More than 80% of HR managers and recruiter say a lack of tech talent has already hurt their business, a new survey from Indeed found.
Respondents said they’ve seen lost revenue, slower product development, increased team tension and employee burnout, according to the survey of 1,000 HR managers and recruiters involved in hiring at companies of all sizes.
Almost all (99%) of respondents in companies with a turnover of $50 million-$99.99 million said that they would be more innovative if they could hire enough technical talent to fill their needs.
More companies need tech talent to compete in today’s economy and the tech talent war is only getting worse. Almost 9 in 10 respondents said they find it challenging to find and hire technical talent and three-quarters of respondents think the length of time for filling roles has increased since 2013.
Respondents said the inability to fill roles is hurting them because they can’t innovate like they need to. To remain competitive, companies are constantly pressed to offer newer and more intuitive products both internally and for customers.
In addition, good tech talent is expensive, and the costs of offering more competitive benefits and perks to attract tech talent is putting a dent in many company budgets. However, companies that find themselves outpriced in the war for tech talent will be glad to hear 69% of IT pros in a recent Spiceworks survey said they value advancing their IT skills over higher salaries.