The tech talent shortage problem in America may have just reached spine-breaking levels.
According to IT trade group, Comp TIA, employers have been unable to fill nearly a third of their most critical technology roles in the last three months.
Tech job vacancies have increased by 32% from a year earlier, and companies have reported record-breaking losses amidst the rising number of incomplete projects.
The pressure is well and truly on and recruiters can feel it.
“We don’t ever remember a crisis of this sort in any industry,” said one recruiter. “This is truly insane.”
Make Them an Offer They Can’t Refuse
To lure the talent to their organization, employers have given recruiters an open field to negotiate. Their message to them is loud and clear:
Just get us the human resources no matter what it takes.
Earlier this month, Heller Search Associates, a Massachusetts-based talent sourcing firm, offered a $250,000 signing bonus to a candidate for the position of chief information security officer at a large online business corporation. The company refused to reveal the name of the organization or whether the candidate accepted the offer.
Another reputable recruiter admitted to offering a sizeable equity stake to a candidate to secure their services for a key tech role at one of the biggest U.S IT companies.
But despite trying to attract employees with above market compensation plans, sizeable equity stakes and six-figure signing bonuses, more than 80% of employers still identified recruiting tech talent as a top business challenge in a survey this year.
Missing a Trick
So where does the U.S IT industry go from here?
One solution which can work, at least in the short term, is for U.S employers to outsource their development projects to nearshore IT companies.
Countries like Costa Rica and Peru have been doing really well in the field of technology lately, and they resource an impressive workforce which can be leveraged to meet the talent gap. Furthermore, since these countries are located in close geographical proximity to U.S and also feature similar time zone, employers can conveniently have their work outsourced without worrying about delays.
Regardless of whatever route the U.S IT industry decides to take to address the tech talent shortage problem, it must quickly do so, for the situation right now does not look good at all.
About EX2 Outcoding
EX2 Outcoding is a nearshore IT service company, located in Costa Rica. The company provides quality software development services, web development services and other IT solutions for small and medium sized businesses. For more information, call +1 800 974 7219 or visit the company’s website.