Talent shortages are at a 10-year high in the US. The statistics for this variable are predicted to be even higher for the upcoming years posing a tangible threat to business and economic activity all over the world.
Talent shortages are at a 10-year high in the US. The statistics for this variable are predicted to be even higher for the upcoming years posing a tangible threat to business and economic activity all over the world. This skill shortage is especially more pronounced in the tech sector. Companies are struggling to hire individuals with the requisite standard of skillset and proficiencies. Some are failing to put the right team together. The disequilibrium in the labor market became serious enough to be given an internet buzzword of its own: the great resignation. And though the phrase has a rather liberating sound to it, nobody is quite sure how the demand-supply mismatch will eventually balance itself out. Will it be the employees that are forced to return to jobs they were unhappy with, or will it be employers who make meaningful changes to their hiring practices? The latter seems to be trying their hand at attracting skilled professionals back through their approach of renting out expensive trophy offices or offering stock options. Is this a smart business move when contrasted with the option of hiring remote engineer teams? Can all businesses afford to do this? Does it even work?
The skill shortage was, without a doubt, catalyzed by the pandemic. Outdated hiring practices were beginning to rust conspicuously for a few years now, but it took an overhaul of our entire work system that ended up exposing it. Gaper has identified two major reasons for this shortage:
Addressing the first of these factors, it is more than apparent now that educational institutions are not imparting the technical education that the business environment of the past few years demand. When such skills are being taught, learners fall short in their business skills. In many ways, you cannot put a blame on universities or the education system entirely. Tech innovation has been very fast-paced. New concepts have sprung that even a lot of ‘experts’ don’t understand in their entirety. An example of this is the ever-growing and quite complicated world of blockchain, new ideas in finance/fintech, health tech/biotech etc. A lot of such developments are treated as gimmicks at first. It doesn’t make sense to hire blockchain developers because a big name firm is doing it – they can not only afford to hire these skills but also have the room to experiment and make mistakes.
This is not to say that people are not learning new, cutting-edge technologies. Coursera’s Industry Skills Report for 2021 showed that a lot of countries continue to lead this niche in the tech sector with more and more people joining to learn more of such skills. Gaper has also held bootcamps to introduce engineers to upcoming skills in global tech markets and train them in technologies that are in-demand in the US business environment.
Although this is not exactly a concrete identification of the problem as such, nor do the observations above provide any solution to the problem, it is clear that this is something that needs to be tackled by every stakeholder involved: educational institutions by updating their curricula, aspiring professionals by undertaking self-learning opportunities, and businesses by investing in their tech team’s learning however they find appropriate.
The second factor described above is perhaps more contentious. To return to office or not? Should hybrid work be experimented with? Or just demand that employees get over the lockdown routines and return to commutes, 9-5 work hours, and the good(?) old office culture.
While companies may be struggling to answer this, it is clear that an overwhelming majority of the working population is fully converted to remote or hybrid modes of work. And while certain job roles simply cannot be filled remotely, vacancies in tech teams can.
What advantage does hiring remote engineers have? You get an optimal combination of individuals with skills of a high standard at more affordable rates without having to worry about If done correctly, or hired through reputable avenues like Gaper, you get the cream of the crop at more affordable rates than you would if done in-house. Remember, you aren’t just paying for the engineers when you do it yourself. You also pay for the team that vets, tests, hires, manages, and leads them. Not only does this put a significant financial strain on your resources, but it is also a very energy-intensive task. This is because, as it stands, there is also a shortage of HR personnel. Choose your battles if you are so inclined… but you also have the option to avoid those altogether by introducing more flexibility into your hiring processes.
Employees will continue to demand hybrid work systems. If their current employers don’t update their work policies, there is always a competitor to send your resumes and CVs to. Forward-looking companies that keep up with the ecosystem trends will also position themselves strongly amongst their competition by teaming up with business partners like Gaper and other team augmentation businesses. If the reader is more curious about firsthand remote work success stories, there is a plethora of podcasts on our site to listen to featuring hundreds of founders and entrepreneurs with motivating stories about their businesses.
We will keep things relevant. Since Gaper is strictly about augmenting your tech team with remote engineers, let’s answer this question from the view of a business that requires a team of engineers.
You should be concerned if you feel like:
In essence, if you require a tech team but are facing skill shortages, financial or time constraints, you should consider remote teams of engineers and developers.
Gaper plays its part in addressing the education aspect of this shortage by arranging suitable bootcamps as often as possible. It is further planned to expand these bootcamps in South Asia and the MENA region as well – both regions rife with tech talent ready to be honed.
For businesses that struggle to hire good quality engineers at an affordable cost whether it is due to HR constraints or those related to time or finances, Gaper curates and provides teams of remote engineers and developers. It is also our aim to empower small and new businesses to gain a solid foothold in their respective markets and not be held back amidst tough competition just because hiring a tech team was an issue for them.
If you are a business owner who requires a team of developers and engineers, feel free to book a quick appointment with us.
Because market dynamics are currently undergoing a shift, we are bound to see a lot more demand-supply disequilibrium in various avenues. Businesses are trying to have their way while employees are trying to assert their own needs (and may have the upper hand this time). It is up to managers and business owners now to ensure that they are well-prepared and ready to be a part of a new environment where old is not necessarily gold anymore.
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