The best way to address the global tech talent shortage

As technology, innovation, and automation have advanced, so has the demand for tech-related jobs across industries.

 

But there’s a problem. Supply of talent to fill these roles has long been unable to meet demand. And with the momentum of tech growing exponentially, this shortage is causing concern among today’s small and large companies alike. After all, 1.4 million computing and engineering positions need to be filled by 2020, according to a report by Tech.co.

 

How will society respond to this shortage, and what opportunities are emerging for aspiring tech workers that could change this? Enter the world of coding bootcamps.

 

But first, let’s further understand the problem.

 

The tech talent shortage - in a nutshell

 

You might not have heard about a tech talent shortage - especially in a time when, on a national level, unemployment is fairly low. 

 

In the first quarter of 2018, the U.S. unemployment rate dropped to a 17-year low of 3.9 percent. However, the Bureau of Labor Statistics reported 6.47 million job vacancies, which was higher than the 6.35 million it reported as unemployed. So although more people had jobs, the amount of unfilled jobs rose as well.

 

For STEM and tech-related roles specifically, the Smithsonian Science Education Center reported that there were 2.4 million unfilled positions in 2018 alone. Reports from the tech sector echo these findings. A survey of 3,000 technology leaders from IT outsourcer Harvey Nash and KPMG found that 65 percent of tech companies feel that hiring challenges are hurting the industry.

 

This points at a shortage, across industries, of tech-related talent - essentially, not enough people know how to code.

The rise of coding bootcamps

 

While tech and automation have been on the rise, so have coding bootcamps! Data from Course Report shows that recently, coding bootcamps graduated 11x the amount of graduates they did in 2013. In fact, in 2019 alone, 23,043 students are expected to graduate a coding bootcamp.

 

The reason coding bootcamps have become popular, in part, is due to their high return on investment - and low up-front cost. Traditional computer science degrees from universities can cost upwards of $150,000 and require a multi-year commitment. This up-front cost and time commitment can seem daunting to an aspiring coder that is already involved in a career path, or who perhaps is balancing other responsibilities like a family.

 

Coding bootcamps, however, offer a way for students to learn to code at a fraction of the time and cost required with a full degree. For example, coding courses with Nucamp start as low as $320 for Web Development Fundamentals, and up to $1,620 for Full Stack Web + Mobile Development. 

 

An added advantage of community-based hybrid coding bootcamps like Nucamp is that they are localized to a student’s location, not requiring them to commute or move to a large city and attend an in-person bootcamp full time. This lowers travel and living costs, and even allows students to continue working another job earning a wage while they are completing their coursework.

 

Want to learn more about the tech talent shortage? Looking for more solutions? Read about why 2024 has been the year for nearshore software development from Teravision Technologies.

 

How bootcamps and companies are bridging the talent gap

 

Thanks to coding bootcamps, coding knowledge is becoming more accessible to a wider range of people. As graduation numbers continue to grow, it’s only inevitable that the amount of prospective employees with coding knowledge is likely to grow too, helping to fill the tech talent gap.

 

Large companies are also taking matters into their own hands to address the talent shortage in another area in the STEM and tech sector and tech - diversity. 

 

For example, earlier this year Twitter announced an engineering apprenticeship program for women and people of color. The program brings a group of full-time employees on for a year, rotating them among different technical teams to get more experience. 

 

Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo also partnered together earlier this year for a “Fintech Focus” coding bootcamp, bringing together college students from underrepresented areas in the NYC metro area for a three-week bootcamp.

 

Whether via corporate investment or coding bootcamps, there’s no doubt that we’re entering a boom for coding knowledge, helping to fill the tech talent void.

 

READY TO SEE IF CODING IS RIGHT FOR YOU?

 

Come check out the nearest community coding bootcamp in your city or town. Click here to get started.