Businesses in many regions the world over are struggling to recruit the technical talent they need to fuel digital transformation. In fact, it’s been predicted that tech advancement across all sectors could be slowed by a shortfall of 4.26 million workers by 2030.
Recent analysis from LinkedIn puts turnover of IT staff at approximately 11%, IT professionals often find themselves able to move easily when they perceive that the ‘grass might be greener’ elsewhere.
And the tech labor market can vary significantly from region to region. What may be the norm in India, where the market is incredibly saturated, is not the same in LATAM, Africa or the Middle East. Dealing with high attrition rates is expensive and disruptive for organizations. So, what can they do to mitigate the churn?
Why Talent Moves?
A McKinsey survey on the ‘Great Attrition’ showed that a lack of career advancement was a top motivator for job moves. In 2022, ICONIQ published details from a new study on the Future of Work which explored the “Great Resignation” in tech.
Its findings pointed to dissatisfaction with role and career advancement or professional development above compensation as individuals’ primary reason for resigning, and career advancement and professional development as their primary reason for staying.
Individual circumstances are unique, but for businesses, these broad themes are important to consider when it comes to bringing down attrition among in-demand tech talent.
Progression and Training Working Together
When it comes to supporting tech talent with opportunities for progression, well planned training and development programs play an important role. For businesses, the right training means creating a pipeline of skilled individuals to implement their digital transformation strategies, as well as increasing talent satisfaction, and so helping to boost retention.
Monitoring Skilling and Career Progress
Business leaders using talent management tools to track skilling programs can analyze the captured data to understand the behaviors and performance of talent going through the program. These tools can be used in tandem with a wider strategy of identifying specific skills gaps within a workforce, which requires leaders and managers to first audit the skills missing within their teams.
From this starting point, they can then produce a roadmap of which skills and capabilities need to be introduced through upskilling to meet the business’ digital transformation goals. For example, if a business is looking to integrate AI into its operations, it is essential to know which teams and individuals already have AI relevant skills and which skills are missing from their workforce, to then design a skilling program to train the right people in the right proficiencies to fill the skills gaps.
Once training programs are underway, businesses can then look to incorporate talent management tools, such as Talentwize’s end-to-end lifecycle management system, which tracks the skills employees have learned, as well their progress and how they are deploying these skills. Thanks to these insights, future skilling initiatives can be better targeted to team strengths and weaknesses, optimizing results for the needs of the business, as well as delivering opportunities for talent to grow and progress.
Mentoring and Training Managers to Ensure Team Success
It is important to remember that skilling programs are not just about granular tech proficiencies. They must operate on a holistic model. Consider how skilling programs can support senior-level talent.
Leadership is crucial in any effort to meet digital transformation goals. However, this is easy to say and not so easy to find. In order to remodel companies into truly digital businesses, leaders should have a clear understanding of how people work and interact with technology. They need to be able to see the big picture and develop a strategic plan that aligns with the organization’s business goals. Finally, they need to communicate well with all levels of employees, from executives to frontline workers so they can ensure a culture of collaboration, alignment and trust while they continuously stress learning and innovation around the company.
Elev8 provides a range of training solutions designed for leadership and management to better lead your workforce in your digital transformation efforts. With modules on management, modern leadership, and how to develop and mentor employees, as well as skilling programs in areas like AI, cloud computing, cybersecurity or data science, our training programs can help ensure teams are operating cohesively and to their full potential.
A Unique Tech Talent Solution for Your Business
Regardless of sector or location, digital skills are now essential across all business operations. From cybersecurity to machine learning and AI, these capabilities are the backbone of growth and the agility necessary to operate as a successful business today.
Attracting and holding on to this valuable technical talent is a challenge, but it’s one that can be tackled effectively with the right approach and the support of experts such as Elev8.
Whatever your skilling challenges, reach out today to find out how we can support you.