Companies that apply the law of time reduction are able to accelerate the business plan and grow faster. The question is – how do you apply the law into your day-to-day business operations?
In this blog series, we dive into the law of time reduction applied to the significant challenges scale-ups face in hiring talent, raising capital and global expansion.
Talent as a challenge
According to the European Commission, 20% of all EU companies were employing ICT specialists in 2016. However, 41% of the companies state that they had a hard time finding the right person for their vacancies. As the European tech workforce is growing three times faster than the overall EU employment, the hunt for talent is becoming a real challenge.
Looking into the UK scale-up scene, 93% of the scale-ups report that their main roadblock for continued growth is access to talent. However, there are some challenges to face: 48% do not know where to find good talent and 38% do not have the right connections to universities. If they do find the right hire, the key required skills are critical thinking and a service-oriented mindset. Nevertheless, the UK still is the top talent magnet for tech, as they attracted 21,5% of all the international migrants.
In a recent State of European Tech Report by VC fund Atomico, companies have the most difficulties recruiting in the following categories: Software engineering (46%), Sales/Business development (14%) and Data science (9%).
A closer look into the challenge
If you look closely into our community, there are over 250 open positions just only on our 30 member companies. This loosely translates to 8 job openings for every one company, with majority of the job openings in the field of development (37%) and sales (24%), followed by customer service (9%). This confirms the ‘cry for talent’ in our community and strengthens the choice that talent is one of the focuses of our service offerings.
Zhong Yuan Xu, one of our ambassadors, confirms that most scale-ups are looking for similar profiles and are therefore fishing in the same talent pool. Creativity during the hiring process and original perks are the way forward to attract the best of the best.
Attracting (and keeping) millennials in general has become a real challenge for companies, as the new generation of the workforce seeks more than just a high-paying job. Manpower Group’s global research found that millennials value a strong career path with 93% of the respondents stating that lifelong learning matters to them the most . This means that scale-ups should constantly provide growth opportunities for their employees in the form of exciting projects, dynamic roles and international assignments.
Tapping into the ecosystem for potential talent
A well-established ecosystem has an important role to play in reducing time on scouting talent by linking the different stakeholders with each other to match the right profile with the right job.
Committed to helping scale-ups reduce time, Scale-Ups.eu will facilitate the matchmaking process through:
- A job fair at our Scale-Ups.eu Conference 2018
- Scale-up masterclasses to improve the skill set of current scale-up managers
- Interactive job board that will automatically do the matchmaking between CVs and jobs
- Multiple networking opportunities between promising talent and employers
Discover our full list of services: