The Goldilocks Economy Increases Competition For Qualified Tech Candidates

The Goldilocks Economy Increases Competition For Qualified Tech CandidatesAfter several years of uncertainty, the US economy is undergoing a period of stability and growth. The US Gross Domestic Product is predicted to grow at around 2.5 percent per year for the next two years, and possibly even more if executive efforts to bring about the growth of 4 percent are successful. The unemployment rate is expected to drop to below 4 percent. Inflation is stable and close to the Fed’s target.

We’re in what’s called a Goldilocks economy, which is characterized by low unemployment, low interest and inflation rates, and stable GDP growth. Not too hot, not too cold, just the right temperature for flourishing technology industry.

The cable and wireless industry and the wider technology sector can expect to see growing interest in current and emerging technologies. They will have increased the incentive to invest in new technologies and in building the infrastructure to support it. Demand from outside the sector for technology solutions and platforms will grow, fueling investment in 5G and the Internet of Things.

The immediate future is looking rosy for the technology industry. But low unemployment and business growth, coupled with a rapidly evolving technological landscape also present competitive challenges, especially where recruitment is concerned. There will be more demand for technical expertise in executive and rank-and-file roles as businesses prepare to take advantage of emerging technologies.

The most in-demand tech jobs include data scientists, wireless engineers, optical engineers, data security architects and administrators, and technical leadership, where the need for professionals outstrips market supply.

Last year a survey from KPMG revealed that 65% of technology leaders complained that the tech talent shortage was hurting the industry, with security and cloud computing being particular pain points, alongside hiring competition for project managers and business analysts.

That’s great news for qualified professionals in those fields, but businesses will find themselves competing for top-tier candidates. We’re seeing increased demand for strategic executive recruitment, technical training, and temporary staff augmentation, a trend that will continue throughout 2018 and the next few years.

Over the last year, a lot has been said about how automation and machine learning technologies will reduce reliance on traditional workers, but as those technologies gain widespread adoption, there will be increased demand for qualified professionals who can build the products and services that turn talk into a reality.

With low unemployment, it’s a candidate’s market, and businesses that lose out on high-quality hires will be at a competitive disadvantage. Businesses can’t afford to fall behind or lose key talent to the competition. The businesses that successfully hire will have formed close partnerships with recruitment professionals with deep industry expertise with allowing for more remote workers.

TD Madison has thirty years of experience as a trusted provider of executive recruitment, technical training, and staff augmentation services to the cable and broadband industry.