We’re in the midst of a spectacular heatwave—one that has nothing to do with the date on the calendar or a change in the weather. As it turns out, we’re nearing perfect conditions for an unprecedented Denver job market, in which eager tech professionals could have their pick of myriad available positions.
The Situation
Denver has one of the hottest labor markets in the country, according to the National Jobs and Industry Performance Outlook. Overall hiring increased by 51.8% in April 2021, and unemployment rates in technology remain under 2%. In addition, a recent report by Dice on technologist sentiment reported that 48% of nationwide tech professionals expressed an interest in changing companies—that’s a 16% jump from a year ago. And when Blind surveyed employees at some of the world’s premier tech companies—including Facebook, Twitter and Amazon—a staggering 66% reported they were unsatisfied with their companies’ work-from-home policies and were seeking employment elsewhere. All of this has a clear effect on Denver’s burgeoning tech talent pool as remote work grows in prominence, effectively taking a company’s search for prospects across state lines.
This outright boom in employment means that many of these restless candidates will have their pick of multiple offers by the time the interview process ends, often jumping to better opportunities before a contract is complete.
What It Means for You
Hiring could become one of your biggest pain points (if it isn’t already). There are only so many professionals in the Denver market that possess your ideal skillset, and it’s more than likely that other organizations are in pursuit of these highly specialized individuals, too.
More jobs are being created and unemployment remains low, but there’s another factor at play: wages are rising at historical rates. While that might be a temporary factor of a re-opening economy, this candidate-friendly market will give workers the leverage to obtain the highest pay possible.
Here’s What You Can Do About It
- Scrub your job descriptions: You may find “nice to haves” that could disqualify an otherwise great candidate with all of the “must haves.” Review and adjust to make sure you are casting the widest possible net.
- Stay up on salary: In this competitive market, it’s important to stay up to date on compensation data. What’s the market rate for the skills and experience you need? You might need to add more on top of that to beat competing organizations.
- Optimize your interviews: Time is more valuable than ever in the modern world, with many tech pros working 60+ hours a week while taking care of children. Keep your interview process short—meaning no more than two steps—and consider cutting excessive coding exercises. Use your time wisely by selling the position with enthusiasm. If you paint a picture of an inclusive workplace with a shared sense of purpose, your candidate will stay excited and engaged if the interview process is brief.
- Be remote-ready: Two-thirds of Americans began working remotely during the pandemic, heightening the hiring competition from local to national. This trend is here to stay, so to keep up, be sure to offer fully remote positions and sell the benefits of working at your company during the interview process.
- Make onboarding excellent: Once you’ve courted your ideal candidate, don’t lose them in the first few days because of a substandard digital employee experience. Give them the warmest possible welcome by sending equipment—and an equally warm welcome email—a week before their start date. At the very least, make a point to overcommunicate with a set start time and calendar invite for their first day—not doing so can lead to candidates feeling uncomfortable, unsettled and unsure of their decision.
If the changing job market in Denver is impacting your business, BridgeView can help. We are a technology consulting firm that helps clients solve complex problems. With over 15 years of delivery excellence and a dedication to fostering authentic relationships built on trust, we deliver big wins for Denver businesses.
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