Artificial intelligence (AI), machine learning, system integration, quantum computing, and autonomous robots are intelligent platforms and tools designed to reduce process time, save money, earn revenue easier and faster, expand operations, and increase bottom lines for corporations of all shapes and sizes in virtually every industry. Innovation does expand employment fear that jobs will be replaced, however history has shown that new professions and industries have flourished out of creation. The workforce is no exception and is infinite with the amount of verticals that can be produced.
Management Consulting firm Protiviti, which is owned by Human Capital Firm Robert Half International (NYSE: RHI), released data that 74% of executives believe that digital and emerging technologies will increase workforce size in the next decade. Additionally, 86% expect the category of careers available will be different than today and most likely will support or emerge from innovation. The data, which was the second installment of Vision by Protiviti, was collected from 250 C-Suite executives and board members across a diverse range of industries and conducted in partnership with The Oxford Global Centre on Healthcare and Urbanisation at Kellogg College.
“Over the past two years, business executives around the world have been navigating seismic workforce shifts due to the pandemic while driving massive acceleration in digital transformation,” said Cory Gunderson, executive vice president, global solutions, Protiviti. “Their insights, shared in the latest survey, serve as a valuable resource to organizations seeking guidance on how to remain agile and competitive in recruiting and retaining their talent over the next decade.”
Analyzing the talent acquisition and retention effects of increased digital transformation produced mixed results. 83% of executives surveyed expressed that talent retention and turnover a top concern, however 84% believe retaining workforces will increase, citing loyalty will be earned by the massive culture changes currently enacted by corporations of all sizes. Or they’re just hopeful.
“As emerging technology changes the way people work, organizations need to focus on upskilling their employees and operational efficiency to achieve the levels of loyalty and retention they expect,” said Fran Maxwell, managing director and leader of the Workforce and Organizational Transformation practice, Protiviti.
While they remain optimistic about retaining talent, they’re less so when it comes to recruiting skilled workers to fill open roles. When questioned, 86% expressed concern about a potential shortage of qualified workers arising within the next 10 years.
New data released by Hired, an AI-driven marketplace matching tech and sales talent with top companies, showed that culture changes, such as expanding remote work, are producing favorable talent retention and acquisition results. The data found enterprises (i.e. companies with 1,001+ employees) often face increased pressure to compete with startups (1-300 employees), which have seen an unprecedented level of funding and growth. Smaller companies are quickly catching up with compelling pay and benefits to attract and hire top talent –—bringing pay from startups on par with enterprises with an average annual salary of $155,000 for software engineers in 2021.
“Amid the ongoing tech talent shortage, the demand for software engineers on Hired has doubled, with candidates receiving more than twice the amount of interview requests than in 2020,” said Josh Brenner, CEO at Hired. “To win top engineering talent, companies have to offer increasingly competitive salaries, flexibility, and most importantly, extend their talent pipelines outside of traditional technology hubs to other regions globally. We’ve also seen a leveling of the playing field –—companies of all sizes, and not just large or notable ones –—now offer highly competitive salaries, especially as they compete for remote talent. For tech job seekers, learning relevant skills is more important than ever and we see specialized skill sets leading to higher demand and salaries.”
Data originates from Hired’s 2022 State of Software Engineers. The report analyzes key software engineering trends around demand, salaries, skills, and preferences, and is based on Hired’s proprietary data from over 366,000 interactions between companies and software engineers.