What tech leaders are doing about the talent crisis

Dive Brief:

In an attempt to ease the tech talent crunch, more than half of tech leaders say they are planning to cross-train workers from other parts of the company, according to the 2021 Harvey Nash Group Digital Leadership Report. The company surveyed 2,100 digital leaders in 87 countries, in collaboration with CIONET and MIT's Center for Information Systems Research.
Another training strategy digital leaders are planning to rely on is internships, with nearly one-third of leaders planning to increase the number of internships they offer in 2022.
The difficulties in accessing talent are hurting innovation, with seven in 10 digital leaders saying their company is unable to keep pace with change due to the worker shortage.

Dive Insight:

The dynamics of the tech labor market are slowing down company ambitions, making it harder for technology executives to meet deadlines or carry out projects.

Existing tech workers in high-demand fields, such as software development or cybersecurity, are tempted to move elsewhere, lured by higher salary offers or opportunities for career advancement. With attrition on the rise and low unemployment levels in IT professions, tech leaders face headwinds on their projects and initiatives.

CIOs can get relief from the talent drain by reskilling their existing workforce, said Jason Pyle, president of Harvey Nash USA.

"They have to realize that these talent shortages don't eradicate at the snap of a finger, and so we have to look at the team members we have and upskill — get them to improve in the areas of need for the organization," said Pyle.

Leaders need to align training opportunities with the most in-demand skills in order to get the most benefit from upskilling strategies. "I would start with the top of the list: cybersecurity, DevOps, developers … Technology shortages in those three areas are massive right now."

The shift to hybrid work has also expanded companies' ability to hire anywhere. Nearly half (45%) of survey respondents say their companies are sourcing new talent from outside their geographic area.