‘Tech talent’ is defined in a 2019 CBRE report as “highly skilled technical workers who create and enable the software and devices that are integrated into nearly everything we do.” People with these skills understand emerging technologies and how to strategically leverage them in order to drive meaningful business outcomes. Historically they fell into STEM (Science, Technology, Engineering and Maths) roles such as data scientists, developers or technical engineers, however in recent years ‘tech talent’ has expanded to include roles in just about every area, including finance, marketing and research. Demand for tech talent is at an all-time global high - and the supply has never been shorter. As of 2021, it's estimated that 3.5 million STEM jobs in the US alone will need to be filled by 2025. Add to this the constant evolution of technology and the desire to find highly skilled professionals who can also bring relevant industry experience, demonstrable business acumen and soft skills to the table, and the challenge becomes even greater. So how do you best address this rising crisis? Here are the top three reasons to look globally for the skills you need:-
- ACCESS TO A MUCH LARGER TALENT POOL
Is it any wonder that the global tech talent crisis means organisations are increasingly expanding their geographical search? The pandemic has shown that remote work works - so why limit yourself to talent that lives within a thirty-mile radius of your office - or even in the same country? Technology enables communication, collaboration, relationship building and knowledge sharing solutions. Hiring remote staff will allow you to tap into a significantly larger talent pool - if you go global you get more choice - it’s that simple. Outside the top 1% of STEM graduates instantly poached by the likes of Google and Microsoft, there are still many really smart and highly motivated people available - they just don’t all necessarily live within commuting distance of your office. Our experience shows that STEM graduates in developing countries tend to be much more highly motivated than their average counterparts in places like London or Sydney. This flows from a different world view and a much greater hunger for success given the fewer employment opportunities available, as well as vastly different socio-economic circumstances. Add to this the fact that you will be empowering and growing super-smart and hugely talented graduates in the developing world and you also have a compelling CSR and social enterprise benefit to consider.
- SIGNIFICANT COST SAVINGS
Going global will allow you to take advantage of the significant economic arbitrage in developing countries. Taking on offshore outsourced teams means you can hire talented people at a fraction of the cost - enabling you to scale faster. For equivalent talent, labour cost-savings can often be as significant as 50-70%. Widening your search for tech talent globally will lead to a leaner operating model. Savings made from excluding office costs will create a competitive advantage and further help you scale. Not only will you conserve cash on office-related costs like IT setup and equipment, facilities management and desk space, but partnering with a trusted offshore outsourcing provider will take away the headache of dealing with data security, HR issues and other related concerns. Surely a well-thought-out part of your business continuity planning and risk management.
- INCREASED DIVERSITY
Another key advantage of hiring global tech talent is the diversity it will bring to your business. Diversity on your team isn’t just an asset, it’s a must. Stephen Covey (author of ‘The Seven Habits of Highly Effective People’) once said: “Strength lies in differences, not in similarities.” In today’s world, diversity (which includes gender, religion, race, age, sexual orientation, disability, linguistic differences, socio-economic status and cultural background) has never been more top-of-mind - and it’s something you should be thinking about with your business. Diversity is critical for an organization’s ability to innovate and adapt in a fast-changing environment. According to Forbes, McKinsey and Harvard Business School workforce diversity is a key driver of internal innovation and business growth, companies with diverse executive boards enjoy significantly higher earnings and returns on equity, and multicultural networks promote creativity. Importantly, diversity helps a business’s bottom line. Diverse companies are better able to attract and retain top talent, improve their customer orientation, and have higher employee satisfaction rates than less diverse companies.
With the tech talent pool obviously running dry, businesses need to look globally, particularly in emerging markets, for the tech talent they need. If you’re looking for an offshore outsourcing partner who can provide super-smart, cost-efficient and diverse tech talent, Sharesource could be the answer you’re looking for. Download our eBook, '30 Essential Questions to Ask a Provider Before You Outsource’ to ensure you're informed and have the right questions to ask when considering the next step.