There is no question that COVID-19 created a variety of changes in the workplace. In the United States alone, there are over 13.9 million available jobs—a 28% increase year-over-year. With an abundance of jobs available, the power has shifted from employers to employees. While EdTech companies are doing their very best to find the right talent, each company now has to compete to win the right candidates. Meanwhile, employees looking for new jobs have a much wider range of choices when looking for the next opportunity in their careers.
With a hyper-competitive hiring market, EdTech companies are finding it increasingly difficult to find the right talent. According to research conducted by BuiltIn, the most in-demand jobs in the EdTech space currently include software engineering, marketing, sales, operations, and product. In these particular industries, EdTech employers are finding it increasingly difficult to hire the right talent.
The lack of hiring the right talent not only leaves a gap in a company’s efforts, but it also costs them a pretty penny. Over the next decade, companies will lose over $1.2 trillion in output due to the lack of finding the right talent. Part of the reason these losses will be so substantial as well is not only due to the lack of candidates in general, but the lack of qualified candidates for jobs.
3 High Impact Ways to Compete in an Overheated Hiring Market
The facts above are clear: it is becoming increasingly difficult to find the right talent for your team. So how can you compete with other companies in snagging the right competition? The following suggestions should provide your company with an edge while seeking out quality talent.
1. Offer Hybrid Work Options.
With more than two-thirds of the US population working remotely, it has been proven that employees can be productive and adapt to remote work. Most employers recognize that hybrid work is going to stick around, and that employees actually prefer to have the option for both types of work. If your EdTech company is the type that can function long-term with a hybrid work model, consider how to implement more flexible options for your employees. And including information about hybrid work opportunities should drive more viable candidates to apply for your job.
2. Widen Your Talent Pipeline.
Because remote work is now on the table, employers are finding ways to attract talent all around the world. Hiring in this industry now allows for the opportunity to reach past a typical in-state radius and look to hire candidates from other locations. Opening your talent pipeline to other parts of the country, or perhaps overseas, will open your opportunities to hire the right team members. While your traditional talent pool reached only a certain group of people, now your hiring pool should reach a vast and diverse network of talented individuals.
3. Re-work How Productivity is Measured.
COVID-19 not only affected the competitiveness of hiring candidates, but it also affected how, when and where employees complete their work. At the beginning of the pandemic, big cities saw massive exoduses as people flooded to the suburbs. And while the pandemic has slowed down, most employees who left the city have no intention of returning.
With more options on where and when a workday can take place, employees want the way that their productivity is measured to change. Gone are the days where clocking 40-50 hours in the office is “productive.” Now, productivity should be measured by how productive an employee is, regardless of the time they completed their work, where they are doing their work, or the amount of time put into the workweek. And those companies that reflect a more modern and inclusive approach to productivity will attract the best and brightest talent.
Find Talent for Your Team in a Hyper-Competitive Market
As previously discussed, finding the right talent for your EdTech team is becoming increasingly difficult. You may find what you consider a strong candidate for a position on your team, but before you know it, that candidate is taking another job. The Renaissance Network (TRN) is aware of your company’s challenges in hiring the right talent and is here to support you in filling your positions with top employees.
Over the past 25 years, TRN has sourced world-class talent for a huge variety of EdTech organizations. If you find your company stuck in a hiring rut, it’s probably time to consult with TRN.
Feel free to click here to contact us and find out why TRN is considered the Education Talent Expert.