Why Companies Struggle to Maintain their Tech Talent and Best Practices to Foster Sustained Growth

While tech layoffs dominated news headlines last year, in a turn of events, companies now struggle to find qualified workers amid the shrinking tech talent pool. Today, the demand for tech talent significantly exceeds the supply, with the US Bureau of Labor Statistics predicting that this talent shortage in the software development field will increase to 1.2M by 2026.

Even if organizations manage to edge out competitors and attract the most sought-after employees, they still face the exhausting task of retaining those individuals. A recent 2023 survey from Gartner found that 73% of CIOs are worried about IT talent attrition, revealing that the battle for talent doesn’t end after they accept the offer letter.

An American company specializing in software engineering services conducted a report in partnership with a global insight-driven research company to discover why so many companies struggle to maintain their tech talent and what changes they need to make to foster sustained growth.

This report interviewed over 900 senior leaders from technology, digital, data, product, and people (learning, HR, and talent acquisition) departments spanning nine countries and twenty industries. Below are some of the most pertinent insights for HR professionals.

Read the full article here.

Learn how IT & people teams can align for better talent management: https://www.epam.com/leadership-report-2

Discover how EPAM helps learning companies transform and accelerate in the digital reinvention of education: https://www.epam.com/industries/education