Why 2023 is a Pivotal Year for Businesses to Grow Their Tech Teams
2023 is shaping up to be a pivotal year for enterprises looking to position themselves for exponential business growth. As the world continues to recover and emerge from the pandemic, companies are coming to realize that a strong digital presence is essential for survival. And in order to stay competitive, businesses are looking to modernize by investing more in technology and the people who can help them make the most of it: their tech teams.
Here’s why 2023 becomes a great opportunity to harness these opportunities to bolster your tech talent.
Ongoing Digital Transformation
The rapid pace of technological change, accelerated by the COVID-19 pandemic, has made it abundantly clear that technology is a critical driver of business success. Companies that can manage to harness the power of technology to streamline operations, improve customer engagement, and drive revenue growth will be well-positioned to succeed in the years to come.
This year, we’re seeing new technologies driving innovation and creating new opportunities for business, such as:
- Artificial intelligence/machine learning: “As thousands of companies across all industries continue to make AI breakthroughs, 2023 will be a foundational year for the industry to collaborate and transparently share learnings to mitigate risk and further drive innovation,” Lama Nachman, Intel Labs’ Director of Intelligent Systems Research.
- 5G networks
- Edge computing
- Internet of Things
In order to take advantage of these opportunities, businesses need to have the right people in place to implement and manage these technologies:
- Software developers and programmers
- Computer support
- Staff experts in databases, systems, technology and engineering
- Computer and information system managers
Another reason for the growing importance of tech teams is the ongoing shift to remote work. The pandemic has accelerated this trend, and it’s more than likely that many companies will continue to have a significant portion of their workforce working remotely throughout 2023, even after the pandemic subsides.
How can businesses adapt and still thrive without compromising their bottom lines? They need to have more advanced technology and more skilled tech professionals, in order to manage and support a remote worker base.
Demand for Tech Talent
The demand for skilled tech professionals continues to outstrip supply in 2023, with the number of job openings for tech professionals projected to grow significantly in the coming years. In spite of a shortage of professionals to fill those positions, there’s pressure on businesses to invest in their tech teams in order to attract and retain top talent.
This year, the IT job market will add 174,000 positions, according to a January report from Janco Associates. Several industries are also expected to see particularly strong tech demand within their ranks to develop some of the following technologies:
- Healthcare: AI and machine learning tools in healthcare are expected to surpass $20 million this year.
- Finance: By late 2022, venture investment into fintech companies reached $81 billion.
- Retail: Tech talent is needed to develop advancements in the retail market, such as the Metaverse, AI, Web3, quantum computing, hybrid customer journeys and cashless/contactless shopping. According to the Pew Research Center, nearly 41 percent of Americans say none of their purchases in a typical week in 2022 were paid for using cash; this is up from 29 percent in 2018 and 24 percent in 2015.
How Can Tech Teams Foster Better Business Growth?
Here’s what businesses should strive for to grow their tech teams in 2023:
One important step is for companies to invest in training and development for existing team members. This will help them stay up to date with the latest technologies and best practices, which is a proactive step to advancing in their careers, encouraging better long-term job performance and expressing their professional value.
Attract New Talent
Retaining existing essential employees and recruiting new talent go hand in hand to build out a vital tech force. Attracting new members into the fold can produce challenges without a few key factors businesses should consider offering to stay competitive in the marketplace:
- Offering competitive compensation and benefits packages
- Creating positive, inclusive work cultures and environments
- Highlighting opportunities for growth and advancement within their companies
One of the more integral parts of advancing and evolving a tech presence? Look outside your own organization. Seek to partner with other companies and businesses. A reciprocal relationship between future-forward companies helps inspire business growth through accessing new technologies and leveraging expertise. Through building a better network, companies can also mine for and recruit new talent.
Grow Your Tech Team With Pinnacle
Elevating your team of tech professionals with Pinnacle keeps you on track to grow your business in 2023. Partner with us because when we work together to find permanent technology candidates for your company, we commit ourselves to delivering a short list of quality, local individuals who can help you meet your team’s goals and propel you forward.
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