- A significant shortage of talent in the workplace already exists, specifically in IT.
- 11,000 more “Baby Boomers” retire EVERY DAY. (Approximately 4,000,000 per year)
- The unemployment rate is at 3.6% (lowest since 1978) and lower in certain states including Texas; Tech sector unemployment rate is 1.3%.
- The US birth rate continues to decline (3.78M born in 2019) and is at its lowest rate since 1986. Couple this with 4.0M baby boomers leaving the workplace and the shortfall grows exponentially.
- Nearly 50% of all hires fail within the first 18 months.
- Washington continues to limit entry into the US for work related visas. (TechServe Alliance; US Department of Labor; US Bureau of Statistics 2019)
However, most employers:
- Fail to understand and account for costs associated with not filing jobs (lost productivity).
- Drag out the hiring process exceeding the patience of most qualified candidates.
- Limit access to those (i.e. hiring managers) who best understand and can best explain the skills and requirements for hiring decisions.
- Insist on bill rates and salaries that are below the going market rates.
- Do not hold accountable those responsible for poor hires.
CEOs attribute good results to their outstanding people. However, few if any fully recognize their hiring failure rate. The cost per day to the organization for each job that goes unfilled.
Ntelicor improves companies hiring efficiencies with flexible solutions. Great people drive outstanding organizations. As a shortage of workplace talent persists, attracting the best talent has become more difficult. This will remain true for the most important tech jobs, even in a down economy. Continuing the damaging practices listed above, the best talent will opt to elsewhere.