The hunt for technology sector brains

Technology companies are facing a new, very fresh crisis: they no longer know who to hire. Forget the image of the headhunter chased by the would-be candidate, because today’s ICT-skilled workers certainly do not need to woo anyone. Indeed, it is quite likely that they will be remembered as one of the great shortcomings of this pandemic. The estimated unemployment rate for those working in this sector is about 1.7 percent compared to 4 percent for the general economy. For those who then also have experience in cybersecurity, it even drops to 0.2 percent. A phenomenon, however, that affects not only tech workers, but even human resource managers in the industry. Figures now so essential that they have become very few, which has pushed up their salaries by an estimated 30 percent increase. “If you don’t offer remote work, a hybrid formula, some benefits, or things like that, you’re not going to be able to hire anyone,” a well-known U.S. HR person explained to the New York Times.

Who offers the most? In short, the battle among companies for tech hires is now about benefits, Wired wrote. Faced with a shortage of skilled workers and fierce competition, companies have gone so far as to pay people to interview or to offer trips to employees who choose to stay. The “big resignations” have widened the gap between supply and demand for tech talent, prompting employers to desperately resort to extreme incentives to recruit as many people as possible. Some gave more vacation time, some launched new parental leave, some offered health care. The talent shortage in tech has also touched countries such as India, where Salesforce’s CEO called it an “issue to be resolved in the medium term”(Financial Times).

Open Doors The shortage of tech talent is having significant impacts even on corporate ownership structures, incentivizing transactions such as mergers and acquisitions, which grew by 10 percent during the pandemic(Wall Street Journal). As for Italy, demand for skilled workers in this sector continues to grow, with salaries significantly above average, even for junior profiles(CorCom). A few days ago it was precisely the director of the newly formed Italian Cybersecurity Agency, Roberto Baldoni, who declared that the country is “on the hunt for brains,” announcing the opening of an open competition for more than 70 positions, which will also be open to young recent graduates(Republic+).