedded hiring in specialist tech roles is designed to save you time, money, and resources.

It also enables existing talent teams to focus on providing a consistent core service whilst we deliver on scaled hiring and ensuring talent acquisition strategies are fit for future growth.