Unemployment is at record low levels and one of the industries feeling the squeeze as far as sourcing talent the most significantly is in technology. It’s not only a lack of employees in general that are affecting technology companies big and small. It’s also the fact that they need specific skills and they’re not able to find them.
Unemployment is at the lowest level since 2000, and that’s paired with the fact that the global talent shortage is likely to grow even more in coming years.
It’s estimated that among technology, media, and telecommunications companies, there will be a shortageof 4.3 million workers by 2030.
So how are tech companies winning the talent war, or at least keeping it at bay for the time being?
Hiring Foreign Workers
Around 70 percent of employees in Silicon Valley is estimated to be foreign-born, and an increasing number of even smaller employers are looking outside the U.S. to hire under programs like the H-1B visa.
“There are several differenttypes of visas, though the two major categories are immigrant andnonimmigrant,” according to Remitly.com writer Lisa Rough.
For hiring foreign workers under the H-1B visa, it’s a nonimmigrant classification. A specific employer has to sponsor a specific employee for this program, and the number of spots is limited. Much of the work that goes into this process falls onto the shoulders of the employer.
Developing a Presence
For tech companies who are in theheart of where it’s all happening—for example, Silicon Valley, a key partof their recruiting strategy is about networking. It’s somewhat like thereverse of what happens when employers are at an advantage and employees areall vying for a limited number of spots.
Tech company representatives are putting a lot of time and effort into networking and being part of the scene in hopes of attracting new talent.
For tech companies that are located in areas not necessarily associated with a thriving scene, it can be a lot tougher.
Company Values
Among some of the biggesttechnology companies, there has been serious controversy regarding everything from how they collect anduse customer data, to drinking and sexual misconduct in the workplace. Foryears Silicon Valley and areas where there’s a big tech company presence havebeen seen somewhat like an Animal House-style free-for-all.
Now, as tech companies are feeling the heat of not having the employees they need, many are going a different direction in hopes of attracting workers. They’re focusing on their company values as a way to set themselves apart.
A lot of employees, and especially younger ones, want to work somewhere that shares their values and while you may not be able to compete with huge salary and benefits packages particularly as a startup, having clearly defined values is a way you can be competitive.
Finally, along with that comesthe idea of promoting the advantages of your culture. For example, maybe your tech company valuesfamily and personal time, as opposed to having employees work day and night ina cutthroat environment.
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