The much-publicized worker shortage affects the economy overall, whether the issue is overloaded employees or decreased sales. Small and medium-sized enterprises (SMEs) rely on new tech for customer and employee engagement -- not having enough employees remains a significant barrier to adopting new technologies. The pandemic's effects rippled throughout the economy as an unprecedented wave of emerging technology adoption and digital transformation swept across industries.
In Workforce and Learning Trends 2021: Accelerating Through the Curve by CompTIA, 40 percent of businesses hired tech staff during the pandemic, and 66 percent plan to add more staff through the year. Companies are trying to implement remote and hybrid work, and customers prefer digital channels such as curbside pickup and telehealth. Concurrently, a talent exodus is apparent. The 2021 Microsoft Work Trends Index found that more than 40 percent of the global workforce is considering a job change or leaving their jobs altogether.
A phenomenon the Bureau of Labor and Statistics calls "quits" continues to escalate across market spaces. An area hit particularly hard is leisure and hospitality, with nearly 7 percent of employees quitting their jobs in August of 2021. Industries like healthcare also felt the "quits," but the biggest surprise is the shortfall of technology workers and tech skills. What does the shortage mean for current employees? The result is increased stress, higher burnout and turnover rates, and low morale. Here is a look at the technology domains feeling the impact of this worker shortage and its effects.
Beyond critical employee issues like burnout, stress, and turnover, talent scarcity impacts enterprise growth. According to a Gartner survey, 64 percent of new tech development experienced delays in 2021, compared to 4 percent in 2020. The COVID-19 pandemic accelerated digital transformation as businesses pursued new ways to connect with employees and engage with customers. Still, the timeline for emerging tech moved quicker than expected, yet companies cannot keep up. The Information Systems Security Association (ISSA) claims the leading consequences of unfilled job requests include heavier workloads and higher burnout rates with current employees. Furthermore, IT talent scarcity is the predominant barrier to adopting new technologies across the tech staffing spectrum. Even with the worker shortage, many businesses plan to increase emerging technology investment.
Finding the right IT service provider requires effort; at V2Soft, we make it easy to find talent and services. V2Soft invests in our bench by hiring resources as needed based on client demands. Companies are diligently working to fill talent gaps -- a 2019 survey by the World Economic Forum found that 27 percent of small and 29 percent of large companies believed they lacked enough of the right IT talent. This deficit has enterprise tech spending on track with US GDP growth at 6 to 7 percent this year, according to survey data from Enterprise Technology Research (ETR).
To these fill openings, business is turning to contract, contract-to-hire, and outsourcing to fill gaps. At V2Soft, we offer a variety of staffing models for clients. Our staffing services include direct placement, contract-to-hire, and offshore staffing options. Plus, we can work with our customers' own managed service provider (MSP) or set up an MSP on their behalf. Finding the finest talent with the most up-to-date skills is our specialty.
In addition to recruiting, we help companies meet demands by investing in niche technologies training and placing resources at client sites. Also, we serve our customers' need for emerging technologies with application and blockchain development, cloud services, digital transformation, data and analytics, AI and machine learning, software, and application testing services. Sourcing talent and technology services with V2Soft ensures success – contact us today!
CompTIA. (2021). Workforce and learning trends 2021. CompTIA. Retrieved October 16, 2021, from https://comptiacdn.azureedge.net/webcontent/docs/default-source/research-reports/comptia-workforce-and-learning-trends-2021.pdf?sfvrsn=ff890a85_4.
Enterprise Technology Research (ETR). (n.d.). Retrieved October 15, 2021, from https://etr.ai/. Gartner. (n.d.).
Gartner survey reveals talent shortages as biggest barrier to emerging technologies adoption. Gartner. Retrieved October 14, 2021, from https://www.gartner.com/en/newsroom/press-releases/2021-09-13-gartner-survey-reveals-talent-shortages-as-biggest-barrier-to-emerging-technologies-adoption.
ISSA International. (2021, September 7). Information Systems Security Association. ISSA International. Retrieved October 16, 2021, from https://www.issa.org/.
The next great disruption is hybrid work-are we ready? Microsoft. (2021). Retrieved October 16, 2021, from https://www.microsoft.com/en-us/worklab/work-trend-index/hybrid-work.
Small business trends and research. NFIB. (n.d.). Retrieved October 14, 2021, from https://www.nfib.com/foundations/research-center/.
U.S. Bureau of Labor Statistics. (2021, October 12). Job openings and Labor turnover survey news release. U.S. Bureau of Labor Statistics. Retrieved October 15, 2021, from https://www.bls.gov/news.release/jolts.htm.
Written by Scott Snyder, P. (n.d.). Talent not technology is the key to success in a Digital future. World Economic Forum. Retrieved October 14, 2021, from https://www.weforum.org/agenda/2019/01/talent-not-technology-is-the-key-to-success-in-a-digital-future/.