Having trouble recruiting top-tier candidates? You’re not alone. Between rapid-fire development, ever-changing legislation, and evolving consumer expectations—not to mention a growing skills shortage—the demand for top talent in the tech industry is acute. Last year, there were more than 3.7 million postings for jobs in the technology industry, according to CompTIA. How can employers compete with that?
No question about it: businesses in the technology sector need to apply their creativity to developing fresh ways to attract and retain top tech talent. What can technology companies reasonably do to set themselves apart?
The Challenges of Recruiting in the Technology Space
In the technology sector today, tech employers face a number of hiring challenges. For example:
- Demand for top tech talent appears to exceed the number of qualified individuals. Although the industry is considered highly desirable to work in—it’s the #1 choice of career-switching millennials, for example—a majority of hiring managers report that they are having trouble hiring.
- With the rapid pace of technological advancement, the demand is only going to grow, further outpacing supply.
- With so many tech jobs available, many qualified candidates are not in a hurry to move. Often, experienced professionals are content to wait for the perfect opportunity to present itself.
Despite the obvious challenges, there are steps proactive employers can take to draw the attention of elite candidates.
Recruiting Trends in the Technology Industry Today
In order to overcome a talent shortage and an ultra-competitive market, many companies are getting creative—and generous—with workforce perks and benefits, including:
- Free meals, provided onsite (Google’s home office features more than 30 cafes!)
- Beautiful campuses with numerous amenities, such as gyms, daycares, wellness centers and more.z
- Impressive leave packages, including paid maternity and paternity leave, flex vacations and sabbaticals.
Of course, not every tech company can offer perks on the scale of Apple, Twitter and Google. However, there are valuable benefits even small tech companies can offer to position themselves as employers of choice.
Relocation Benefits: the Cornerstone of Attracting Top Technology Talent
Despite all of the great perks listed above, one that is often given short shrift is relocation benefits. While most technology companies offer traditional employee benefits such as health insurance and generous 401K plans, one Indeed study suggests that only half of employers in the tech industry offer competitive relocation programs.
Yet that same survey revealed that a full 80% of technology professionals are open to moving for a better job—and that 57% have done so in the past. Tech employers should be jumping to close this gap!
In particular, smaller tech companies and those in smaller, lesser-known cities, should consider offering competitive relocation packages to make themselves more attractive to applicants. There is real opportunity here.
What Does a Competitive Relocation Package Look Like for Tech Workers?
When tech companies make the decision to offer a relocation package, it’s important to offer competitive benefits, which include:
- Covering the cost to hire professional movers to transport household belongings
- Providing costs related to housing, including house-hunting, hotel stays, and even temporary housing
And, in this industry, it’s essential to make cutting-edge relocation technology part of the program. After all, you’re appealing to professionals who’ve chosen to work in the tech space!
While traditional relocation companies still rely solely on live consultants to handle employees’ moves, progressive relocation companies offer cloud-based software platforms that workers can access directly, booking movers and other suppliers directly. When paired with live support specialists, these platforms allow employees to choreograph their relocations on their terms.
In short, the best relocation benefits are about more than a signing bonus. They’re about giving employees a personalized relocation experience, so they can show up on Day One happy and ready to work.
Relocation management software, such as that offered by UrbanBound—the tech company that pioneered the first tech-based relocation management solution—not only gives employees flexibility and control over the way they move, but gives employers control over program costs and transparency into how relocation dollars are spent. All while costing less than traditional relocation management consultants!
What Employees Want
Without a doubt, great benefits and compensation are key to attracting top talent in a competitive field. But what employees really want is both simpler and more complex. According to Mercer’s exhaustive study on 2018 Global Talent Trends, workers want their employers to offer them flexible work options and to invest in their well-being and quality of life. By offering relocation benefits that not only covers costs but give tech professionals the freedom to design a personalized move—using cutting-edge technology, no less—even small tech companies can offer big appeal to top talent, holding their own in a crowded field.