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HOW TO FIND (AND KEEP) YOUR BEST TECH TALENT IN A COMPETITIVE MARKET

Hiring in technology has been tumultuous: from the pandemic in 2020 to The Great
Resignation in 2021 to the current rounds of tech giants like Google, Microsoft,
Meta, and Apple announcing massive layoffs and hiring freezes. Tech startups
also feel the pinch – with the current markets creating pressure for investors
and reducing valuations for companies.   

According to PwC’s Global Workforce Hopes and Fears Survey 2022, more than 50%
of all US companies are planning to lay off employees as they brace for an
economic downturn, 52% of companies have already enacted hiring freezes, 4 out
of 10 have rescinded job offers or signing bonuses for new hires, and about half
have started laying people off or are preparing to cut headcount.   

All of this research suggests that technology companies must carefully assess
their current staffing levels and hire or promote strategically. There is good
and bad news for those companies in the market for growth. The good news may be
that with an influx of otherwise unavailable talent, some companies may benefit
from a glut of competent and trained job seekers.  

The flip side is that some companies are taking these hiring freezes and
economic indicators as a negative sign – following suit and establishing hiring
freezes. Companies that do this will have to make do with the talent they have
and promote from within to meet sales, revenue, and other KPI targets.  

Tech companies move quickly, making it challenging to identify the best talent,
especially during times of change, disruption, and rapid growth.  

Some of the most significant challenges are:  

 * How to identify new hires with the right skills for your company?  
 * How to identify internal talent ready to journey to the next level?  
 * How to ensure DEI during layoffs, promotions, and hiring?  
 * How to reduce cost per hire? 

We have put together some best practices to help you. Want to dig deeper? Here
is a link to our 2023 Guide to Hiring & Retaining the Best Tech Talent.  




1. HIRE & PROMOTE QUALITY PEOPLE WITHOUT PAYING MORE IN RECRUITING FEES.  

Eliminating bias, guesswork, and the high costs associated with recruitment
firms start with new tools and technologies that allow you to identify the best
people based on objective data and successfully develop those individuals with
continuous assessments and development plans.

Thanks to AI and cloud technology, hiring, recruitment, and development do not
have to cost a fortune. Tools are available to:  

 * Identify the best hires via objective assessments.  
 * Develop employees for their success in any role; and  
 * Continuously monitor progress and potential to keep employees engaged,
   motivated, and on track. 


2. BUT DON’T RELY SOLELY ON STANDALONE PERSONALITY ASSESSMENTS.  

While personality tests provide a scalable, low-cost solution for organizations
with high-volume recruitment needs, there are pitfalls to be aware of if used as
a standalone assessment during selection.  

Personality results don’t tell the whole story. Assessment centers offer a more
accurate method for measuring an applicant’s abilities. Together, behavioral
observations, personality assessments, and measures of learning capability can
increase the accuracy and predictive ability of selection processes – and can
better predict performance.   


3. HIRE SMARTER AND BE STRATEGIC ABOUT PROMOTING CURRENT EMPLOYEES.

Tech businesses move quickly, and companies need talent and leaders who are
ready to step-up and step-in. Predicting leadership potential is becoming more
critical with the anticipated post-pandemic economic growth, unpredictable
economy and labor market, and continued acceleration of digital transformation.

The employees you hire now need to grow with your company quickly, and current
labor shortages may force you to promote your existing employees into management
sooner than anticipated.  Accurately predicting leadership potential with
assessments and other predictive tools can create a cost-effective and
competitive advantage for your organization – eliminating bias and helping you
make the best choices to suit you.


4. ESTABLISH COMMUNITY AND CULTURE FROM DAY ONE.  

Talented people who fit your company culture are hard to find.  Once you find
them, there is a risk that while waiting for them to join your company, another
employer will make them an offer. In this competitive and uncertain job market,
ensuring your newest and current employees feel welcomed and appreciated is
crucial to success.

Tech salaries may still be on the rise, yet according to PwC research, money
isn’t enough to retain your best workers, who were almost as likely to cite
intangible factors related to meaning. Job fulfillment and the ability to be
one’s true self at work were ranked second and third among employees considering
a job change.  

While new hires cannot begin working before their start date, they can be
introduced to the company, learn about their role and the organization, and be
included in team activities.  

Ensure frequent communication with all your team members – whether in person,
virtual, or via HR apps to ensure your employees:  

 * Understand your company, its values, and its culture  
 * Feel supported by team structure, team projects, and priorities  
 * Have the tools to stay engaged, interested, and excited about the work
   they’ll be doing 


5. ENSURE COMPLIANCE WITH DEI INITIATIVES DURING LAYOFFS, PROMOTIONS, AND
HIRING.

Unconscious biases are stereotypes people don’t know they have (i.e., they are
unconscious beliefs). These biases have real-world impacts on behavior and
develop early on in our lives. For example, a current research study found that,
on average, managers are three times more likely to select men as having
potential for leadership than women. And when it comes to race, managers are two
times more likely to choose white men as having leadership potential than black
men. 

Given that an overwhelming majority of organizations rely solely on subjective
decisions made by management to select future leaders, it is vital to utilize
objective tools and assessments to identify a high-potential candidate. This is
not just a diversity issue but a business imperative to put the most capable
people in leadership positions where they can have the most significant impact
on the business, employee well-being, and the overall economy. Not only will
this improve DEI, but it also ensures managers and executive leadership are not
unconsciously limiting the potential of their best people.

Want to dig deeper into this topic?

Click to download our 2023 Guide to Hiring & Retaining the Best Tech Talent and
learn proven, cost-effective and timely strategies to help technology leaders
identify and onboard the strongest candidates when hiring and promoting from
within.  

  



‹ Previous PostNext Post ›


ABOUT THE AUTHOR

MICHELLE BROWN

Leadership Team

It’s Michelle’s unique blend of skills and passions that provide clients with
certainty that they are being heard, being understood, and will have their
talent problems solved. Michelle excels in her understanding of the needs of
customers, in her ability to find solutions to any problem, and her genuine
concern for others’, and joins Pinsight following successful careers as a
clinical psychologist and management consultant. Michelle blends her experience
in organizational development, business strategy, and talent management to
deliver exceptional client experiences, from first contact to successful
outcomes. She consistently provides the ‘voice of the customer’ to all our
business decisions, ensuring our solutions are both effective and easy to
implement, because she ensures our team is constantly listening to the needs of
people, and people leaders around the world.


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