Are You Doing Enough to Position Yourself as An Employer of Choice in 2024?

Happy New Year from the folk at Hammehr!

We’re staring down the barrel of another competitive year when it comes to the war on talent. So… are you doing enough to stand out as an employer of choice?

With Canada's technology industry experiencing rapid growth, hiring exceptional talent is more crucial than ever. Revenue in Canada’s tech sector is expected to grow by 22.4%, significantly outpacing the overall economic growth​​. Calgary, in particular, is witnessing a bit of a tech boom, with Albertan tech firms bringing in $729 million in venture capital funding in 2022, a 20% increase from the previous year​​.

This growth, coupled with an influx of migration to Alberta​​ and Calgary's tech workforce expanding by 61% over five years​​, underscores the importance of being proactive.

We know it’s not easy and there SO MANY considerations, so to give you a helping hand, we’ve put together some hot tips – and trust us, you’re going to want to be in the know on this! If you’re not sold, check out some of the recent news:

1.     From Europe to Canada: Why are tech companies expanding to Alberta?

2.     Calgary’s Tech Market surges with no signs of slowing down anytime soon

3.     The Rise of Calgary as a Tech Hub: Software companies in Calgary

4.     Calgary’s economy expected to fare better than rest of Canada

5.     AWS Expands Canadian Presence: Launches Second Region in Calgary Boosting Tech Jobs and Economy

Here’s the juicy part... What should you be doing?

1. Revolutionise Compensation Strategies: In 2024, a competitive salary alone won't cut it. Employees are seeking comprehensive packages. They’re looking bonuses, stock options, and profit sharing to supplement the cash in their pay check. A Payscale study highlighted that 37% of tech workers value stock options highly in an  overall benefits compensation.

1. Prioritise Flexibility: Post pandemic, job seekers demand flexible working options. Over half of tech professionals prefer a blend of remote and in-office work, but not everyone is providing it. Embracing flexibility can not only attract new talent but also retain existing staff, and rest assured, if you don't offer flexibility, others will.

1. Tackle the Skills Shortage: The tech sector's skills gap is a critical issue. By investing in employee education and training, you can make your company more attractive AND retain more staff. Reports suggest that 75% of tech professionals rate continuous learning opportunities as a major job satisfaction factor.

1. Build a Positive Culture and Strong Leadership: A healthy workplace culture paired with effective leadership is essential. A study by Robert Half shows that 60% of tech workers place company culture on the same pedestal as salary when evaluating job opportunities.

1. Harness Global Talent for Local Solutions: Embracing remote work is key to unlocking global talent and addressing local skill shortages. International hiring has surged by 25%, reflecting the demand for a diverse range of skills. In Alberta, the GO Talent immigration program exemplifies this trend with over 400 participants, nearly 80% of whom are actively seeking new opportunities. This statistic highlights the sheer amount of untapped global talent ready to contribute to and transform tech (and your business!).

1. Offer Unique, Non-Monetary Benefits: Stand out by providing distinctive benefits such as wellness programs and professional development. 40% of workers suggest they may prefer a lower-paying job if it offers superior non financial opportunity.

1. Emphasize Work-Life Balance: In this high-pressure industry, balancing work and personal life is vital. A Deloitte survey found that a third of tech employees value work-life balance more than their salary. Kinda crazy, huh?

1. Commit to Social Responsibility: Engaging in ESG (Environmental, Social, and Governance) initiatives can attract employees who value CSR. Nielsen discovered that 73% of Millennials prefer employers with a strong sense of social responsibility.

1. Invest in Advanced Tech Infrastructure: To support effective remote and flexible working, cutting-edge technology and infrastructure are key. Cisco's Annual Internet Report anticipates that by 2024, over 90% of the workforce will need a seamlessly integrated digital working environment.

1. Focus on Career Growth: Providing clear career paths and regular feedback is crucial for employee engagement. LinkedIn’s Workplace Learning Report indicates that 94% of employees are more likely to stay with a company that invests in their career development.

And great news, if you’re this far, we think you’d love our Tech Talks series with Mike Downey. He’s the Director of Data Robot at Total Rewards and he has some great thoughts to share on all of the above. It’s all on LinkedIn, and he provides excellent insights on how to create a market leading compensation package.

Looking for talent?

At Hammehr, we specialize in connecting employers with the brightest minds in technology. If you’re on the lookout for top tech talent in Canada, get in touch… we’d love to hear from you.