Hiring in the Digital Economy
Just about every jobs report and tech news article highlights the insatiable demand for qualified software engineers, product developers, product managers and others with technical skills. Hiring is challenging. And recruiting talent for high velocity software development is not going to get any easier. In fact, an estimated 77% of all new jobs forecast for the decade ahead will require technical skills.
Currently, New York City is home to roughly 10% of the country’s software engineers. Overall, there are around 333,000 tech jobs in the city where the tech company office footprint is now approaching 8% given the recent expansions by Google, Amazon, Salesforce, Facebook, Spotify and others.
Some of the hiring challenges are related to the engineer stereotype: introversion and a general disinterest in networking are hampering companies from growing. Increasing immigration restrictions and exacting termination policies are additional impediments. For many, the workaround is off-shoring or near-shoring talent, transitioning contractors from temp-to-perm roles and forging alliances with coding bootcamps and colleges with computer science programs. However, these efforts are insufficient. Average tenure rates are now less than one year and declining.
The InRhythm Disruptor Series regularly hosts CTOs and Engineering Leaders from startups to enterprises throughout NYC. Our most recent session explored five solutions to hiring tech talent in today’s digital ecosystem, because we all agreed that the old models of talent acquisition no longer work.
First is Talent Brand. You must focus on and invest in your talent brand. By defining your value proposition and promoting your people from within, you’ll create a culture of evangelism, where your employees will be able to explain what makes you different and speak to your organizational DNA. It is the responsibility of the high velocity software development teams to establish their brand. This is not marketing’s role. Hiring is challenging and tech teams need to establish who they are, a sense of purpose that extends beyond coding and what makes them different than the hundreds of other companies out there trying to recruit the same talent. Second, is Virtual Bench. These are passive candidates who are not looking, but you should build relationships with them so your culture and opportunities remain top of mind. Third is to invest in Communities. By identifying communities that align with your purpose and sponsoring or hosting them, you’ll be able to network with and attract talent that best aligns with your values and business goals. Fourth is Referrals. Employees who refer their friends to your organization are proud, loyal and engaged. They should not only receive financial incentive, but should also be treated as a brand ambassador and be celebrated. Finally, Recruiting is Everyone's Job. Identifying and engaging with top talent is not just the job of a recruiter or the recruiting team only. Hiring managers should take responsibility and assist in the process of recruiting and interviewing and should set the standard for hiring bar raisers.
What other strategies have you put in place to attract and retain top technical talent and which solution(s) will you adopt to become a high performing digital center of excellence?
