The global talent shortage is at its lowest point in 15 years across industries and continents. In 2021, more than 65% of the companies worldwide reportedly agreed that they are facing a huge tech talent crunch.
Economic shifts resulting from the pandemic have caused more than 19 million U.S. workers to quit their jobs since the mid of 2021, with the phenomenon being dubbed the “Great Attrition.” As a result, businesses are struggling to retain employees and attract prospects. Due to the ongoing tech talent shortage, it is predicted that by 2030, there would be losses to the tune of 8.5 trillion dollars in revenue for businesses in the US alone.
Gartner in a recent report revealed that more than 60% of organizations around the globe admitted that the lack of tech talent has been hampering their digital transformation efforts and was hindering the rate of adoption of emerging technologies. As the tech talent shortage increases, it escalates the cost of hiring and labor as well, which in turn results in higher operational costs. This could be a bigger threat for small and medium businesses that have stringent budgets.
Hence, in the light of the looming acute tech talent shortage, it is imperative for businesses across industries to find a cost-effective solution that has less dependence on tech talent, yet enables their rapid digital transformation to outrun the competition.
How can Low-code development combat the tech talent shortage?
The most widely used approach in traditional software development today is the agile methodology since it is the most seamless development approach. But it relies heavily on developers, who are currently in shortage today. Companies can turn to low-code technology to help close the talent gap and support burdened IT resources as it enables developers to rapidly build applications, reducing the development time from months to days as well as promotes citizen development that empowers business users with no little to no software development experience to develop applications and let experienced developers focus on more critical and high-priority tasks.
The use of low-code can help companies increase the production of quality digital services more quickly. By automating redundant and tedious tasks, projects that previously took years can now be accomplished in months, while built-in security standards help avoid the mistakes made when manually writing code.
Future-fit firms will increasingly adopt low-code development to reduce their need for advanced technical skills. Companies that adopt low-code platforms can not only help close their tech talent gap but can also remain competitive in their industry and key markets.
Low code solutions enable business users to create applications without waiting and relying on It teams thus expediting the digital transformation efforts across the organization. For companies that operate in constantly changing markets and with high regulation, this rapid digital transformation helps them stay ahead of the competition and define industry inflection points.
Low code platforms address challenges such as a shortage of technology talent and the need to be resilient in the face of new challenges and changing business landscape. With low-code platforms’ easy-to-use drag and drop interfaces, users can rapidly create easy-to-integrate robust applications in different business units without worrying about security. This seamlessness and user-friendliness bring elements of speed and agility that are critical to any business that needs to keep pace in a fast-moving market while maintaining the guardrails of security and compliance.
What’s more appealing is that low-code that is democratizing software development, is not limited to industries as citizen developers can potentially play a significant role in improving the development cycles in the public sectors as well. They can rapidly build applications and functionalities closer to their areas of expertise and solve key IT challenges.
Thus, waiting for the talent drought tide to pass can result in businesses sinking in the long run, and the key to survival and thriving in the rapidly changing economy is to tap into emerging solutions like low-code.
Intelion Systems has partnered with leading low code platform Mendix to offer insurance businesses a unified platform to enable insurance businesses to leverage APIs to decompose monolithic applications and eliminate system complexity to increase business agility.
Intelion is one of the leading contenders in the industry to support digital transformation in the insurance industry through low-code covering all lines of business, and through omnichannel capabilities to improve the customer experience.