Technology firms' talent pool shrinking in the North, warns report

Technology companies in the North are suffering from a shrinking talent pool as graduate employees are enticed away to work in foreign markets, a report revealed today.

Hanging on to graduate workers is crucial to the continued expansion of the ’fast growing’ technology companies, according to business advisors Deloitte.

They said 90% of companies in the North surveyed identified employee retention and recruitment as their biggest obstacle.

Deloitte added: “The report found that companies throughout Northern Ireland are feeling the effects of a shrinking talent pool by simply not retaining enough graduates, many of which are being lured into foreign markets.”

The ’Tooling Up’ survey carried out among entrants to the Deloitte Fast 50 Awards last year uncovered that alongside recruitment, changes in structure, managing communication and external relationships were cited as major constraints on growth.

It concluded that companies must overcome such restrictions by maintaining a flexible workforce that was equipped to deal with operational changes.

Attracting, developing and retaining talent may be a challenge amid the recent economic uncertainty, but Deloitte said it was vital if fast growing firms were to achieve longevity.

The report revealed that 42% of companies surveyed found a shortage of experience a key factor in recruiting enough technically qualified staff.

David Coates, associate partner in Deloitte, said: “Good people are key and this has proved to be the biggest challenge for technology companies that rely on their employees to drive innovation and growth.

“Developing skills in the workforce, assigning relevant tasks and helping interaction with others are three key principles to retaining employees.”

Encouraging companies to take part in this year’s Fast 50 Awards, he said entering the competition represented a significant opportunity for companies in Northern Ireland to benchmark themselves against peer organisations.

“Traditionally taking part in the Fast 50 also makes a big statement about a company’s future direction and puts down a marker on where the company is going.

“We would encourage Northern Ireland companies to get involved in this process and play their part in celebrating the wealth of talent, leadership and vision that’s out there,” said Mr Coates.