Need a tech expert? Chances are, you’re not looking for some Silicon Valley hotshot to fill a vacancy within your small business.
It’s just not happening.
New data from Indeed is backing that up. In fact, it’s backing it up, putting it in bold and underlining it.
Small businesses are struggling to find tech talent to add to their teams. And the struggle is real.
High Competition for Tech Talent
“What we’re seeing is that the competition for tech talent is getting even more fierce,” says Terence Chiu, the vice president of Indeed Prime.
According to a recent survey of SBOs, 84 percent say they find it “challenging” or “very challenging” to hire tech talent.
And the amount of time it takes to find anyone is getting longer. A total of 71 percent of small business owners say the time to find someone has increased in the last 3 years.
Holding Small Businesses Back
Hiring tech talent isn’t just some pie-eyed fantasy. A lot of small business owners contacted by Indeed believe that having the right tech expert on board is key to growth.
Nearly all small business owners contacted — 88 percent — say that having access to this tech talent regularly would make their company more innovative.
Not having this talent on board is not only holding the company back, it’s bringing it down. An overwhelming majority of those surveyed — 84 percent — say that the inability to hire tech experts has:
- Stunted revenue,
- Slowed production and company expansion, and
- Increased employee tension and burnout.
What’s Behind the Struggle?
As is usually the case with in-demand positions, small businesses are second in line. Job seekers are looking for handsome compensation and small businesses struggle to be able to provide that.
Tech job seekers tend to have a younger field of applicants. These are the candidates less likely to be searching for the autonomy that small businesses generally offer.
It’s important to note that this survey finds it’s difficult — at least others have found it so — to hire top tech talent. That doesn’t mean it’s impossible.
“On the bright side, if you’re able to look beyond the tech-centric markets such as Silicon Valley you may have an advantage. Tech job seekers are realizing the cost of living advantages in other rising tech hub regions, places like Boston or Austin or even Los Angeles and Seattle,” Chiu says. “Additionally, evaluations such as code challenges can help a company find those diamonds in the rough that are often overlooked by bigger companies.”
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The requirement for tech talent has definitely increased. In fact, I am seeing professionals undergo additional technical training in order to keep up.