The past 12 months have seen truly unprecedented demand for igaming talent, exceeding even the frenzy of our industry’s early days. Employers across the sector are struggling to find talent to match the level and pace of investment.
Serious pain is being caused. Core operational teams are under-resourced. Expansion plans cannot be actioned. Investments are under-delivering.
Across the world, talent shortages now present a debilitating barrier to igaming’s growth.
This year’s eye-catching 12% average salary growth rate is therefore unsurprising. In many areas, though, increases of in excess of 25% are now commonplace. Employers with recruitment backlogs are having to pay whatever’s required.
Skills in demand
Tech skills are by far the most difficult to recruit and retain. It’s a challenge that’s required an entirely new playbook including specialist recruiting teams, fast-track hiring processes and an entirely open-minded approach to location and working structures.
Salaries for tech specialists rose by 12% on average this year, though chunky pay rises have been achieved by many as a dire talent shortage continues to bite. Pay rates are now almost entirely set based on skillsets, regardless of location.
Compliance and legal professionals are also winning big, also enjoying 26% salary growth. Their workload, though, is cripplingly high. Updates and upgrades to regulation will keep demand for expertise elevated well into 2022 and beyond.
There’s also significant salary growth within sales, where rates have recovered sharply following a pandemic-induced dip, and data analysis, whose business-critical skills command a premium. People-focused HR leaders are also in high demand.
Investing for expansion
As industry investment rides high, 65% of companies are forecasting “workforce growth” in 2022, up 8% on last year. And yet, the reality of today’s recruitment market is one of increasing desperation.
Delays in recruitment are costly. Investors seeking financial returns can ill afford to wait for talent. Further increases to salary rates therefore seem certain.
Employers have been compelled to accept candidates’ numerous other demands too. Most notably, the industry is now moving ‘beyond location’. Hybrid work has emerged as the new standard, with remote work ubiquitous in certain departments.
Flexible working policies have evolved too, though candidates are still requesting greater clarity and commitment upfront. Employers who are making clear commitments to flexible are enjoying better retention rates. They’re also finding it easier to recruit, particularly by accommodating those with childcare responsibilities.
Encouragingly, there are now also signs of longer-term solutions to the talent shortage. ‘People-focused’ leaders have been some of the hottest hires of 2021; employers understand the need to create cultures people want to work in.
Companies are also increasingly committed to developing future talent, supporting graduate entry schemes and professional training.
In today’s highly pressurised talent market, it’s arguably only these kinds of long-term strategies that will win in the end.
For all the detail on how compensation has changed across regions, departments and roles, you can read the full iGB-Pentasia Salary Survey report here.
Original article: https://igamingbusiness.com/pentasia-md-talent-shortage-now-debilitating-brake-on-growth/
