The global pandemic of COVID-19 has caused significant upheaval within the tech industry, leading to an urgent need to adapt. As we enter the year 2022, Chief Technology Officers (CTOs) and Product Management teams are diligently taking measures to manage recruitment and strategic planning, while also exploring innovative opportunities.
Outpace Your Competitors
The year 2019 marked the beginning of a challenging and unpredictable journey towards economic recovery, according to economists. In light of this, the significance of innovation has been underscored, as companies that prioritise innovation are more likely to gain a competitive advantage over their rivals. InformationWeek suggests that Chief Technology Officers (CTOs) and other IT leaders should invest in innovation to turn the current crisis into an “innovation accelerator,” positioning their businesses to seize new opportunities when the COVID-19 pandemic subsides.
Research carried out by Gartner warns Chief Technology Officers (CTOs) against focusing solely on short-term needs and instead suggests prioritising innovative projects that can help their businesses navigate the ongoing COVID-19 crisis while also preparing for the future. Gartner highlights the importance of striking a balance between instant demands and long-term strategies for successfully emerging from the pandemic in a position of strength.
Product and Staffing Strategy for 2023
As Chief Technology Officers (CTOs) focus on future planning and capitalising on opportunities, it is crucial for them to maintain discipline to prevent budget overruns and loss of momentum when priorities shift. Among the many challenges associated with this task, one of the most arduous is sourcing the right talent to fill available positions. Managing team size and capabilities is always a challenge, but it becomes particularly difficult when recruitment is driven by constantly evolving product roadmaps.
The current job market has presented a challenging decision for CTOs: whether to hire full-time engineers or outsource the work. With remote work becoming more common, new staffing models that allow companies to build and maintain high-performing teams are providing increased flexibility and cost savings. To avoid the difficulties associated with hiring full-time employees, many companies are turning to long-term engineering staff augmentation services, offering a reliable and cost-effective alternative to employing permanent staff members.