We have got off to a great start this year, but and it’s a big but! What is going to happen to the Technology sector over the coming months?
As you would expect my comments relate to the increasing shortage of technology staff against the increasing demand worldwide.
There are plenty of stats out there, but the one I prefer is that we need approximately 120,000 new technology skills every year to support the growth of the sector, yet approximately only 16,000 leave our universities and colleges with the appropriate qualifications and desire to progress a career in Tech.
We have managed to resolve this issue by recruiting skills from all over the world, particularly Europe. So what will happen in a years’ time when Brexit becomes a reality?
A sample of our London based clients showed that comfortably in excess of 50% of their staff are from overseas. The good news is that they have intelligently worked hard on retention initiatives and consequently are confident of retaining the existing talent.
The bad news is that none of them have the same level of confidence when it comes to future recruitment!
Both our contract and permanent teams have seen a massive increase in the number of offers our candidates receive along with some eye watering offers.
So the fight for talent is about to shift in to another gear and the creativity of CEO’s, HR, Internal Recruitment and Recruitment Agencies is going to be tested. The future growth of our existing success stories along with our start up communities could be at risk. Some of the big questions will be:
1, What sort of visa structure will exist
2, How long will it take to process overseas candidates
3, How can we encourage more people to transition in to the technology industry
4, Will the UK lose its attractiveness as a place for investment
5, Will outsourcing ultimately make other locations better destinations as skill hubs
6, Will salaries spike so much that the financial viability of the UK becomes questionable
Well enough of the doom and gloom, as always the best will attract the best. We have to sell what we have, which is a fantastic country a fantastic capital and a highly advanced infrastructure with some of the most innovative and talented companies and individuals in the world.
Our companies, industry bodies and government must work hard to encourage, and train new talent and we must promote and sell the UK abroad in order to attract continued investment and talent.
We are not idle in looking at initiatives that will support our clients and our sector and we would welcome hearing your views. We are getting ready for battle, are you?