While many industries struggled over the past two years, the martech sector has grown by 24% since the start of 2020, reaching a total estimated valuation of $344.8 billion in 2021. While this is good news overall for martech companies, it also means martech recruiting is more challenging than in the past, and hiring managers across the industry are feeling the effects of the current tech talent shortage. Let’s look at some of the trends affecting martech hiring today and what they mean for companies that are looking to expand their workforce.
More Demands for AI and Automation
More than half of businesses today use some kind of automation in their marketing (56% as of April 2022), and 40% of B2B companies plan to adopt new automation technology in the next year. And it’s easy to see why. Data from Invesp shows that 80% of businesses that adopted marketing automation saw an increase in leads, while at the same time lowering their marketing overhead by an average of 12.2%.
Introducing automation or AI into your marketing strategy can also help you cope with a talent shortage, making your processes more efficient so you can accomplish the same work with fewer team members. There’s still the problem of hiring talent that can design, implement, and maintain these automation systems, however, and the talent gap is particularly broad when it comes to talent skilled in machine learning and automation software development. Companies struggling to fill positions related to marketing automation may want to consider alternatives, like utilizing freelance developers or upskilling existing marketing employees, to overcome this talent gap.
Increased Martech Spending
In a recent survey, 61% of companies said they plan to increase their martech budget, while 63% intend to spend a portion of that to expand their martech workforce. This will only put more pressure on the already strained martech talent pool, with demand for associated skills rising much faster than the supply of qualified candidates.
For companies that plan to hire marketing technology professionals, time is of the essence. Starting the search as soon as possible will give hiring managers the best chance to connect with top talent before competing companies. Similarly, once a strong candidate is identified, it’s important to move through the interview process quickly and extend a competitive offer. Given the growing need for this talent, it’s safe to assume you’re not the only one interested in any candidate you find, and you should act accordingly in your communications.
Agile Talent Wins Over Niche Specialists
Marketing technology is always evolving in response to changing regulations, shifting customer behaviors, and new process developments. The skill sets that are most useful today may not be so important a few years down the line. This reality has shifted the key things hiring managers should look for when they’re hiring martech talent. Instead of looking for candidates with specific technical competencies, forward-thinking leaders should build a team that can evolve with the technology they use, quickly and effectively adding new skills to a strong base of industry and technical knowledge.
This is both good and bad news for hiring managers. On the plus side, it frees them to consider candidates who don’t necessarily check all the hard skill set boxes, hiring instead for a combination of technical knowledge and crucial soft skills like creative problem solving, effective communication, and intellectual flexibility. These kinds of skills can be more difficult and to assess, however, especially in a fast-paced hiring environment, and companies may need to refine their recruiting process to correctly identify this type of talent.
The Bottom Line on Attracting Martech Talent
Top tech professionals know that their skills are in demand and the value they add to companies. Over the past year, tech salaries have risen by as much as 14% in major U.S. metro areas, a trend that is likely to continue as the talent gap widens. This makes it more important than ever before for companies to know what top talent wants from a workplace, not just when it comes to their salary and benefits but also the culture and work-life balance of the employees. Investing in your martech talent is the best way to attract and retain the professionals you need to stay competitive in the increasingly digital business landscape.