Recruitment remains the foremost challenge for London’s burgeoning tech sector.
BusinessCloud, in collaboration with Oscar Technology, has organised the event ‘The Tech Recruitment Timebomb’ to address this critical issue and explore potential solutions. The perennial skills shortage has led to escalating salaries, with over a third of digital tech businesses reporting that candidate salary expectations exceed their financial capacity.
Amina Ahmad, a seasoned freelance tech start-up consultant, emphasises that companies bear significant responsibility for resolving this dilemma. Ahmad, with a commendable background that includes establishing a retail bank’s innovation lab and co-founding a RegTech start-up in New York, highlights a fundamental issue: candidates often lack awareness of benchmark salaries. Ahmad asserts, “It is often [the case] that candidates are unaware of what the benchmark salary is, because businesses do not openly share salary ranges more transparently.” She further notes that many candidates are inexperienced in negotiating equity or other tax-efficient incentives as part of their overall compensation packages.
The event, scheduled for 10th October, will delve into various strategies to mitigate the issue. Among the proposed solutions are increasing female participation in tech sectors, establishing training academies, and leveraging automation. Ahmad contends that start-ups with serious growth ambitions typically have robust strategies, valuing diverse skill sets necessary for achieving their objectives. These companies are likely to offer equity or salaries reflective of experience within the context of the existing team, guided by advice and insights from their investors and advisors.
The event will feature several notable participants, including Eddie Lewis, co-founder of Final Stage; Chieu Cao, co-founder and CMO of Perkbox; Craig Brown, product marketing manager at Beamery; Vinous Ali, head of policy at techUK; Hannah Morris, commercial director at Vibe Tickets; Michele Trusolino, co-founder of Debut; Elaine Tyler, CEO of Venatrix; Simon Burckhardt, managing director of Vonage UK; Tim Boughton, CTO and joint founder of Mention Me; Rija Javed, CTO of MarketInvoice; Sam Mikkelsen, client solutions director at Oscar Technology; and Benedetta Arese Lucini, co-founder of Oval Money.
Salary transparency is pivotal in addressing the recruitment challenges within the tech industry. By adopting strategic solutions, companies can create a more equitable and efficient hiring landscape.