How global talent recruitment is bridging the tech talent gap
The world is experiencing a tech talent shortage. While technology underpins operations across sectors and at an increasingly rapid rate, we face a diminishing talent population and a growing need for skilled professionals who can develop and manage the technological infrastructures that power many industries.
The tech talent gap is at odds with the exponential growth rate of businesses embracing digital transformation and is a growing cause for concern among companies. However, a solution is becoming increasingly utilized by various industries in the form of global talent recruitment. Our globally interconnected, modern workforce has demonstrated the power of remote working as a solution to bridge companies and professionals, with employees working across the world from their headquarters, enabling companies to access talent from anywhere in the world, delimiting the possibilities of recruiting top talent. In this article, we will explore the gap in tech talent and how international talent recruitment can offer a solution to this problem.
What is the tech talent gap?
This term is used to describe the growing discrepancy between the number of job openings in the technology sector and the availability of qualified professionals to fill those positions. It has been a steadily increasing trend, and as of 2022, over 70% of companies are experiencing a shortage.
Quick facts about the gap in tech talent:
- As mentioned, 70% of companies reported a tech skills shortage in their operations.
- A shortage of over 85 million tech professionals is expected to emerge by 2030, with $8.5 trillion in annual revenue lost as a result.
- 62% of employers anticipate that between five and 15% of their talent base will require skills transformation within the next three years to meet the demand and address the gap.
- 44% of high-profile organizations anticipate that the shortage will become even worse during the next five years.
- At present, only 65% of tech job offerings are filled.
From hiring software developers to artificial intelligence (AI) experts, jobs across the tech sector are vacant. Alongside software and AI, roles in data science, cybersecurity, and cloud computing, are not being filled as companies struggle to recruit individuals with the necessary skills and expertise to meet their requirements.
Why is there a tech talent gap?
In our digitally-oriented world, it seems difficult to believe that such a shortage of workers could be possible. After all, technology informs countless aspects of our lives every day. There are, however, various reasons for the current state the tech sector finds itself in, spanning the rapid pace of tech development through to the fierce competition amongst companies and global talent recruitment firms for what talent is available.
- Keeping up with technological advancements. New technologies are emerging rapidly every single day. With such unprecedented rates of advancement, it is difficult for the general workforce of the tech sector to keep up-to-date with every single development, and, as a result, workers are falling behind.
- The proliferation of educational gaps. Hand-in-hand with tech professionals unable to keep up with development, educational institutions are also falling back. Unfortunately, outdated curricula are producing graduates who lack the skills and knowledge to successfully enter the tech sector’s workforce.
- Competition for the pool of talent that does exist. As the statistics indicate, the lack of suitable candidates is severe. This has created fierce competition for skilled professionals who can meet the industry’s requirements, and there are simply too many roles to fill.
- Geographical limitations. Another obstacle many professionals and organizations face is that opportunities do not align with location. However, with the rise of remote work since the COVID-19 pandemic, it has been demonstrated that employees and companies can connect and work off-site successfully.
Global talent recruitment, the tech talent solution
With location in mind, the solution to the tech talent gap lies in the advent of the global talent acquisition company. Global recruitment firms that can connect workers with organizations regardless of location have the capacity to close the gap between the number of tech openings available and the number of skilled professionals to fill them. By opening job opportunities to a global recruitment pool, companies are providing themselves with skilled manpower they could not necessarily access locally.
International talent recruitment offers companies access to a diverse talent pool to fill the highly-skilled tech roles for which candidates may be scarce in the local job market. Without geographical limitations, companies can fill positions with the most qualified workers who can either work remotely or relocate. Ultimately, this approach to sourcing talent provides a solution that benefits both workers and employers and, as a result, can begin to close the tech talent gap.
Global Valley’s role as a talent acquisition firm
Global Valley is addressing the tech talent shortage by providing Talent-as-a-Service to Israel’s rapidly expanding technology industry. By recruiting, managing and equipping skilled tech talent perfectly suited to the requirements of tech companies, we are helping to bridge the gap that the world is facing.
By sourcing talent from around the world, we can provide opportunities to skilled workers globally, not only connecting them to companies but relocating them to the prosperous UAE. From our headquarters in Abu Dhabi, tech professionals are working for the top organizations within Israel that benefit significantly from providing the world’s best tech talent for their operations.
As the tech talent gap continues to trouble sectors, utilizing global talent recruitment solutions is a smart and necessary approach to furthering industry capabilities. To find out more about Global Valley’s Talent-as-a-Service solutions, reach out to us today.