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KMS Solutions, a technology company from Vietnam, is devoted to supporting Australian businesses. With a mission of empowering enterprises to embrace innovative technologies, KMS Solutions is one of many IT companies working hard to help bridge the gap.
The current stage of tech talent shortage in Australia
In today’s digital world, companies are racing to implement digital transformation strategies in an effort to be the pioneers in innovative technology and gain a competitive advantage.
CEO Duy Le believes that digital transformation is now at the core of almost every corporation across all industries:
”No longer just the domain of the IT department, technology now plays a major role in how businesses identify clients, design products, and delight consumers. To remain competitive, companies must stay at the forefront of technological development.’’
Consequently, there is an increased demand for skilled IT professionals to help execute this vision, leading firms to often compete against each other for the same talent pool. The competition is particularly intense in certain industries, like finance and healthcare, where IT plays a crucial role.
According to recent research by the Australian Computer Society, the country requires an additional 60,000 experienced ICT workers annually, with the demand for software developers at the top. Failure to address the skills gaps can delay businesses’ digital transformation and impede Australia’s ambition to rank among the top 10 digital economies by 2030.
Areas facing shortages include:
- Cybersecurity
- Cloud computing
- Data management & analysis
- AI & ML
- Advanced mathematics & statistics
- Robotics
- Digital & software development
Even when enterprises find talents that match their expectation, retaining them can be just as challenging. IT professionals are often tempted by other companies with higher salaries, enhanced benefits and more captivating projects. This can lead them to part ways with their current employer if they believe their abilities are not adequately utilised or if they are not offered competitive compensation and benefits.
The Hays guide highlights that inadequate salary increases are a contributing factor to the job-seeking behaviour of 76% of technology professionals. Thus, to retain their existing staff, 65% of technology employers are planning to raise salaries in their upcoming reviews. However, only 19% of them intend to provide increases of 3% or higher. Instead, nearly half of them plan to offer salary raises at a rate of 3% or below.
Interestingly, IT workers hold a different perspective on their deserving salary increments. A noteworthy 68% of technology professionals firmly believe they deserve a salary increase of 3% or more, as they perceive it as a more accurate reflection of their performance levels.
Although salary increases hold significance, it’s worth noting that 65% of skilled professionals consider learning and developing new skills as their foremost priority. In addition to base salary and wage hikes, organizations must also consider reward and recognition programs comprehensively. This entails considering internal promotional opportunities, offering secondment jobs, and providing tailored training programs within the overall employment package.
Another factor contributing to the tech talent shortage in Australia is a notable discrepancy in expectations. Corporations often show reluctance to train entry-level employees, while senior software developers have considerable expectations for their workplace. They desire competitive compensation, involvement in stimulating projects, and flexible work arrangements, which may not be available at all companies. Similarly, organizations have high expectations, seeking employees with extensive educational qualifications, a vast array of proven technical skills, and an impressive work history.
How to address the tech talent shortage?
Aiming to tackle this challenge, many companies have progressively opted to outsource their software development team to international markets. Recognizing the pressing demand for skilled IT specialists, KMS Solutions has expanded its operation in Australia. With over 1,600 IT professionals in its Vietnam DC, the company is well-equipped with the necessary tech resources and expertise to support businesses’ strategic technology initiatives.
In addition to experienced and enthusiastic tech talents, KMS Solutions is dedicated to adopting leading-edge technologies, modern development methodologies and upskilling its workforce to effectively guide clients through the process of digitalization.
Its commitment to engineering excellence has garnered recognition through industry awards, including being named one of the Clutch’s Top 100 Fastest-Growing Companies, receiving APEA’s Corporate Excellence, being listed among Vinasa’s Top 10 Vietnam ICT companies and being honoured with Sao Khue’s Vietnam ICT Exellence.
Furthermore, KMS Solutions offers a comprehensive range of services through its dedicated development team, covering various areas like application modernization, software development, data analytics, digital testing and business process optimization.
‘’With the right mix of human ingenuity and technical capabilities, our digital solutions are world-class, achieving engineering excellence and accelerating time-to-value. That’s what set us apart from others.’’
KMS Solutions has earned a strong reputation as a reliable partner for over 130 global clients, with a particular focus on the BFSI industry. Renowned organizations such as Prudential, ACB, MB Bank, Paidy, Bill Identity, and more have entrusted their projects to KMS Solutions. These collaborations have empowered financial institutions to expedite their transformation journeys while adhering to industry best practices, ensuring optimal outcomes.
