Nacho is CEO of BairesDev, a nearshore tech solutions company and General Partner at BDev Ventures, a VC fund for B2B businesses.
Something intriguing is happening in the tech world. While it is moving faster than ever thanks to the advent of AI and quantum computing (paywall), its massive growth is leaving some gaps along the way, creating an unparalleled shortage of skilled tech workers. This shortage will continue to grow unless addressed, leaving an estimated 85 million unfilled jobs worldwide.
So with this ever-increasing gap creeping over tech companies—which requires a constant influx of new talent to keep up with the demand and continue innovating—is there anything that can be done to address it? Yes. I will provide insights into successful strategies for those seeking new methods in this talent-hungry field.
Embrace remote hiring.
The onset of the Covid-19 pandemic brought about a seismic shift in working culture. The days of congested office spaces were swiftly replaced by remote workstations, ushering in a new era where geography no longer constrains talent acquisition. Companies have opened themselves up to a global tech talent pool by shifting toward hiring remote talent.
By some estimates, 12.7% of workers labor from home, and the trend will increase steadily in the upcoming years. Almost all workers, 98% to be exact, express the desire to work either entirely remotely or in a hybrid setup, clearly signaling that this modality won’t go away anytime soon.
We at BairesDev have had a remote approach since the beginning of 2009. We were doing it before it was cool, bruh. Our 4,000-plus talented team members work from over 50 countries and have been selected from an impressive pool of over 1 million yearly applications. One of the reasons we can be so selective is that by being remote, we don’t limit ourselves to any geographical location and can choose the best of the best on the planet.
Invest in innovative training programs.
Providing innovative training programs to new hires is another approach that is proving effective. IBM has pioneered in this regard with its “new collar” jobs initiative. This program prioritizes skills over degrees, providing extensive training to potential hires who need more conventional qualifications but possess the necessary aptitude. IBM’s focus on vocational training and apprenticeships effectively widens its candidate pool, allowing them to tap into a sector that traditional tech recruiters often overlook.
You can also train your existing talent, equipping them with the knowledge and tools they need to adapt to new technologies and trends. Besides using the e-learning platforms I’ve mentioned in another article, we also have regular training sessions and master classes on specific subjects, almost always imparted by our senior team members. This is called peer-to-peer training.
Craft compelling compensation packages.
Offering competitive salaries is fundamental, but talented individuals are looking for much more than just the paycheck. They want things like stock options, performance bonuses, comprehensive health benefits and more. Netflix, for example, provides its employees with “unlimited” vacation days and the ability to choose how much of their compensation is provided as salary versus stock. Innovative compensation packages like these can be incredibly appealing to top talent.
We encourage a digital nomad lifestyle with our team members. Even some of us on the BairesDev board live on different continents. We also allow our team members to select their preferred currency for payment, and in some countries, we have certain vendors we work with to facilitate transfers. These vendors are an optional alternative for our talent. If someone wants to move to another country, we leverage technology to continue working seamlessly in asynchronous coordination, and we respect local holidays for our BDevers to rest and recharge.
Provide additional benefits.
Finally, offering additional benefits such as child care, wellness programs and flexible working hours can play a decisive role in securing top tech talent. We have an internal communication channel dedicated to well-being, where the team shares recommendations, and we also hold a monthly “well-binar” to keep this conversation strong. These benefits not only serve to attract talent but also ensure the well-being and satisfaction of current team members, increasing their productivity and willingness to stick with us in the long run.
For remote workers, building genuine relationships with their co-workers can be difficult. That is why we have the Global Ambassador Program. This is a company-hosted event in which participants partake in fun team-building activities, such as escape room adventures, to build connections and have the irreplaceable experience of meeting colleagues in person.
As the competition for tech talent intensifies, innovation in hiring strategies becomes a necessity, not a choice. The examples shared here hopefully provide a starting point for organizations looking to navigate this new landscape successfully.
It is time for the tech industry to reimagine its traditional hiring practices, creating a more flexible, inclusive and attractive environment for the talented tech professionals of the modern age. The tech talent shortage may seem daunting, but with creativity, adaptability and an understanding of what workers want, you can take the bull by the horns and attract not only the talent available but the very best our world has to offer.
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