As the demand for tech and digital products and services continues to increase, businesses are investing heavily in their digital transformation initiatives. Research shows that 91% of enterprises are already engaged in digital inventiveness, and 87% of profound business leaders consider digitalization a topmost priority. As a result, the IT and tech employment market is predicted to grow 11% in the next decade, outrunning other occupations and domains.
However, there is a lack of highly qualified developers on the market. The latest US statistics labor report shows significant concerns as it evaluates around 1.4 million unfilled computer science jobs by the end of 2020. Furthermore, in 2020, the international talent unavailability already amounted to 40 million skilled workers and by 2030, this shortage is expected to reach 85.2 million.
At the same time, employment opportunities in computer science and information technology are projected to grow. Between 2019-2029, there will be 531,200 new computer science job openings, per the US Bureau of Labor Statistics, making it imperative to fill this gap. At the same time, tech experts anticipate that the usage and demand of mobile applications would keep on growing, generating 188.9 billion dollars in revenue.
It’s evident that the supply of suitable candidates won't match the increase in demand, considering that as of now, only 400,000 graduates are entering the job market annually. The US secondary and primary education systems aren't upgraded to incorporate the technical skills required to meet this demand. About 58% of all Science, Engineering, Mathematics, Technology are in computing, but only 8% of these graduates hold a degree in the field of Computer Science.
If the software developer shortage in the US keeps growing at a similar pace, it can lead to an unrealized output of $162 billion, further intensifying the gap between supply and demand of tech talent.
Has your company ever experienced trouble finding qualified developers? Here’s how you can solve this issue.
Find Developers In Emerging Markets
Today, many organizations struggle to discover new talent in fiercely competitive local markets—especially resources with specialized and particular skillsets. Nonetheless, 46% of IT companies that expand their operations prefer hiring new employees globally, as per the Velocity Global's State of Global Expansion™ report. Finding suitable and qualified developers requires knowing precisely where to look, and well-known companies turn to lesser-known markets for recruitment.
Exploring emerging markets, particularly Ukraine, for global talent acquisition in a software development industry can be beneficial in finding qualified developers. Ukraine has proven to be a fertile soil for globally recognized tech startups like Grammarly, MacPaw, Readdle, Ring, 3DLOOK, etc., and technical universities.
Ultimately, the success of the tech industry and companies in Ukraine is established on qualified staff. The technical universities in Ukrainian turn out more than 60,000 graduates in IT fields annually. Moreover, the country has a leading position worldwide with a significant number of accredited IT specialists. Leading Ukrainian universities have introduced educational programs and courses on the most promising information technology areas like Computer Science and Data, Internet of Things, Artificial Intelligence, etc.
Conversely, many software developers in Ukraine are motivated for continuous self-education, attending IT events, taking online courses, and reading professional literature. The IT sphere in Ukraine is one of the best places to acquire unparalleled talent with access to modern offices to advanced technologies and work approaches.
Ukraine continues to evolve as a leading market source for top tech talent overseas, and It's no surprise that Ukraine boasts a highly talented pool of developers substantiated by the following figures:
- More than 190,000 developers live and work here, the number continues to grow by 30,000 annually, and it is expected that there will be over 300,000 developers in 2025.
- In addition to startups, 4000 IT companies have established offices and R&D there.
The growing tech fraternity and the rich talent pool in Ukraine make it considerably easier for you to find qualified software developers.
Expand Hiring to Freelance or Outsource
To overcome the challenge of finding qualified developers, you can also hire freelance, or outsource your software development services. If you are perplexed about what to opt for, you aren't alone.
While both in-house and outsourcing have their particular importance and advantages, most companies have been leaning towards development projects outsourcing and for the right reasons.
So before you outsource your development functions, it is vital to know its benefits. Here are some of the advantages of an external development team.
- Save time and money. Hiring an outsource developer or a freelancer is cost-effective compared to having an in-house team, allowing your team to focus on core areas and what they excel at.
- Connect with top technical experts. Often, our development projects require solid technical knowledge and expertise that your team may lack. Partnering with specialized IT outsourcing developers allows you to harness their in-depth knowledge to accomplish the project efficiently.
- Flexibility. Outsourcing development companies adopt flexible and practical methodologies to structure the work, make necessary pivots and allot technical staff accordingly.
- Project scalability. Scaling a software development project can be comparatively easier than managing a team onsite. The remote development outsourcing team has extensive experience in carrying out tasks successfully and scale them with more workforce as per the peak periods and work capacity.
- Broader skill set. With outsourcing, you have a dedicated team of specialists for different domains like software architecture, quality assurance, project manager, business analyst, web designer, and many more. They all can leverage the power of their knowledge and put effort into making your project a success.
- Cost optimization. Outsourcing optimizes costs for your organization by saving you on recruitment, infrastructural development, and training costs. It allows you to take the services of trained experts and lets them execute work proactively and efficiently.
While these are some of the apparent benefits of development outsourcing, its misguided application can ruin your efforts and may deliver unsatisfactory results.
When it comes to trusting any project to an outsourced team, there are three engagement development models (dedicated team, team extension, and project-based) that vary in terms of monetization and flexibility, and the same works with freelance. So before you decide on a freelancer or outsource partner, it is paramount to comprehend the possible benefits and challenges to make a sound and well-informed decision.
In conclusion, keep in mind that mutually beneficial collaboration with in-house, freelance or outsource teams is a two-way street. Make sure to keep up with the tech trends, nurture the talent you acquire, and who knows, maybe you'll end up hiring the next Zuckerberg?
About Author: Vlad Vahromovs, CEO of Intellectsoft.
An accomplished tech executive with over 15 years of executive leadership experience delivering cutting-edge solutions to industry giants, Vlad is the CEO of Intellectsoft, the technology partner of Fortune 500 companies including EY, Nestle, and Jaguar. Vlad holds modern courses degrees from Stanford and Erasmus University Rotterdam.
LinkedIn: http://linkedin.com/in/vvahromovs/
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