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| • | Branching out overseas. Software developers, coders, and other tech workers were once limited to employment in certain geographical areas. The COVID-19 pandemic upended all of that. Amid the massive shift to remote work and a tight labor market, US companies are stepping up their hiring of overseas tech talent. Demand for foreign tech talent increased 74% in the past six months. However, since bigger corporations can afford to pay higher salaries, a deeper global talent pool may also disadvantage smaller, local businesses. [Fortune] | | | | • | New tech hubs. As the COVID-19 pandemic makes remote work a day-to-day reality, more tech workers are moving to places outside of the US’s “superstar cities.” Remote work spurred nearly five million workers in the US to move in 2020, and another 19 million plan to relocate. This trend, along with the proliferation of cloud services, aligned with greater investment in tech organizations beyond the typical technology hubs such as Silicon Valley. Now, more than half a dozen US metro areas are considered “rising stars,” with upticks in tech-related job postings. [WSJ] | | | | • | Hiring hurdles. The need for tech talent is intense, with more than three million cybersecurity roles across the globe unfilled in 2020. Remote work has made it easier for job hunters to seek better opportunities, and companies worldwide are trying to snap up tens of thousands of tech workers. Many are in a tight spot: in a McKinsey survey of senior executives, nearly 90% said their companies weren’t ready to address employee skill gaps. In addition, 61% of HR execs predict that hiring developers will be their biggest hurdle in coming years. | | | | • | Ten talent tactics. Attracting and developing tech talent must be a top priority on executives’ agendas to keep pace with today’s digital demands. That may mean a revamp of the candidate experience, upskilling in-house talent, and weeding out bad practices. Based on McKinsey’s work on more than 80 technology transformations, we’ve identified the top things companies need to get right. Explore ten new realities that businesses should address to draw and develop the best tech talent, along with the seven skill areas most in demand. | | | | — Edited by Sarah Thuerk | | This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. | | You received this email because you subscribed to the On Point newsletter. | | | | Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007 | | | |
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