20 Jun 2019
Innovation + Growth Permalink

3 Ways To Invest In Local Tech Talent and Why It Matters

June 20, 2019

The shortage of technical talent is all around us. According to recent research by Korn Ferry, the labor-skills shortage in the tech sector is expected to reach 4.3 million workers by 2030. Earlier this month, the Wall Street Journal reported the IT unemployment rate at a 20-year low. Demand is soaring for jobs in data analytics, AI, and other advanced skills. If you find these statistics compelling and agree the future of work is upon us, here are three steps you can take to empower the workforce we rely on for innovation.

Engage in the local tech scene

Gone are the days where there was merit to the idea that top technology talent only wants to live in Silicon Valley. While many cities all over the world are re-positioning themselves as “tech hubs,” here in Orange County, California, we are engaged in a number of initiatives to retain the talent we develop and attract top talent to the area. This not only supports economic growth locally but also showcases the incredible businesses and people that make up the coastal region between Los Angeles and San Diego.

It’s no secret technology is increasing the rate of change in business and that scaling effectively is time-consuming, risky and may lead to short-term losses before generating long-term gains. Despite the challenges, the cost savings incurred by investing in existing talent through training and competitive compensation cannot be ignored. In response, businesses are getting creative and designing ways to keep local talent informed and engaged.

One such initiative, Coded in OC, a nonprofit ON ITS AXIS joined last year, is already making waves in our local community. Coded hosted its first members-only event, “Building Culture, Retaining Talent, and The Lost Art of Internships” earlier this month. EVP Kelly O’Connell facilitated the internship panel, while other members shared strategies for talent acquisition and retention in the tech sector.

This event was a great reminder that engaging locally as businesses, together we are better able to shine a light on the community around us. By proactively identifying tools to leverage the innovation opportunities technological advancements provide, we become invested in local business success and stay on top of trends impacting the businesses in our community.

Contribute to local education programs

As the nature of work continues to change at a rapid pace, there is a widening gap between trained skills and expected job performance. As the trend towards automation and advanced skills in data analytics and AI become more prevalent, students must learn to develop methods to help them better predict where technology is headed in order to prepare themselves to evolve in the workplace.

Employers today are not only looking for hard skills but there is a growing demand for soft skills and the understanding of what it takes to drive innovation. In fact, even a dated study as far back as 2013 by the Association of American Colleges & Universities shared that nearly all employers surveyed (95 percent) say they give hiring preference to college graduates with skills that will enable them to contribute to innovation in the workplace. Although the soft-skills gap has been recognized as a key requirement by employers for over 5 years, it continues to be reported by hiring managers as one of the most pressing growing talent acquisition challenges.

As continuous learning becomes critical to success in the workforce, education and training must extend beyond traditional programs. Skills centered around entrepreneurship, collaborative communication, negotiation, and problem-solving activities such as design thinking workshops (where students learn how to take an idea and work together to make a prototype to test) is becoming foundational to their productivity on the job.

As business operations continue to evolve and the technology stack that drives innovation continues to change, education programs need to evolve to meet the needs of graduates and the organizations who will employ them. Who better to contribute to these programs than business leaders in the local community?

Invest locally

Just as there is no longer an isolated central location for tech employment, technology itself has expanded its circle of impact. There is no industry that is exempt from technical innovation. However, just because there is a role for technology to play in streamlining business process and amplifying business opportunity, this doesn’t mean that the local business ecosystem is evolving to embrace that opportunity.

In order for technical talent to contribute and help local economies rise, local industries need to exist and thrive. In communities with a booming local economy, there is a collective acceptance of technology as core to business operations. In these communities, anytime a company expands its footprint and opens a new office in a new community, we are investing in technical talent.

A key way to swiftly infuse innovation for positive change into a local community is to develop a strong, diverse, and inclusive ecosystem startup accelerators, innovation labs and venture capital funds.

The concept of venture funding as an essential generator of both innovation and economic opportunity is not new. Not only are companies funded by venture capital a major part of the U.S. economy, but venture capital also helps create innovation in products and services across startups and new venture teams in Fortune 1000 organizations all over the world. In fact, as the National Bureau of Economic Research reported, venture capital-backed companies have disproportionately contributed to the creation of jobs, market value, and revenue to their local economies.

If you are still reading and wondering why you should be concerned about creating a community culture of innovation, it’s simple economics. If there are more people with disposable financial income in your local area you have a greater potential target audience that you can capture. Conversely, if you are a local business serving a community that has a negative net migration flow (more people moving out of your county than into your county), it reduces the community tax base and may create a downward economic cycle.

If any part of this article motivates you to get more involved investing in local tech talent, there are various ways you can get started:

  1. Connect with your active chamber of commerce,
  2. Participate in local government,
  3. Contribute to community college and university programs,
  4. Get to know your investment community.

As a company focused on innovation and social good, ON ITS AXIS actively partners with venture capital and private equity firms to be the trusted resource in helping their portfolio companies bring products to market, grow in accordance with strategic milestones, and scale effectively.

