In light of the staff gaps and talent shortage, companies — especially those in the technology sector — are increasing their employees’ wages.
According to a report by The Wall Street Journal, salaries for key tech roles have surged by as much as 20% in the past two years. Particularly competitive markets can even go up to 30% more than average tech salary from 2020.
The reason for this? The competition for skilled tech workers is becoming aggressive. IT trade group CompTIA disclosed that during the first three months of the year, US employers posted 1.1. Million tech jobs, up 43% year-on-year.
To catch up, smaller companies are increasingly playing up non-monetary incentives or their incoming talents. This includes career growth opportunities such as seminars and lectures.
Vijay Raghavan, CTO of analytics company LexisNexis Risk Solutions, said, “Telling a story is very important.”
Raghavan explained that they try to be as articulate as can be when communicating about the problems that they want to address.
“If a candidate just wanted to make more money, that’s their prerogative–but we do get a lot of smart technologists who are more interested in what we actually do,” he add
And this approach seems to be working! B2B digital software company Amdocs reported that 97% of tech employees are lookingfor prospective employers who are offering strength training and upskilling programs.
This statistic show that, though money is important, knowledge is still power within the tech sector.
So, if you are looking for the right people in your organization, offer them both the appropriate financial incentives in their jobs and help that they would need to advance their skills.