Tech Recruitment: Skills-Based Hiring the New Paradigm

by Riia O’Donnell 

The “fourth industrial revolution,” predicted by the World Economic Forum in its The Future of Jobs, outlines the shift in global job stability we are facing. Developments in technology, from AI to VR, are changing the business landscape, and for those who cannot keep pace, the prospects for employment are shrinking. The rapid change in skill requirements or “skills instability” will create a net loss of over 5 million jobs in 15 major developed and emerging economies in the next five years.

It’s estimated there are over half a million computing jobs open in the US, yet colleges and universities graduated only 43,000 computer science students this year. The gap will only widen. An estimated 1 million more computing jobs than applicants are predicted by 2020.

Skills-Based Bootcamps

To address the shortage, in the US and around the world, bootcamp-type schools are popping up to feed the skills gap workers face when it comes to technology. From coding and beyond, the programs immerse learners in coursework that provides job readiness in a variety of disciplines.

Aimed at adult learners, bootcamps can vary in cost and length: some as short as 14 weeks, others as long as 26, the price point is in the $1,000 per week range. Since 2013, the number of stand-alone camps nearly reached 100 in the US. Additionally, some companies are creating their own apprenticeship/bootcamp programming to provide a reliable talent stream. The most successful programs work directly with corporate clients, providing graduates with immediate job opportunities and business with qualified applicants. For some programs, students pay, with others the employer either pays or contributes to the tuition cost. In the US, almost 23,000 students will complete the programs this year.

More than coding, courses and camps are being added in AI, digital market, project management and more. A new area that will see an increase in the next five years is data analysis. According to a survey conducted by the  Society for Human Resource Management and the American Statistical Association, 59% of organizations plan to increase positions in this area. The most common functional areas for data analysis positions are accounting and finance (71%), human resources (54%), and business and administration (50%). The survey also reported that 78% of companies who recruited in this area in the past year had difficulty finding qualified candidates.

Bridging the Skills Gap

For many businesses, the shift away from a university degree is taking hold. Many employers look for skills over credentials: skills as the currency for success, not sheepskin. With so many jobs to fill, employers don’t care where you learned to code: at a top-tier school, community college, bootcamp or if you taught yourself. Whether a candidate spent four years learning their trade or 14 weeks is immaterial. Whether or not they can do the job is the only consideration.

For employers who are putting the emphasis on performance rather than pass/fail grades, Rankdone is the key to finding the employees with the skills you need. The talent is out there, we can help you recruit it quickly and successfully.