Thriving in Tech and IT: Building a resilient workforce

6 steps to optimize and future-proof your talent and management strategies

Imagine your organization not just keeping up but thriving amidst rapid technological changes. Picture a workforce that's resilient, adaptable, and strategically aligned with the future. This isn't fiction—it’s a reality you can achieve. Discover how to navigate the talent landscape in the Tech and IT industry through a six-step method to optimize and future-proof your talent and management strategies. Based on a study conducted with the leading research firm Everest Group, in this blog we'll explore the current landscapes and challenges to enhance your understanding and awareness of the complexities within the dynamic and uncertain IT and tech industry.

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Current BFSI climate: Emerging roles vs evolving roles

There is tension between the technology sectors and other industries as emerging technologies such as AI and ML blur the lines and affect every company. Creating industry cross competition, organizations are putting on a strong fight to upkeep with scarcity and the high demand for skilled IT talent to support organization’s digital initiatives. Follow along as we identify the emerging and evolving IT roles. 

Evolving IT roles:  

• Software developers/engineers: Traditionally responsible for coding and programming added knowledge in AI and ML algorithms is now required 
• Data scientists: Beyond statistical analysis, these professionals now develop and deploy ML models 
• System administrators: The increase of cloud computing and AI adoption has required these professionals to now manage complex infrastructure supporting said technologies

Emerging IT roles: 

• AI/ML engineers: Experts in algorithms, data preprocessing and model optimization for seamless AI integration
• Ethical AI specialists: These professionals ensure that algorithms are fair, transparent and bias-free
• AI solutions architects: Design AI solutions aligned with business objectives
• Cybersecurity analysts with AI expertise: The combination of cybersecurity skills with AI for advanced threat detection and response.

Technological advancements should prompt your organization to adapt and reassess the effectiveness of current roles within your workforce and stay ahead of the curve, ensuring they align with your evolving digital landscape. Our experts are here to help! Reach out to us for more information on actionable insights and services.

Artificial Intelligence and Machine Learning’s ever-growing impact

Like every advancement, AI and ML come with their setbacks. The increased demand for diverse skilled professionals has led to scarcity, ultimately creating a demand-supply gap affecting many aspects of the job market in the Tech and IT industry. The challenges and opportunities are as follows:

1. Digital transformation and technology skills gap: Tech professionals are not developing their skill sets at the expected rhythm of the IT industry. This creates a gap and a disconnect between candidate and organization expectations. 

Opportunity: Implement a skill-based strategy to attract highly skilled talent relevant to your strategic objectives. In addition, upskill and reskill your existing employees to keep your workforce resilient and relevant to the trends and evolving technologies. To solve your skill shortages and skills gaps challenges, speak with our experts about Talent Management strategies. 

2. Lack of attractiveness in the IT industry: Tech giants such as Google, Microsoft, and Meta have experienced unprecedented events in recent years, such as layoffs and downsizing, which have contributed to an ongoing perception of instability and decreased appeal for the business. 

Opportunity: 52% of organizations believe external help can improve DE&I outcomes. Examine your current DE&I policies to improve your brand identity as an organization to attract talent. Demonstrate the uniqueness of your business through a broader spectrum of skills, experiences, and opinions within your workforce. 

3. Talent retention: Cross-industry competition, high attrition rates, and a high demand for specialized talent create a recipe for constant operational disruption. 

Opportunity: Utilize talent management and acquisition services to obtain robust analytics to streamline the complexities of your business and retain top talent.

4. Diversity, equity, and I\inclusion (DE&I): There is a need for greater representation of women, minorities, and individuals from different socioeconomic backgrounds in the industry to better serve a diverse customer base.

Opportunity: 80% of businesses are assessing and implementing direct sourcing to hire contingent workers to tap into niche talent pools, your organization should do the same.

Learn how to proactively address and tackle the changes taking place in your organization by reading more in our Tech and IT report.

Shift your talent approach: Alignment with technological advancements

Many tech-based companies in mature markets such as the US, Australia, and the UK are shifting their hiring approach to a skill-based strategy to attract the right talent. Organizations are moving away from traditional qualification-centric models and focusing on skill-based hiring and prioritizing hands-on experience to effectively navigate the dynamic and unpredictable technological landscape. Additionally, they are seeking individuals who can stand out from the talent pool by demonstrating a willingness to learn, upskill, and reskill to adapt to the uncertainties and rapid changes of the tech industry, essentially reinforcing a more resilient equipped workforce.

Your move: 6 steps to optimize and future-proof your talent and management strategies

Prepare your organization and develop resilience for a future in IT and Tech by following these six steps to future-proof your talent strategy as you adapt to the evolving technological landscape. Additionally, get effective support by contacting one of our experts.  

1. Conduct robust workforce planning and address evolving skill needs. 
2. Adopt emerging sourcing methods, such as direct sourcing. 
3. Create an agile and fluid workforce using Total Talent Management (TTM).
4. Foster DE&I for competitive advantage. 
5. Become a skill-based organization. 
6. Leverage new technologies to enhance talent management and acquisition processes.