Overcoming the tech skills shortage in NYC.
If you’re a technology start-up in NYC, one of the primary issues you’ll be facing is how to find the talent needed to keep driving your business forward. It won’t come as much consolation, but all your competition will be attempting to address this same challenge right now. In fact, the current skills shortage is a global rather than a local issue.
While recruitment headaches are impacting almost every industry, the problem is amplified within the technology sector. One of the main reasons for this is that the rapid pace of tech innovation is making it almost impossible for candidates to keep up to date with the skill requirements. As a result, there are simply not enough qualified candidates to meet demand.
External pressures are compounding the problem. When a tech start-up or scale-up receives a large amount of funding (PE and/or VC), there is a demand to scale fast. This means hiring fast and the implications of a bad hire are serious.
Recent research reveals that nearly a third of NYC technology companies believe their inability to find the staff they need is likely to slow down their current rate of growth.
While the problem is undoubtedly a universal one, NYC tech companies are finding they are also losing top people to other cities across the US. With a lack of affordable housing in and around NYC, Boston, Los Angeles, and Dallas Fort-Worth are proving to be more attractive options for the workforce.
OK, so while there’s nothing you can do to solve the global skills shortage, you can make sure you’re close to the top of the list when the tech talent decides who they want to work for.
One of the most meaningful things you can do, beyond the normal benefits and perks, is ensure that you have the right company culture in place with a mission that resonates with the potential suitors outside of just money. We can be more specific here. An incredible 40% of millennials admit to having chosen a job because of the company’s sustainability credentials and that figure is growing all the time. Even more telling, 71% of professionals said they would be willing to take a pay cut to work for a company that has a mission they believe in and shared values.
As a talent solutions provider in NYC, but more importantly a B-Corp who are committed to only supporting companies who are doing good in the world, we are pioneering an approach that promotes our customers ESG credentials front and centre to help gain that all important edge when attracting talent.
4zero specialise in sourcing talent for start-up and scale-up businesses. More than that, we match elite candidates with hyper-growth tech start-ups, based on their shared values and genuine desire to solve the problems that exist today.
If you’d like to know more about how we can give you the edge in the hunt for top tech talent in NYC, please get in touch with a member of the team today.
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