Labor shortages in the Americas continue to affect all sectors of the US economy, and the technology industry is no exception. In fact, companies have been suffering from a shortage of STEM talent for quite some time, and a recent survey of 1,200 technicians and IT workers in the United States found that 72% will quit their jobs by the end of next year. understood.
This massive outflow means that companies need to start leveling up their recruitment initiatives as soon as possible, but this process doesn’t look the same as it did before the pandemic. Not only did remote work still be needed in some cases, but technical talent was dispersed across the country, making companies unable to rely on siled talent pools in San Francisco, New York, and Austin.
In addition, according to a new survey by alliantgroup, 31% of C Suite executives say that not hiring the right people is one of the biggest mistakes they made when implementing a digital transformation project. .. As these projects become even more essential to managing hybrid workflows and expanding technology adoption, companies can no longer afford to postpone talent searches.
So how can companies hire and retain the best technicians in the face of a national labor shortage?
Three Strategies for Successful Post-Pandemic Technology Recruitment Early investment in the talent pipeline after middle school. Expand beyond “superstar” tech cities such as New York, San Francisco and Austin. Prioritize innovation and attract employees who want to work on reductions. Edge project.Invest early in the talent pipeline
The mistake most tech companies make is to start hiring at the college or post-university level. At this point, the next talent pipeline was already solidified to some extent, for example, only 18% of the bachelor’s degrees awarded in 2016 belonged to the STEM field.
Instead, businesses need to invest in a local STEM education program to increase their interest in technology from primary school and confirm that interest until they graduate from high school. This strategy requires a significant amount of time and resources to be allocated, but ultimately rewards a larger pool of talent, passionate graduates, and loyal employees.
In fact, 24% of C Suite executives are already planning to invest in a community or STEM education program to meet their technical talent pipeline. This means providing scholarships to students majoring in the STEM field, funding after-school programs like Girls Who Code, and donating robotics materials to local junior high schools. To do. Not all of these service practices have an immediate impact on engineers, but they are essential to bridge the talent gap in the country and inspire the next generation of engineers, IT specialists and data scientists.
Expand beyond superstar cities
The pandemic spurred large-scale migration of workers, with most offices closing doors and adopting a remote working model. As a result, cities that were once home to all up-and-coming tech professionals have become less focused and STEM employees have been dispersed across the country.
C-Sweet executives have already responded to this major relocation, with 30% saying they plan to hire outside of typical high-tech regions to support digital transformation initiatives. But the expansion doesn’t stop there. Twenty-five percent of industry leaders have set up physical offices in these traditionally non-tech locations to access key talent and demonstrate long-term investments in new communities.
By planting roots in areas other than traditional high-tech, businesses can play an important role in launching new superstar cities. Tampa, for example, has already emerged as a technology hub and is now home to more than 50 software and IT technology companies.
Prioritize cutting-edge innovation
One of the most direct ways tech companies can attract and retain STEM professionals today is to double their innovation efforts. By launching digital transformation initiatives, adopting new technologies, and investing in R & D, companies can establish themselves as a playground for professionals who are anxious to work on cutting-edge projects.
Raising funding for new innovations may seem difficult, especially as companies continue to overcome ongoing pandemics, but in reality, federal resources available to companies participating in these activities. There are many.
For example, R & D tax credits are a powerful incentive to reward businesses for innovative practices and R & D efforts. Organizations in all sectors can qualify for designing or developing products, processes, technologies, formulas, inventions, or software, or simply implementing, advancing, or improving existing products or processes. .. Virtually all tech companies are already engaged in qualified activities and are entitled to the beneficial benefits of funding more projects.
In addition, companies that not only hired new personnel but also maintained their current workforce during the pandemic are now eligible for employee retention tax credits. This incentive allows organizations to claim more rewards and reinvest them in digital initiatives. Both of these credits are significantly undervalued and it is wise for tech companies to use them as a powerful tool for future innovation and recruitment.
Let’s start today
Especially with the American workforce coming from remote areas, there is no more time to begin laying the groundwork for future recruitment initiatives. Technology companies not only create an atmosphere of innovation and progress for today’s top talent across the country, but also inspire the next generation of students to pursue STEM education through targeted outreach and community services. can also do.
About the Author
Dhaval Jadav is Chief Executive Officer of alliantgroup, America’s leading provider of credits and incentives for businesses of all shapes and sizes. Jadav co-founded the firm in 2002 and; since its inception, his passion to help and serve U.S. businesses (and their CPA firms) has resulted in alliantgroup assisting thousands of businesses claim powerful cash-generating credits and incentives.
“I am constantly trying to figure out how we can better serve U.S. businesses and the CPA firms that serve them in our great country – these businesses are the heart and soul of America, and I am on a personal crusade to make sure that they get their fair share of credits and incentives that our government has allocated,” says Jadav, CEO alliantgroup.
Over the years, Jadav helped establish alliantgroup Gives Back, a program that encourages alliantgroup employees to participate in a number of volunteer and charitable initiatives, including volunteering for Habitat for Humanity. Additionally, Jadav has been instrumental in instituting the alliantgroup STEM scholarship program, which provides college scholarship to Houston-area high school students interested in pursuing careers in STEM.
In addition to his role at alliantgroup, Dhaval Jadav serves as counsel for DSquared Tax Strategies and alliantNational, a division of alliantgroup that provides subject matter expertise on complex and emerging federal, state and international tax issues. Prior to founding the firm, he was a member of a Mergers & Acquisitions/Private Equity/Strategic Buyer Services Group in San Francisco, California where he advised numerous high-technology companies. In addition, he worked with Deloitte & Touche in its Washington National Office and prior to that, worked in the Houston District Counsel office of the Internal Revenue Service.
Jadav was born in Manhattan, and grew up in California and Texas. He is a licensed attorney in Texas and received his LL.M. degree in taxation from Georgetown University Law Center. He has been featured on multiple industry publications including CFO.com, Harvard Business Review and Reuters Breakingviews. For more information, visit Dhaval-Jadav.com.