IT professionals have it great right now. With unemployment at 4 percent, the lowest it has been in nearly two decades, lucrative job opportunities are plentiful in the IT sector as businesses compete to hire them by offering high wages and irresistible benefits.
“Digital transformation is driving the industry and creating demand for new roles,” said Cushing Anderson, IDC program vice president. “The economic opportunities are huge for individuals looking to further their IT careers—or begin them.”
But the same job market is causing massive—and expensive—headaches for businesses. Not only is it getting increasingly difficult for small and mid-sized businesses to pay higher labor costs, but even large enterprises can’t find enough talent to meet their needs.
What’s worse, the talent shortage isn’t affecting only IT-centric businesses. A survey of more than 100 healthcare providers by Towers Watson, found that two-thirds are having problems attracting experienced IT employees. “Hospitals have an urgent need for experienced, highly skilled IT professionals to ensure they can meet new government requirements and qualify for financial incentives,” said Heidi Toppel, a senior rewards consultant in Towers Watson’s hospital industry group.
“That’s pretty staggering,” said Bob Miano, president and CEO of Harvey Nash, a global recruitment consultancy and IT outsourcing service provider. “CIOs may have great ideas, but if you can’t get the IT talent, that’s a growing problem.”
When Harvey Nash, together with auditing firm KPMG, surveyed over 3,000 technology leaders for their annual CIO Survey, the findings were telling: an astonishing 65 percent of technology leaders said that hiring challenges are hurting the industry, an increase of 6 percent over the previous survey.
What makes the current situation even more alarming to companies that are already short on employee talent is the fact that information technology jobs are projected to be among the fastest growing for the next decade, with more than five million jobs in information technology expected to be added globally by 2027.
Businesses are trying a variety of different approaches to overcome the challenges of finding IT professionals. Some are increasing overtime and converting part-time workers to full time. Others have lowered their usual standard for hiring and are now accepting even IT professionals who don’t have the necessary experience, hoping they can learn on the job. When everything else fails, businesses sometimes use benefits, bonuses, and other incentives to lure employees from the competition.
When businesses struggle to find new talent, they become more reluctant to fire underperforming employees, which reduces their operational agility and productivity. Businesses need to be lean and agile to stay competitive, and that’s currently not possible while relying on traditional approaches to finding IT professionals. A much better alternative, one that makes it effortless to find qualified talent businesses need to get to the next level, is a partnership with a managed IT services provider such as Vology.
At Vology, we employ more than 300 people, 50 percent of whom are certified technical professionals and engineers. We also provide access to 2,200 fully vetted field technicians nationwide so you can leave the IT work to us while you focus on your business. From network infrastructure to security to cloud migration to hardware procurement, Vology is your solution.