Software developers just moved to the front of the Class

Technology is growing at the speed of light, and with demand, the need for better software applications and modern solutions. That makes it one of the most- if not the most dynamic field. With these constant improvements comes the demand for enough brains to develop even more complex systems, which is where software engineers come in.

Unfortunately, the number of software engineers actively involved in the business is unsustainable. In an Interview, Robert Smith, founder, and chief executive officer of Vista Equity Partners, commented that software engineers could indeed be the most scarce commodity in the world. Forget about oil or lithium. With a population of nearly eight billion people in the world, only about 26.9 million are professional software engineers.

Even as most companies are making moves to slash costs by letting go of staffing, a highly skilled software developer’s job is pretty secure. Big names in the tech industry, such as Microsoft and Amazon, are trying to slow down their growth to align with the harsh economic times, but their numbers still fall way above what they recorded last year. The considerable gap has set essential stakeholders to swing in with ways to bring more coders to the front.

The Soaring Demand for Software Engineers

The growing demand for software engineers has become a national and global concern. The U.S. alone has a deficit that is rising exponentially. Its tech industry depends heavily on the IT workforce, which remains one of the critical drivers of the national economy. The ICT market share also continues to rise steadily, recording a 35% stake in 2022, up from 28% in 2016.

Despite the trajectory of the curve, the talent pool still threatens to lead the industry into a stalemate. In 2021, the sector accounted for new entrants into the job market since 2016. The numbers had shot up by around 0.6 million developers. The number of vacancies in tech was dropping at an impressive level as Job openings dropped for most software engineer job postings to 250,000 in 2018. That meant a consequent drop in the demand for software engineers.

However, this positive dynamic took a swift U-turn in 2019, when more investors came on board and put millions of dollars into the industry, thus the fast growth. Despite the increase in software engineers, the demand is proving insatiable. When COVID-19 hit, the worldwide economic crisis translated into a higher unemployment rate, but the market grew even faster due to the need for computers and other online services.

Why the Sudden Need for Software Developers?

According to a CNBC report, the software engineering shortage is a problem that is here to stay- at least for a decade. By the end of 2021, the number of vacancies was about 918,000. They predicted an alarming rise in these numbers by 20% by the close of 2040. So why is there no hope for a positive change?

· Inadequate supply to meet the demand.

A Gartner survey ranks the talent shortage as one of the top emerging risks organizations have to battle. The number of graduates leaving universities for the job market needs to meet the gap making it an area of concern. The scarcity of skills makes it hard for more companies to compete on a level scale.

· Demand for Complex Software Development Projects

The need for complex software development projects comes with the need for modern solutions. The future certainly looks bright for most businesses thanks to the high innovation rate of the Tech field. However, behind the scenes, developers grapple with solving the underlying complexities as they work harder to create solutions that meet consumer needs. These complexities include the need for multiple devices and platforms for a single product, seamless user experience, containerization of code, and ever-rising cybersecurity threats and vulnerabilities.

· The Growing Need for Digital Transformation

2020 depicted a picture of the massive online migration. With the world at a standstill, we had to find a way to survive in the new normal, and IT solutions were the first stop. Most businesses followed suit by moving online for day-to-day operations. Additionally, the need to maintain a digital presence grew, thus the need for multiple platforms. Web developers were big winners, but the market needed more. To keep up, software developers had to up their game to allow for the utilization of multiple platforms and match up to the competition.

Why is the Software Engineering Unemployment Rate Still Low?

Despite the skill shortage, employers still need help to hire software engineers. There may be many talented programmers who do not stand a chance because of their academic qualifications.

Tech companies also conduct lengthy interviews to avoid downtime, which often translates into losses. They approach it by conducting several job interviews to gather as much helpful information as possible, meaning finding the right fit for a position could take more than 60 days. These scenarios discourage interviewees from even applying for jobs.

Lastly, software developers, like other professionals, can reevaluate their capabilities and worth compared to the available opportunities — a clash in the two results in issues like quiet quitting in the workplace or even resignations. The Great Resignation in 2020 was proof of the situation regarding employee satisfaction.

To abate the current situation, tech executives must tackle the issues. Companies must review their recruiting processes to acquire better talent and attract the best. They would also have to offer better compensation for their skills by offering better salaries. Remarkably, some companies are empowering their teams by creating better experiences for these specialists and redefining their product development processes to get them deeper into the business.