Management consulting company Gartner said that as many as 37.4 million people are expected to quit their jobs in 2022. Many of those are Millenials and Gen Zers.
Meanwhile, Los Angeles-based management consulting firm Korn Ferry stated that a projected human talent shortage of 85 million people could result in about $8.5 trillion in unrealized annual revenues by 2030.
The stakes are higher within the tech industry as companies move to digitize and prepare their systems for the future. The answer? In-house upskilling and reskilling, as well as other non-traditional approaches to finding new talent such as hiring low-code developers.
Low-code development to the rescue
With the scarcity of skilled developers, more organizations are turning to low-code software development. This refers to tech analysts with little formal coding experience in developing applications.
Just last year, the global market for low-code development technology hit $13.8 billion in revenue. By 2023, low-code development is expected to be adopted by more than half of all medium- to large-sized companies as it grows by over 20% annually.
Though a bit underwhelming in name, Adam Glaser, Senior VP of Engineering in cloud computing company Appian, said that low code development has its benefits. For one, low-code applications can evolve quickly as they can be customized by every user.
It is also great to accelerate the release of any business app. Forrester Research said that 30% of the professional developer community uses low-code in some form to create apps in a short period.
For low-code developers, this field gives them a competitive salary with less training time.
Low-code developers can also get a competitive salary with less training time.
According to the company review website Glassdoor, the starting salary for low-code developers falls around $100,000. Appian added that more low-code users earn base salaries of $100,000 or more compared to high code-only developers.
“…Even how low-code apps get used within different major financial services organizations varies widely,” Glaser said.
“One uses it to power a call center. Another uses it for their credit card registration system. Another uses it for fraud detection. And another uses it for know-your-customer applications.”