Hiring managers look out: It's a 'buyer's market' for tech candidates
- The next quarter may prove a fruitful season for Silicon Valley's skilled workers, according to the latest survey from the West Valley Staffing Group (WVSG). Among the 800 hiring managers polled, more than 95% expect their companies either to grow or hold steady in the coming months.
- Charlie Allport, WVSG's executive VP, said these predictions come as good news for job seekers. "When companies are in growth mode, they usually need more employees in order to realize that growth. This means a 'buyers' market' for candidates, who know they can be choosy about their next move," Allport said. "In fact, there is a steady uptick in the number of employees who are leaving their current roles for better opportunities." He added that companies will need to accelerate their recruiting efforts to attract the talent needed to fulfill their business goals.
- WVSG said Allport's observations and the survey results match with the most recent report from the U.S. Bureau of Labor Statistics. According to the January jobs report, there are more jobs available than workers to fill them, and the number of contingent workers grew by 100,000 in 2018 over the previous year.
As the demand for highly skilled tech workers increases, so does the difficulty in finding and hiring them, according to a survey released in October from the Consumer Technology Association. In fact, 74% of the respondents expect the search for people with the right skills will become more difficult.
Although employers are hesitant to raising wages, tech employers might not have a choice if they expect to attract the skilled talent they need. Citing a new Glassdoor survey, SHRM said that people are quitting their jobs at an all-time high rate, and their main motivation is that they want bigger paychecks.
Employers that can't afford to pay premium wages for skilled tech workers will need to offer other incentives, such as paid leave, flexible work schedules, remote work options and career development opportunities. Some research has suggested employees favor good benefits and perks over high pay.
Changing recruitment strategies is another tactic for addressing the talent shortage. Recruiters can consider recruiting from overlook talent pools, like individuals with disabilities, veterans and gig workers. And finally, employers can also use technology to their hiring advantage, adding tools such as predictive analytics and artificial intelligence.