Businesses in many regions worldwide need help to recruit the technical talent they need to fuel digital transformation. It’s been predicted that tech advancement across all sectors could be slowed by a shortfall of 4.26 million workers by 2030.
A 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 different 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 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 essential to consider when bringing down attrition among in-demand tech talent.
Progression and Training Working Together
When supporting tech talent with progression opportunities, well-planned training and development programs are essential. For businesses, proper training means creating a pipeline of skilled individuals to implement their digital transformation strategies, increasing talent satisfaction and 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 broader 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 produce a roadmap of which skills and capabilities need to be introduced through upskilling to meet the business’ digital transformation goals. For example, suppose a business is looking to integrate AI into its operations. In that case, it is essential to know which teams and individuals already have relevant AI skills and which skills need to be added to their workforce to 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 look to incorporate talent management tools, such as Talentwize’s end-to-end lifecycle management system, which tracks the skills employees have learned, 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 and delivering opportunities for talent to grow and progress.
Mentoring and Training Managers to Ensure Team Success
Remembering that skilling programs are about more than granular tech proficiencies is essential. 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. To remodel companies into truly digital businesses, leaders should clearly understand 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, to ensure a culture of collaboration, alignment, and trust. At the same time, 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 operate cohesively and to their full potential.
A Unique Tech Talent Solution for Your Business
Digital skills are essential across all business operations regardless of sector or location. 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 can be tackled effectively with the right approach and the support of experts such as Elev8.
Whatever your skill challenges are, reach out today to find out how we can support you.
