Last updated on : September 16th, 2022 by R Yadav
In this day and age, having even the most minimal form of digitization can be considered a requirement for all businesses. And because of this need, the majority of businesses hire some type of tech talent, such as hire software developers, to stay up to date.
However, with the increasing demand for more and more developers comes a shortage of talent as well. While this can and should be expected to a certain degree, the current situation has gotten severe enough that it is being clearly reflected in the numbers.
Some of the most pressing statistics which illustrate the causes and effects of this shortage are as follows.
What underlying reasons are there for the shortage of developers? While the reasons are complex (and the industry is moving so fast that upskilling or reskilling efforts can’t keep up), these are a few reasons to consider:
As mentioned, a growing number of jobs rely on technical skills, including those which may not even necessarily be in a tech-related field, solely because businesses need software developers regardless. 75% of jobs are expected to require tech skills in the next decade, which means increasing demand even further.
It takes an average of 60 days to hire someone to fill a tech role, and hiring a senior developer can take up to over 70 days. However, for the average non-tech job, the longest it takes is up to 30 days. The hiring time being doubled may not seem that major, but it greatly affects how easily companies are able to hire, and when there is already a greater demand for developers, this takes them even longer.
The amount of job openings for software developers, and related tech occupations is expected to grow 25 percent from 2021 to 2031, much faster than the average for all occupations, and with greater demand comes to a decreased supply, heightening the shortage.
It goes without saying that when there is a shortage of available skilled developers for hire, recruiters will find it more difficult to find and hire candidates.
However, this is becoming a growing problem. Almost 50% of recruiters say the top most challenging occupations to find candidates for are those which require tech and tech-related skills, and this is largely a consequence of the shortage.
75% of IT executives have reported that the decrease in available skills within the tech field is the main factor that is preventing companies from adopting a significant amount of modern IT automation technologies.
This not only affects how smoothly operations run in the workplace itself but also how the customers can interact with the business; less IT involvement means lower engagement and a difficult time for customers navigating the business and its offerings as well.
According to 50% of Chief Information Officers, the lack of developers and IT talent means businesses are losing their competitive edge, and with the rapid rise of different technologies in today’s businesses, from AI to robotics, this leaves them unable to grow within the market.