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How Technology Companies Can Solve The Talent Challenge?
How Technology Companies Can Solve The Talent Challenge?

September 28, 2022

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Talent Shortage – A Real Challenge

Over the last few quarters talent shortage has been a key challenge for IT companies which has been driving the attrition rates across the sector. Based on a recent Everest survey Talent has become a top challenge for 2022 from it being the 5th most important challenge in 2021.

Source: Everest - 5 Success-driving Actions IT Workforce Leaders Need in 2022

Moreover, this challenge is not expected to subside any time soon as the talent demand and supply gap is expected to remain over the next few years.

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Source: Everest - 5 Success-driving Actions IT Workforce Leaders Need in 2022

How are Organisations solving for it?

Organisations are trying out multiple ways to solve for the same by focusing on both retention of existing talent and deploying new talent.

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Source: Everest - 5 Success-driving Actions IT Workforce Leaders Need in 2022

Moreover, to solve for the this challenge in the longer-term, Organizations need a multi-pronged strategy to address their talent requirements, with reskilling having a major role to play.

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Source: Everest - 5 Success-driving Actions IT Workforce Leaders Need in 2022

 

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Source: Everest - 5 Success-driving Actions IT Workforce Leaders Need in 2022

The five success factors that can help leaders in solving the talent challenge includes:

  • ESTABLISH BALANCE: Drive short-term fixes and long-term planning to build a fit-for-purpose IT workforce
  • EXPAND YOUR HORIZON: Create parallel channels of IT workforce access
  • LOOK INWARD: Own the keys to your kingdom through robust internal build
  • FACILITATE, DON’T ENFORCE: Double down on productivity –but do not push the mandate
  • EMBRACE AMBIGUITY: Identify the how’s of new ways of working

Talent challenge is real and is here to stay in the near-term, however increased focusing on ways to retain, reskill and right hiring of new talent organisations can manage this challenge and maintain their growth trajectory.  


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Neha Jain
Senior Analyst

Neha Jain

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