Consultants can fill the gap in a tight employee market
Simply put, if you are a technology professional, you are in demand. According to Colorado’s Department of Labor and Employment, professional scientific and technical services are ranked as the fastest growing industry in the state. With a projected employment increase of 29 percent in the next eight years, the technical services industry in Colorado is one of growth and opportunities.
However, we are currently experiencing a severe shortage of technology-related workers, such as computer hardware and software engineers, mechanical engineers and electrical engineers, to meet the growing demands. This shortage can in part be attributed to the infamous dot-com bubble burst in 2000 when careers in IT were seen as unstable at best. As a result, students pursuing higher education steered toward other fields, such as engineering, medicine and business instead of IT. Fast forward several years later when these students are entering the workforce and the numbers seeking IT professions just aren’t enough to meet today’s demand.
Add into this mix the 77 million retiring Baby Boomer population, and we have an employment crisis. In fact, the need for employers to fill their employment gaps is so great that ConsultNet issued its 2008 Technology Staffing Outlook to start a dialogue on how to resolve the growing employment crisis. The Technology Staffing Outlook report can be downloaded for free by visiting http://www.consultnet.com/techstaffoutlook.php.
The shortage of technology-related professionals is starting to take its toll. Businesses are lacking the talent and resources necessary to complete projects on time and on budget, which in turn affects how companies are able to reach their long-term goals. The lack of technical professionals is also starting to negatively impact technology growth since technology cannot advance without the right talent in place.
A solution to this mounting problem is a supplemental and flexible workforce. Supplemental workforces consist of temporary workers, particularly consultants specializing in a specific field, to help reduce the strain placed on full-time staff. Every company has aspects of their business that fluctuate with highs and lows. It’s during these highs when a supplemental workforce is the answer. For example, when a new product is developed, there are different stages of development, and each stage requires a different expertise. Once the product is completed, there is no longer a use for many of these people, so they get laid off. There is a high cost for this employment strategy as the employer pays for the recruitment, benefits and severance of the employee. In essence they are still using a flexible workforce, just at a higher cost.
For example, one of our clients is a large electronic and communications firm whose core technology team was experiencing increasing demands. Rather than hiring full-time employees to ease this burden, we introduced consultants to their team, which allowed them to quickly respond to customers and meet project deadlines in a timely manner.
The consulting trend is also predicted by the Bureau of Labor Statistics. The November 2007 Monthly Labor Review reported, “The environment for consulting is likely to be strong as more businesses look to consultants to provide needed assistance in cutting costs and in performing other key business functions, such as improving the security of network systems.”
The burgeoning number of retirees is seeing the benefits of consulting work. Consulting offers the retiring workforce a flexible work schedule, an increased income and the opportunity to transfer their knowledge to younger employees. This transfer of knowledge is important for the success of future technology development.
Consulting is the ideal solution for both the IT worker looking for different opportunities and businesses seeking specialized skills to meet an employment gap. In addition, with competition for talented technology professionals heating up, consultants can often earn an increased salary and a more flexible work schedule. Consulting also proves cost effective for businesses as they are able to select the specific skills they need for a predetermined time while avoiding the costs associated with full-time employees. Although the technology worker shortage does present its challenges, the demand for your talent and skills can offer you the flexibility and freedom to pursue a challenging, rewarding career path. n