EPAM Continuum Study Reveals Key Insights for Combatting the Tech Talent Shortage

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EPAM Systems, Inc. (NYSE: EPAM) released a report revealing that only 13% of senior technology and people leaders are satisfied with their talent development and retention strategies. The report addresses the challenges of hiring, developing, and retaining technology talent in the highly competitive tech industry.

Among more than 900 senior technology and people leaders surveyed, only 13% are satisfied with their current talent development and retention strategies

NEWTOWN, Pa., Nov. 9, 2023 /PRNewswire/ -- The tech industry is highly competitive, and organizations that struggle to attract and retain skilled technologists may find it challenging to fill critical positions with qualified candidates. This can lead to project delivery delays and reduced productivity—interfering with an organization's ability to innovate and stay competitive.

EPAM Continuum, the integrated strategy, technology and experience consulting practice of EPAM Systems, Inc. (NYSE: EPAM), today released part two of its Tech Talent report titled "How IT & People Teams Can Align for Better Talent Management' which addresses the challenges of hiring, developing and retaining technology talent and what companies can do about it. Part one of the report discussed leadership roles in driving digital transformation and how leaders inadvertently hinder their company's digital transformation efforts.

"For companies to stay competitive, it's imperative to hire, develop and retain great tech talent; however, our research indicates the current approach isn't working," said Sandra Loughlin, Ph.D., Chief Learning Scientist and Head of Client Learning and Talent Enablement at EPAM. "The People and Technology functions need to forge stronger partnerships to support technologists across the entire talent lifecycle. Only then will organizations fully unlock the potential of the technology workforce and enhance business performance."

To understand where business leaders stand with hiring, developing and retaining technology talent, the study surveyed 900 senior leaders from technology, digital, data, product and people (learning, HR and talent acquisition) departments— a group that spans 20 industries and nine countries across North America, Europe and Asia.

Key findings include:

• The current approach to tech talent isn't working. Only 13% of leaders are satisfied with their current talent development and retention strategies. When it comes to hiring, that number drops to 11%. 
    
• Technologists are frustrated with tooling, micromanagement and processes. The top three most cited reasons for technologists leaving organizations were frustrations with tooling (59%), micromanagement and bureaucracy (58%) and dissatisfaction with the process of delivering technology (58%).
    
• People and IT organizations are out of sync on tech talent lifecycle management. With 54-59% of people leaders indicating skepticism about the tech organization's people skills for hiring, developing and retaining technologists, and 63-64% of tech leaders expressing doubt regarding the technical skills of the people organization for the same tasks, a distinct lack of confidence in each other's strengths becomes evident.

"The rapid pace of change in technology and data, especially considering disruption wrought by AI, requires businesses to have strong in-house capabilities," Loughlin said. "Our research reveals the depth and sources of challenge organizations have around tech talent and offers proven approaches to address them. By fostering a true partnership between the People and Technology functions, companies can better align technology talent to business objectives, supercharging sustained growth, innovation and leadership in the digital age."

To read the full report, visit www.epam.com/leadership-report-2.

To learn how EPAM's talent enablement and transformation services can help organizations digitally transform and support employee learning and development, visit www.epam.com/services/strategy/talent-enablement.

About EPAM Continuum
EPAM Continuum is the integrated strategy, experience and technology consulting network within EPAM, and the main service brand under which all EPAM consulting and creative services go to market. We fuse integrated consulting with EPAM's engineering expertise to accelerate the pace at which our clients derive market benefit from new innovations and digital transformation investments.

We're a globally integrated hybrid team of strategists, advisors, designers, technologists, data scientists and creatives. Using applied systems thinking, we identify how to create value within our clients' increasingly complex business challenges. We believe the right solutions are the ones that improve people's lives and fuel competitive advantage. We don't just create blueprints, operating models and business plans; our thinking comes to life in code and products – and in market. Learn more at www.epam.com/epam-continuum and follow us on LinkedIn. 

About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its advanced software engineering heritage to become the foremost global digital transformation services provider – leading the industry in digital and physical product development and digital platform engineering services. Through its innovative strategy; integrated advisory, consulting, and design capabilities; and unique 'Engineering DNA,' EPAM's globally deployed hybrid teams help make the future real for clients and communities around the world by powering better enterprise, education and health platforms that connect people, optimize experiences, and improve people's lives. In 2021, EPAM was added to the S&P 500 and included among the list of Forbes Global 2000 companies. 

Selected by Newsweek as a 2021, 2022 and 2023 Most Loved Workplace, EPAM's global multidisciplinary teams serve customers in more than 50 countries across six continents. As a recognized leader, EPAM is listed among the top 15 companies in Information Technology Services on the Fortune 1000 and ranked four times as the top IT services company on Fortune's 100 Fastest Growing Companies list. EPAM is also listed among Ad Age's top 25 World's Largest Agency Companies for three consecutive years, and Consulting Magazine named EPAM Continuum a top 20 Fastest Growing Firm.

Learn more at www.epam.com and follow EPAM on Twitter and LinkedIn.

Forward-Looking Statements
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets and the broader economy, and the effect that these events may have on our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company's most recent Annual Report on Form 10-K and the factors discussed in the Company's Quarterly Reports on Form 10-Q, particularly under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

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SOURCE EPAM Systems, Inc.

FAQ

What is the title of the report released by EPAM Continuum?

The report is titled 'How IT & People Teams Can Align for Better Talent Management'.

What is the percentage of senior technology and people leaders satisfied with their talent development and retention strategies?

Only 13% of senior technology and people leaders are satisfied with their current strategies.

What are the challenges addressed in the report?

The report addresses the challenges of hiring, developing, and retaining technology talent in the highly competitive tech industry.