The High Demand and Low Supply of Talent in Technical Industries
35% of more than 38,000 employers cited difficulty hiring for positions due to lack of available talent. The struggle many employers face to fill roles with talented individuals is like trying to find a needle in a haystack.
Why has the demand for executive talent become harder to fill?
One reason is that tech industries are rapidly changing and growing, creating new positions and impressive projections for continued growth. At the same time, only 16% of high school students are proficient in math and show interest in STEM fields (Science, Technology, Engineering, and Mathematics) and overall the rate of students finishing college is declining. Baby Boomers are starting to retire and their replacements, the Gen Xers, are a generation half of their size. A smaller workforce with higher growth projections points to future struggles finding executive talent.
Another piece of the puzzle is that even those who do have interest in or work in STEM fields may not have the opportunity to work their way up in an organization. In technical fields you need more than skills and knowledge, you need exceptional abilities to advance beyond the role of contributor to an executive role, including leadership and communications abilities.
The search for the needle (talent) in the haystack (technical companies going head-to-head to snatch up individuals with the right skills) is becoming increasingly difficult. Many companies agree that this has a strong negative impact on strategic investments and can lead to delays in new initiatives. From a big-picture perspective, this problem also causes many companies to outsource jobs abroad, despite the number of unemployed or underemployed in this country.
If you are lucky enough to find the needle in the haystack, hanging onto said person is also becoming increasingly difficult, as companies are vying to snatch up leaders with skills and experience, and may target your best talent. As a company looking to find and keep talent, it is important to create a positive organizational climate, or an individual may be inclined to work for a different organization they feel is better suited for them.
TD Madison & Associates is known as the go-to firm for executive sustainability in technology-centered talent solutions. We customize our approach to leverage our understanding of the complexities and nuances that surround each and every unique position. With more than 30 years of industry experience, we excel in finding and placing best-in-class industry talent for senior-level positions including CEO, COO, CTO, CIO, SVP/VP, VP level technology, engineering, operations, sales, product management and learning and development positions. For every placement we fill, we guarantee the individual has the qualities and expertise that are required of the position, align to the company’s culture, and knowingly will help move the company’s vision forward.