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Solving the Talent Vacuum

20 May 2022

 

Mobility of a workforce is no new thing, people have been moving and relocating for work for thousands of years from the Romans to settlers in the Californian Gold Rush to the Industrial Revolution, but what if that talent had have stayed? What would the outcome have been for the city had they not left?

 

In the cases of the Gold Rush and Industrial we will never know but what if the Tech Talent leaving Boston where to stay? What impact would this have on your organisation? Could you scale quicker? Launch products faster? It’s certainly worth thinking about.

 

According to research by CBRE in their 2021 Scoring Tech Talent report between 2015 – 2019 Boston produced 48,736 graduates in Technology subjects whereas from 2016 – 2020 there was 11,360 Tech jobs added so where did the 37,376 potential Software Developers, QA Engineers, DevOps and Data Scientists go? The answer is probably Seattle or Silicon Valley attracted by having a FAANG company on their CV or some of the FinTech hotspots like New York or Toronto considering the average salary for a Software Developer in Seattle is $129,890 compared to Boston average of $114,280.

 

When the Baker administration in 2021 launched its Mass. Fintech Hub, following similar initiatives in life sciences and digital health, to drive investment and make partnerships with industry to create an ecosystem but what about Talent in all this? How to attract it? How to retain it?

 

With the latest statistics on Job Postings from the Commonwealth of Massachusetts, Department of Economic Research showing that there were 1441 online job postings for Software Developers alone in January 2022 demand for Talent is high, but you would know that already. With employment in the Tech sector already at a major level with 131,990 employed in the sector how do you identify that new Talent? How do you engage those future rock stars and hidden gems who have both the hard, technical skills and also the soft skills vital in today’s Tech world?

 

In today’s modern Tech world there is no right way or sure-fire way to win the “war for talent” however the organisations that are willing to broaden the scope in terms skill & person fit, are flexible & agile in terms of their hiring processes and more importantly embrace remote workforces are those that perform better in terms of both attraction and retention.

 

The case for embracing remote working is ever strengthening and has been particularly highlighted during the COVID-19 pandemic and as many states are now preparing their COVID-19 exit strategies, Global Workplace Analytics forecast that “25-30% of the U.S. workforce will be working-from-home one or more days a week after the pandemic”.


What does this rise in remote working mean for your organisation? Over the past two years throughout COVID-19 we have been advising our partners on the benefits of remote working, how to introduce it into their hiring practices and what it means for them as a Tech organisation, some of the benefits we have found are:

  • Increased Talent Pools – one of the main benefits of remote hiring is the access to talent in previously unattainable locations.
  • Decreased Time to Hire.
  • Cost – Global Workplace Analytics found that “that employers can save an average of $11k/year for each halftime remote worker”.
  • Workforces now want, and demand, remote working.
  • Employees are happier – one thing that COVID-19 has shown is that employees are happier working from home. Many studies have shown that happier employees are less inclined to want move jobs.

 

Can a recruitment company help you find the right people for your organisation? In short, yes. MCS Group can identity, engage and sourcing the best fit and talent for your organisation, culture and growth as fast as possible while delivering an outstanding client and candidate experience. We are able to do this because we have developed expert knowledge and built deep networks of highly qualified professionals across Technology combined with the best tech stack in recruitment and unrivalled passion for service.

To find out how we can make your recruitment faster, easier and more effective and to understand how we can help you overcome your recruitment challenges, get in touch with Ryan Quinn, Regional Vice President of MCS, to find out how we will transform how you recruit.


Written by: Peter Stevens

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