Introduction
Software brands/companies always struggle behind the scenes to launch new products on schedule. Software products are often built by managing intricate overlapping dependencies in design and testing over a long development cycle. In a rigidly
sequential process, many steps depend on achieving the preceding one, so any disruption in the process, such as scaling an untested technology, or a talent shortage, will cause frustrating delays. Additionally, lack of talent has an adverse effect on product
quality.
What is causing product talent shortage?
Third-party reliance:
With the shift towards a more digital-first world, businesses are now expected to offer an alternative solution instead of just being able to sell someone else’s product. A result of this is the rise of a new type of company – The Product Company. These organizations are built around the idea that they should build one central offering that solves
customer’s problems rather than a collection of separate offerings with limited synergy between them. An approach that has been proven to lead towards faster growth, better financial results and improved customer experiences.
With an increasing number of startups and companies opting for Software-as-a-Service(SaaS), product development has become easier and more accessible than ever before. Consequently, more businesses have been created to cater to this need, but with that
comes a shortage of professionals.
Increasing Talent-gap:
The war for talent is real. In order to leverage this, companies hire people whose skills don't match the skill set required for the job, causing an immense talent-gap. Many factors can contribute to a talent gap. There are the obvious external factors like economic uncertainty, but internal issues can also be at play.
For example, there may be a mismatch between the skills required by an organization and the skill set of the existing workforce. Or, there may be a lack of career path opportunities that can lead some talented employees to leave before they reach their
potential. There may also be an imbalance between the number of entry-level opportunities available versus the number of experienced professionals who want to work in those roles. In these cases, organizations need to offer more support for entry-
level employees and develop clear career paths for experienced professionals that allow them to progress along those paths while still being impactful in their roles. There are two main drivers of the “talent gap”: Inability to find qualified candidates and a
lack of skills among existing staff.
What can you do to address this situation?
To handle this situation, it is essential that companies develop their training & development programs so they can identify and recruit skilled professionals. This will help them to fill any gaps in their workforce and ensure that they remain competitive in
the marketplace.
In addition, companies must also ensure that their current employees are up-to-date with new skills and technology. As a result, they risk losing valuable talent to competitors who are better able.
For example, is it a generalist skill that can apply to many different areas or is it a specialist skill that is only useful in one area? Once you know which type of skills are most in demand, you can tailor your recruiting strategy accordingly.
It is at this point that professional recruitment partners come into play. The fact that they know how to pipeline talent and all the prerequisite skills that one needs means that you won't have to worry about the talent shortage, but rather will be able to focus on your product development and timely launches.
Conclusion
The shortage of product talent is a real problem in the digital age. Companies are constantly on the hunt for the right people who can contribute in creating the best products. With so much investment being poured into software product companies, it
has never been more important to deliver on projects. Failure to deliver a project can significantly impact investors' confidence.
To tackle this, it is essential to keep in mind how talent can be used to drive business forward. Also, your company needs to change its hiring practices. Make sure you hire a good product recruitment partner since they know what really drives a company’s growth.
In India, ABEX is one of the first and finest product hiring companies with a singular focus on providing the best talent necessary to accelerate the growth of software product companies.
