The tech industry is undergoing a significant transformation, with rising demand for specialized skills, particularly in artificial intelligence (AI). According to the International Data Corporation, over 90% of companies will face IT skills shortages by 2026. A new report from Multiplier reveals that US-based companies are increasingly turning to international markets to fill these gaps, showing a 31% increase in the demand for specialized skills across borders.
Key Trends in Tech Talent Sourcing
- Demand Surge for Specialized Skills:
The report highlights a notable shift from general skills to specialized roles. Job listings requiring AI expertise have skyrocketed, with a 130% increase over the past two years. Hiraash Thawfeek, CTO at Multiplier, notes, “The rise of AI is reshaping the tech landscape, and leveraging global talent pools has become essential for companies to build teams with the specialized skills needed to develop and implement AI-driven solutions.” - Growth of Generative AI Roles:
Generative AI positions have experienced an unprecedented 1300% increase in demand, underlining the critical importance of this field. Additionally, the demand for machine learning and data science roles has risen by 80% and 250%, respectively, showcasing AI’s dominance in the tech sector. - Emergence of Other Specialized Fields:
While AI leads the charge, other fields like Blockchain and Security are also gaining traction. Blockchain roles have increased by 500%, and Security roles by 600%, indicating a broader industry shift towards niche expertise.
The Shift Towards Skill-Based Hiring
- Eliminating Traditional Barriers:
As companies strive to fill specialized roles, many are moving away from traditional educational requirements in favor of assessing practical experience. Jeff Lam, Director of Recruiting at Arc.dev, explains that “academic institutions struggle to match practical experience in fast-evolving fields,” leading to a more inclusive approach to hiring. - Expanding Talent Searches Globally:
Companies are extending their recruitment efforts beyond local talent pools. Multiplier’s data shows that tech hires accounted for 15% of all hires made through their platform in the past three years. While India remains a preferred source for tech talent, emerging markets such as Pakistan and the Philippines are gaining popularity in the Asia-Pacific region.
Tapping into global talent pools is crucial for companies aiming to remain competitive amid growing tech skills shortages. Using solutions like Multiplier’s Employer of Record (EOR) and specialized talent marketplaces like Arc.dev can facilitate a more flexible hiring approach, ensuring access to skilled professionals. Multiplier simplifies the hiring process by managing payroll, benefits, and compliance with local laws, while Arc.dev enables companies to onboard qualified tech talent within 72 hours.
