It’s no secret that we’re in the middle of something huge. Dubbed by some as “The Great Resignation”, both employers and workers are shaking up how jobs are done across all kinds of fields.
The UK is feeling the effects of this new change in the workforce as well. Out of 6,000 people surveyed by Randstad, about 7 in every 10 employees stated they felt confident enough to move to a new job within the next few months.
Finding employees for tech jobs has always been difficult, with recent changes making it more difficult than ever. There has always been a shortage of talent in the tech industry across the board, with more people leaving their current roles for new opportunities more than ever.
One of the biggest reasons is also one of the greatest benefits we’ve seen from the pandemic: remote work. It’s here to stay and is a key reason why some applicants are leaving their jobs, or not pursuing new ones. “They no longer see flexible working as a gift afforded to the privileged - it should be for everyone. They’ve experienced it and they want it,” says Heejung Chung, a reader in sociology at the University of Kent.
We’ve also seen the difference changing jobs can make in pay. London-based companies often pay more than companies in the same field, mainly due to the higher cost of living associated with living in the city. This means that remote workers are often turning down other lower-paying jobs to work for London-based companies, to reap the benefits of better pay.
With the widening number of professionals leaving for new opportunities, we see a small influx of new talent as well. However, many of these new workers are junior developers who are inexperienced in commercial and corporate environments.
A study by Oxford Economics mentions the huge cost that comes with hiring new talent. According to them, it takes about 28 weeks to reach optimum productivity in a new job, costing the company about £25,000 per employee.
Employers can approach this situation in a couple of ways: They can simply train new workers within their existing workflow, or they can change how their business operates to better adjust to this new dynamic.
Another solution to this struggle is through using Software Development as a Service (SDaaS). SDaaS is how Argentex mitigated the risk relating to short staff, while also saving over £350k in staffing costs.
Although there are no perfect solutions, embracing flexible working schedules and the new standard of remote work can be great additions to keep your employees happy, as well as drive new candidates to you by offering superior benefits.
Your company can also try to reshape its existing practices. For example, TerraQuest Solutions were able to convert their business model to a Continuous Integration and Continuous Deployment (CI/CD) while also growing their staff.
“The Great Resignation” is happening right now. Are you ready?
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