For companies in need of quality coders, developers and engineers, the competition is fierce. Studies have shown that the average recruitment process takes up to 52 days, but the most capable talent is only on the market for as little as 10 days.
This means that if you’re not able to recruit tech talent as fast as possible, you’re missing out on great opportunities to add skilled professionals to your team. Experienced coders for hire, especially those who can fill skills gaps on teams everywhere, are not going to sit idly for long. If they don’t work for you, they’re working for your competitors.
For how to recruit tech talent quickly to your organization and not lose them to a competitor, read our brief guide, including best practices you can use to effectively and efficiently grow your team.
The best laid plans are just that…plans. Without a sound recruitment plan and a strategy to grow the capabilities of your team, you won’t connect with the people you need. That’s why it’s so important to build a talent management strategy that can deliver results while having room to evolve as the needs of your organization change over time.
Here’s a sobering statistic to spur on the need for a recruitment strategy. Studies on the tech labor market anticipate a shortage of 4.3 million skilled workers by 2030. That means there will be over four million fewer skilled tech workers in the industry than companies will need to hire.
If that’s not enough incentive, consider this. The COVID-19 pandemic has increased the rate of digital transformation across the world. Companies that were operating in traditionally non-technological spaces have increased their digital footprint to better service customers who are choosing to spend more time at home. In order to power those platforms, brands need quality developers and engineers to oversee the day to day maintenance.
Considering that 40% of tech talent was recruited by non-tech companies prior to the coronavirus outbreak, the supply of quality tech professionals is even more limited in today’s work environment. You have fewer opportunities to recruit skilled coders, developers, and engineers so you need a proper strategy to recruit the best talent that’s still available to your company.
Your recruitment strategy should be a blueprint for how you will expand the capabilities of your existing team. It should be a living breathing blueprint, capable of adapting and adjusting to the needs of your organization as you grow in the marketplace.
In order to build this type of evolving blueprint, you need to understand the hiring needs of your company. To do this, speak with the department heads in your organization, especially those leading your product and engineering teams. By using internal communication and collaboration to identify skills gaps, you can build a strategy that will successfully recruit the best tech talent to further grow your organization.
Also, remember this sobering point of record: the cost of a bad or wrong hire is approximately 30% of that employee’s annual salary. Additionally, experienced recruiters anticipate the cost of onboarding a new employee in the area of $240k. There are significant financial consequences to hiring the wrong people, which only reinforces why a talent management strategy is so important for the needs of your business.
In order to recruit tech talent as fast as you can, you need the right technology to connect with people directly. Using talent management platforms like High5, you can build highly curated talent clouds that function as digital communities for the best tech talent in your network. You can use talent clouds to remain engaged with the most skilled professionals in the tech space and offer exclusive job opportunities to these workers as the needs arise.
Let’s revisit where we began: the average recruitment process takes up to 52 days. However, the most skilled coders, developers, and engineers are only on the market for approximately 10 days. Why is there such a gap there?
A lack of modern technology is one of the primary reasons. Companies that rely on traditional hiring agencies and older recruitment methods are forced to go through cumbersome processes that take long periods of time. For example, by using a traditional hiring agency, the time to present a job requisition to the time it takes for candidates to be presented to the company takes up to two weeks. On top of that, the time to fill a post from the requisition to engaging with talent takes another 8 weeks. If the average recruitment process is 52 days, you’ve already exceeded that average and still haven’t hired anyone.
On the other hand, you can use talent recruitment platforms like High5 to simplify and streamline the entire process. With High5, the time to submit a job requisition and present qualified candidates can be completed in under three days. The time to fill a job posting with capable talent can be completed in under 1 week. If the best talent is on the market for approximately 10 days, you’re right in the range of that ideal timeline by using platforms like High5 to spur on your recruitment efforts.
Tech talent is in high demand and for good reason. The most skilled coders, developers, and engineers in the market can help companies improve their products, develop new and interesting features, and gain an invaluable leg up on the competition. A product that exceeds anything else in the marketplace is far easier to sell to new customers which, in turn, adds up to more revenue and more profits for the company.
It’s a win-win-win strategy for all parties involved. Why not do everything you need to do to recruit tech talent who can transform your business and help deliver your greatest expectations for growth.
Our team of industry leaders are ready to help your talent management program become the best it can be. Register with High5, your transformative talent management tool and make your next new hire the best decision you ever made.
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