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57% of tech execs report this concern…

Nov. 1— Findings from a technology survey conducted by CNBC’s Executive Council show that 57% of tech executives are concerned about finding qualified employees for their organization. Survey participants indicated that this concern ranked higher than supply chain issues and cyber security threats.

What else this survey found…

  • Only 26% of respondents reported that the supply chain represents their greatest concern.
  • Fewer than 20% listed cyber security as a primary concern.
  • Organizations report that it’s more challenging to find qualified workers now than in early 2021.

Survey findings and tackling the talent shortage…

An increasing number of businesses are struggling to find top talent with desired skills. Seventy-percent of the tech execs surveyed report that they’re turning to remote hiring. Fewer than three percent of organizations have reported that their talent search became easier across the past few months. Approximately 20% of survey respondents indicate that the present hunt for talent mirrors what was seen at this time of year in 2020.

Keeping existing talent

Ninety-seven percent of data engineers feel burnt out. Seventy-two percent of tech and IT workers intend to quit their jobs within a one-year timeframe. Reasons given include limited career progression, lack of work flexibility and toxic work environments.

Nearly 50% of CNBC’s survey respondents noted that they’ve modified job titles and descriptions for vacant positions. Over 20% of businesses have done away with strict requirements around academic degrees and some companies are gently encouraging workers to apply for roles even though they may not have prior work experience in every area listed within the job description.

How to higher faster…

Filling urgent hiring needs often mean at least three weeks of waiting and interviewing, which may be too long a timeframe. And, for many organizations, this process takes significantly longer than three weeks, especially for leaders looking to fill highly specialized roles. Experts suggest that long hiring processes may lead to highly qualified candidates dropping out of the ‘race’ to take another opportunity ahead of final decisions.

Organizations can hire faster by focusing on virtual interviews, by ensuring that the job description is clear and includes critical details, and by recognizing when flexibility in exact role requirements and experience can be the right strategy.

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