In technology, it’s smart to hire for potential. Here’s why.

New research on tech talent  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

TODAY'S NEWS. TOMORROW'S INSIGHTS. A daily newsletter from McKinsey & Company   Edited by Katherine Tam   Digital Editor, New York Tech talent search In the news • Going where the workers are. Companies struggling to hire technology talent in the US are increasingly looking abroad for employees. This trend is expected to grow as remote work continues to rise and as the imbalance between supply and demand for tech roles persists. According to a recent report, the practice of offshoring software development roles is expected to rise by 70% between 2022 and 2023. US-based businesses are particularly interested in hiring in Latin America, which overlaps with US time zones. [Wired] • A cybersecurity talent crisis. There's a talent shortage in cybersecurity, and the gap is growing wider. In 2021, there were 3.5 million open cybersecurity jobs worldwide, a 350% increase from 2013. Many of these jobs will likely still be open five years from now. Cybercrime costs companies trillions of dollars each year, and executives need to take this seriously, says one CEO. Senior leaders can start by looking for board members who have cybersecurity expertise and making cybersecurity part of an ongoing conversation. [Fortune] Almost three in five workers who ended up as IT managers in the US started in non-IT roles. On McKinsey.com • Hire for potential. Demand for technology skills is growing exponentially, and companies are straining to find talent. Even so, businesses are often reluctant to hire candidates with more unconventional backgrounds. However, McKinsey research finds that people are able to master entirely new skills, making tech hires who start out in other fields not so unconventional after all, say McKinsey senior partner Dana Maor and colleagues. Of those who pivoted into technical roles in our study, 70% began in professional services, healthcare, or other STEM fields. • Transitions into tech. Moving into technology from a different line of work is common. Out of roughly 280,000 technology professionals in four countries, 44% entered the field from a nontechnical career. Tech workers with nontraditional backgrounds broaden their skill set with every move. They reinvent themselves, push out of their comfort zones, and develop and apply more new technical skills than many hiring managers assume, McKinsey research indicates. Learn three strategies for cultivating tech talent. Hire tech talent confidently Was this forwarded to you? Sign up here. Or send us feedback— we'd love to hear from you. Follow our thinking 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. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007