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| Not enough tech talent to go around |
November 8, 2007 |
 Good employees may soon be unavailable at any price
Canadian companies are being hit by a talent crunch and the situation is getting worse, according to new research from Deloitte and the Information Technology Association of Canada.
TechTalent, a survey of 60 Canadian technology and telecommunications organizations, found 90 per cent expect a challenge in finding technically skilled staff over the next three to five years, and 60 per cent expect to face a high or moderate shortage of innovative and creative talent.
These shortages may mean companies will be unable to capitalize on the growth opportunities currently available in the Canadian economy.
The majority (54 per cent) of companies expect their workforce to grow by at least six per cent annually (with 25 per cent expecting double-digit growth), while the retirement of Baby Boomers, declining birth rates and increased labour mobility lead to 95 per cent of respondents citing the talent shortage as a fundamental business challenge.
“As technology and telecommunications companies bid on increasingly scarce talent, at some point they will find the talent they need simply isn’t available—at any price,” said Richard Lee, human capital practice leader with Deloitte. “Companies that don’t act now face a talent crisis down the road. The focus should be threefold—develop the workforce’s skills and capabilities, deploy people on work that fits their skills and interests, and connect people with others through meaningful relationships. The first few steps companies must take are to engage in workforce planning, leadership development and succession planning. Ultimately, talent-savvy companies will gain a significant competitive advantage in the marketplace over the long term.”
This talent shortage has also been measured by Robert Half Technology, which provides IT professionals on a project and full-time basis. Canadian CIO s polled for its Technology IT Hiring Index and Skills Report expect to increase hiring of technology experts by eight per cent.
“Demand for increased customer and end-user support and business expansion is fuelling the need for additional IT personnel,” said Sandra Lavoy, vice-president with Robert Half. “In response to a tightening labour market and increased competition for top talent, many companies are increasing their speed to hire, offering enhanced compensation packages and providing greater work-life balance options to attract and retain skilled professionals.”
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