Beating Chicago’s tech talent crunch: How to attract the best people

Just as New York has Wall Street and Los Angeles has Hollywood, Chicago has its world-class tech hub, which has grown 18% in the last 10 years. But not even the Windy City is safe from the ongoing tech talent shortage. With less than 4% of its tech professionals unemployed, there’s simply not enough supply to fill open positions.  

Today, the demand for tech talent in Chicago is snowballing. If your business is part of this tech scene, you may already be feeling the crunch. Perhaps you’re one of the 78% of employers facing hiring challenges in IT this year, or maybe you empathize with the 73% of CIOs who are worried about retaining existing tech talent. 

Whichever boat you’re in, know that there’s hope on the horizon. Despite challenges, there’s a real opportunity to attract exceptional tech talent in 2024 - here’s how.

 
Capitalize on the exodus of tech talent 

In May 2024, researchers at the University of Chicago and Michigan published a study that showed high-ranking tech talent are leaving their companies in droves following the issue of return to office (RTO) mandates.  

Apple, Microsoft and SpaceX all took a hit following the forced RTO, with their share of senior employees declining 4%, 5% and 15%, respectively. The study reveals that high-value tech talent won’t stay if their needs aren’t met - even if their company is the biggest in the world. 

We see a similar exodus in Chicago, where several tech companies are making big layoffs. These, coupled with the stream of exiting tech leaders, create opportunities for tech companies to tap into new waves of exceptional tech talent. 

This is your chance to get competitive by offering flexible work policies, better compensation, an innovative organizational culture or a sweeter work-life balance, just to name a few things. By adopting an ‘always on’ hiring initiative and tapping into the motivations of candidates, you’ll be able to capitalize on newly displaced tech professionals and beat the talent crunch.  

Highlight what Chicago offers tech workers 

If you want to attract the best people to your business, you must highlight why Chicago is the right choice for them. Fortunately, Chicago offers a variety of benefits that make it an attractive destination for tech talent seeking the best company. According to TechChicago: 

• Chicago boasts a significantly lower cost of living compared to other major tech cities. Rents are around 20% lower, while the overall cost of living is 35% lower than in San Francisco and 30% lower than in New York 
• The city offers a rich quality of life with 600 parks, 26 miles of lakefront, 15 miles of sandy beaches and a vibrant cultural scene. These amenities are a strong draw for tech professionals prioritizing a well-rounded lifestyle  
• Chicago is recognized as the third fastest-growing tech city by salary, reflecting its increasing appeal and investment in tech. The city added 12 new tech unicorns in 2021 and raised $5.5 billion in venture funding over recent years 

Close the opportunity gap in Chicago’s tech scene 

For decades, the tech industry has sourced its talent from the same limited pool of candidates. When 62% of all tech workers are white and 75% are male, is it any wonder that the talent shortage is worsening? 

Chicago faces the same problem. While two-thirds of the city’s population is Black or Latinx, those groups represent just 14% of Chicago’s tech workforce - and women represent only 30%. 

Unconscious biases and systems that perpetuate inequitable outcomes are preventing tech companies from accessing broader pools of talent that have historically been excluded from the industry. Today, businesses must ask themselves: How can our talent acquisition strategies be recalibrated? Because when you bridge the opportunity gap, you also bridge the talent gap.  

There are several ways you can do this: 

• Craft inclusive job descriptions that are appealing to a diverse range of candidates 
• Implement blind recruitment techniques to reduce unconscious biases 
• Ensure that you have diverse interview panels to promote fairness in hiring decisions 
• Offer flexible work arrangements that attract a wider range of candidates, including those who might have caregiving responsibilities 

By expanding your recruitment pipeline to include women and minority groups, you’ll tap into new, diverse pools of talent that enhance performance. Showing that your company is an equitable employer also puts you five steps ahead of competitors, attracting more eyes to your business while allowing you to give back to the city’s largest population. 

Discover exceptional tech talent in Chicago with Hanover 

Chicago’s ongoing tech talent crunch threatens more than just unfilled positions for your organization. It stunts innovation and market competitiveness. It puts pressure on existing staff, risking burnout and decreased productivity. It limits earning potential, delays project timelines and wreaks havoc on your bottom line. 

By partnering with Hanover, you can circumvent that headache. Our deep understanding of both local and global tech markets, alongside our extensive network, allows our experts to connect you with top tech professionals who will integrate seamlessly into your Chicagoan business.  

Contact us today to learn how we can support you.