I recently wrote about inflationary pressures and the costs around CTRM. Yesterday, a conversation with Carl Vellenoweth of Commoditas validated and expanded those thoughts. Commoditas recruits’ technologists for the world’s leading commodity and finance organisations and so Carl has his finger on the hiring pulse of the industry. He immediately describes it as a ‘candidate-driven market’. He describes the employment market as very hot now saying that candidates are calling the shots and “taking back control of their careers.”
We have been hearing from vendors that hiring is difficult and that candidates often have high renumeration expectations. Carl confirmed this. “Everyone is doing something – building new software, doing data management, an implementation or a pilot and so on it seems. Candidates are on the market 4-5 days versus a month or more as was common just a 2-3 years ago. Salaries are crazy and what we are seeing is essentially a talent war!”
Indeed, the last time we spoke the topic had been on the digital nomad contractor model emerging in the CTRM employment marketplace. Essentially, this model has become increasingly prevalent with experienced people adopting a contractor model to select the projects, locations, and conditions under which they work. “People want greater diversity of work and greater control over what they do. Many are opting to spend a day a week engaged in further education in areas like blockchain, newer programming languages and other technologies with an eye on the future,” he told me.
While many are asking how they can hire and retain better talent, the issue is that things are shifting. With the emergence of SaaS and cloud in CTRM, implementations are shorter and less intensive than they were and there are fewer developer-type roles, and more system analyst jobs as well in the current market. Projects are also often remote with less reason to be on site, and this encourages the digital nomad approach. “Candidates are looking for certain guarantees that increasingly large consultancies and even end user firms cannot give them regarding their future role. Vendors have a bit of an advantage in that regard,” he told me.
One issue that has concerned in the past is how people get started in the CTRM arena, but Carl suggests that now if a candidate has had any sort of exposure to CTRM, they are being picked up. Under these circumstances, it can probably be assumed that the barrier to entry has dropped, and that on-the-job training is prevalent at the moment?
The tightness in the job market, shift to a contract-focused digital nomad model and increasing ability of candidates to name their terms is all adding to price pressure and inflation. Eventually, the pressure in the market will ease yet the trend shift will have occurred in lockstep with the adoption of cloud, SaaS, and remote working in the industry. Only then , will we really see the impacts of these trends in full.