Among more than 900 senior technology and
people leaders surveyed, only 13% are satisfied with their current
talent development and retention strategies
NEWTOWN,
Pa., Nov. 9, 2023 /PRNewswire/ -- The tech
industry is highly competitive, and organizations that struggle to
attract and retain skilled technologists may find it challenging to
fill critical positions with qualified candidates. This can
lead to project delivery delays and reduced
productivity—interfering with an organization's ability to innovate
and stay competitive.
EPAM Continuum, the integrated strategy, technology and
experience consulting practice of EPAM Systems, Inc. (NYSE: EPAM),
today released part two of its Tech Talent report titled "How
IT & People Teams Can Align for Better Talent Management'
which addresses the challenges of hiring, developing and retaining
technology talent and what companies can do about it. Part one
of the report discussed leadership roles in driving digital
transformation and how leaders inadvertently hinder their company's
digital transformation efforts.
"For companies to stay competitive, it's imperative to hire,
develop and retain great tech talent; however, our research
indicates the current approach isn't working," said Sandra Loughlin, Ph.D., Chief Learning Scientist
and Head of Client Learning and Talent Enablement at EPAM. "The
People and Technology functions need to forge stronger partnerships
to support technologists across the entire talent lifecycle. Only
then will organizations fully unlock the potential of the
technology workforce and enhance business performance."
To understand where business leaders stand with hiring,
developing and retaining technology talent, the study surveyed 900
senior leaders from technology, digital, data, product and people
(learning, HR and talent acquisition) departments— a group that
spans 20 industries and nine countries across North America, Europe and Asia.
Key findings include:
- The current approach to tech talent isn't
working. Only 13% of leaders are satisfied with their
current talent development and retention strategies. When it comes
to hiring, that number drops to 11%.
- Technologists are frustrated with
tooling, micromanagement and processes. The top three most
cited reasons for technologists leaving organizations were
frustrations with tooling (59%), micromanagement and bureaucracy
(58%) and dissatisfaction with the process of delivering technology
(58%).
- People and IT organizations are out of sync on tech talent
lifecycle management. With 54-59% of people leaders
indicating skepticism about the tech organization's people skills
for hiring, developing and retaining technologists, and 63-64% of
tech leaders expressing doubt regarding the technical skills of the
people organization for the same tasks, a distinct lack of
confidence in each other's strengths becomes evident.
"The rapid pace of change in technology and data, especially
considering disruption wrought by AI, requires businesses to have
strong in-house capabilities," Loughlin said. "Our research reveals
the depth and sources of challenge organizations have around tech
talent and offers proven approaches to address them. By fostering a
true partnership between the People and Technology functions,
companies can better align technology talent to business
objectives, supercharging sustained growth, innovation and
leadership in the digital age."
To read the full report, visit
www.epam.com/leadership-report-2.
To learn how EPAM's talent enablement and transformation
services can help organizations digitally transform and support
employee learning and development, visit
www.epam.com/services/strategy/talent-enablement.
About EPAM Continuum
EPAM Continuum is the integrated strategy, experience and
technology consulting network within EPAM, and the main service
brand under which all EPAM consulting and creative services go to
market. We fuse integrated consulting with EPAM's engineering
expertise to accelerate the pace at which our clients derive market
benefit from new innovations and digital transformation
investments.
We're a globally integrated hybrid team of strategists,
advisors, designers, technologists, data scientists and creatives.
Using applied systems thinking, we identify how to create value
within our clients' increasingly complex business challenges. We
believe the right solutions are the ones that improve people's
lives and fuel competitive advantage. We don't just create
blueprints, operating models and business plans; our thinking comes
to life in code and products – and in market. Learn more
at www.epam.com/epam-continuum and follow us
on LinkedIn.
About EPAM Systems
Since 1993, EPAM Systems, Inc.
(NYSE: EPAM) has leveraged its advanced software engineering
heritage to become the foremost global digital transformation
services provider – leading the industry in digital and physical
product development and digital platform engineering services.
Through its innovative strategy; integrated advisory, consulting,
and design capabilities; and unique 'Engineering DNA,' EPAM's
globally deployed hybrid teams help make the future real for
clients and communities around the world by powering better
enterprise, education and health platforms that connect people,
optimize experiences, and improve people's lives. In 2021, EPAM was
added to the S&P 500 and included among the list of Forbes
Global 2000 companies.
Selected by Newsweek as a 2021, 2022 and 2023 Most Loved
Workplace, EPAM's global multidisciplinary teams serve customers in
more than 50 countries across six continents. As a recognized
leader, EPAM is listed among the top 15 companies in Information
Technology Services on the Fortune 1000 and ranked four times as
the top IT services company on Fortune's 100 Fastest Growing
Companies list. EPAM is also listed among Ad Age's top 25 World's
Largest Agency Companies for three consecutive years, and
Consulting Magazine named EPAM Continuum a top 20 Fastest Growing
Firm.
Learn more at www.epam.com and follow EPAM
on Twitter and LinkedIn.
Forward-Looking Statements
This press release includes
estimates and statements which may constitute forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, the accuracy of
which are necessarily subject to risks, uncertainties, and
assumptions as to future events that may not prove to be accurate.
Our estimates and forward-looking statements are mainly based on
our current expectations and estimates of future events and trends,
which affect or may affect our business and operations. These
statements may include words such as "may," "will," "should,"
"believe," "expect," "anticipate," "intend," "plan," "estimate" or
similar expressions. Those future events and trends may relate to,
among other things, developments relating to the war in
Ukraine and escalation of the war
in the surrounding region, political and civil unrest or military
action in the geographies where we conduct business and operate,
difficult conditions in global capital markets, foreign exchange
markets and the broader economy, and the effect that these events
may have on our revenues, operations, access to capital, and
profitability. Other factors that could cause actual results to
differ materially from those expressed or implied include general
economic conditions, the risk factors discussed in the Company's
most recent Annual Report on Form 10-K and the factors discussed in
the Company's Quarterly Reports on Form 10-Q, particularly under
the headings "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and "Risk Factors" and other
filings with the Securities and Exchange Commission. Although we
believe that these estimates and forward-looking statements are
based upon reasonable assumptions, they are subject to several
risks and uncertainties and are made based on information currently
available to us. EPAM undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as may be required
under applicable securities law.
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SOURCE EPAM Systems, Inc.