Want to talk more about this topic? Drop me a line, I’d love to hear from you.

16 May 2019
Leadership + Culture Permalink

Best Practices for Building and Managing a Scaleable Remote Team

May 16, 2019

The digital revolution has brought a myriad of opportunities to the modern workplace. Remote work, in particular, is proving increasingly popular. A notable IWG study reveals that, on a global scale, 70 percent of employees work remotely at least once every week. Some conduct the majority of their work digitally.

Success in a remote workplace relies on effective management. With the right approach and resources, it’s possible to build a cohesive and highly effective team. Below, we offer five key strategies for making the most of a remote setup:

Establish Success Criteria for Evaluating and Hiring Remote Employees

What makes a successful remote employee? Who is best equipped to handle the unique demands of remote work? These questions should play a key role in the hiring and onboarding process. Detailed hiring criteria may make it easier to spot ideal remote prospects. Examples could include:

  • Evidence of personal discipline and drive, especially with solo projects
  • Experience with remote platforms and applications — or the tech-savvy necessary to adapt to such programs
  • Strong written communication skills
  • Previous experience in working remotely

Select and Develop Leaders Skilled at Remote Management

Management forms the backbone of any remote strategy. Effective managers make remote employees feel valued and supported. This can be accomplished by checking in regularly through email or social messaging apps. A survey of over 1,000 remote employees conducted by social scientists Joseph Grenny and David Maxfield reveals that workers thrive on regular digital interactions, particularly when managers demonstrate trust and respect.

As with all employees, detailed criteria should be established to ensure that leaders possess the specific traits and experience needed for success in remote management. These include the ability to delegate strategically and to build a close-knit team from afar. After hiring, regular training and development can help leaders further build strong communication skills that will ultimately lead to a more productive and fulfilled remote workforce.

Leverage Workplace Tools to Keep Team Members Organized and Collaborating

A cohesive communication strategy is critical to keeping remote employees in the loop. The right platform can drive effective digital communication. Aim for a comprehensive platform that takes care of all remote work needs, including instant messaging, calendar maintenance, and document sharing. Utilize this program consistently to ensure that employees know exactly where to turn for essential information or feedback.

Define Company Culture And Reinforce It Consistently

In a traditional workplace, a company’s core culture is immediately evident based on everything from meeting schedules to office layouts. These factors can also come into play digitally, making it possible to establish a clear culture regardless of employees’ physical presence.

A variety of digital interactions can be called upon to establish a sense of camaraderie and shared purpose among remote employees. Regular check-ins are vital for keeping employees connected. Communication style should be consistent and should clearly reflect your company’s values. For example, a company that thrives on cheerful in-person interactions should utilize the same tone in digital exchanges.

Provide Opportunities for In-Person Interactions

While technology can replace many aspects of the office, in-person interactions still hold considerable value. Capitalize on the power of face-to-face contact by offering regular meetup opportunities. Depending on employee proximity and company priorities, these in-person interactions can take place during weekly or monthly meetings or in a casual setting such as a happy hour.

The remote workplace offers an exciting opportunity to go beyond geography when leveraging talent. With the right remote management strategy, it’s possible to bring a diverse group of professionals together to accomplish great things.

Are you eager to make the most of today’s remote work possibilities? Look to ON ITS AXIS for guidance with distributed teams and other staffing and HR needs. With our help, you can establish the best practices needed to build a solid company culture that helps all employees reach their full potential. Contact us today to learn more about our services.

07 Mar 2019
Innovation + Growth Permalink

When Giving is Easy, Everyone Wins

March 7, 2019
When you hear the term “social good,” what does that mean to you? If you’re thinking about something that benefits a large number of people in a meaningful way, you’re right. The concept of social good can be traced back to philosophers in Ancient Greece and provides the basis for charity or philanthropic work. One of the greatest examples of social good is the Bill and Melinda Gates Foundation, whose mission is to help solve some of the world’s most pressing problems leveraging Bill and Melinda’s wealth to do this important work. While I personally find what they are doing to better our world inspiring, important and innovative, there are countless others committed to giving back that are not in the global public eye.

Motivated by the desire to give back, Kelly O’Connell, Founder and CEO of the non-profit organization, Start Giving Local, created a model that empowers everyone to give back in creative ways.

Giving should be easy. Everyone should possess the ability to easily support any secular, non-political cause, and non-profits should represent the collective will of a diverse society.

As ON ITS AXIS’ nonprofit partner, Start Giving Local is enabling the businesses we work with to change the world.

Recently I had the pleasure of speaking with Authority Magazine on the topic:

Ideas like this can change the world because everyone wins! Businesses are connected to the talent they need to efficiently achieve their objectives, candidates are matched with career opportunities that align to their personal goals, companies are given easy ways to participate in philanthropic giving and charities get the added financial support they need to achieve their social good objectives. Finally, we benefit by capturing clients we might not typically have access to.

If you’d like to learn more about what Start Giving Local is doing, how you can add giving to your business model or simply participate in one of their upcoming charity endurance event teams, please get in touch.