Note the demand for H-1B visas has increased up at a time when the number of available (unemployed) skilled, experienced and sometimes even business-savvy IT workers is the highest in 20 years. There is no crisis, merely the lack of will to invest in people or the community unless it is readily deductible. Any time I hear a company complain about the lackluster education and skills of its applicants, I wonder: what have they done to change the situation? Are they part of the solution or part of the problem?
We have all seen the ads or had interviews asking for more experience than is feasible, offering 3rd-world wages to do something that would make or save the company far more in the long term than they'll ever pay out in wages and benefits. That is the business-tech dynamic, and I for one sympathize with the business side. One of the simplest ways to contains costs is to minimize wages and benefits, and that is exactly what short-sighted and/or publicly-traded companies see as their job. Also, establishment business types have never really been at ease with IT, and vice-versa. There's very little these groups [think they] have in common. I could ellaborate on that point, but if you're reading this you surely know what I'm talking about.
Employers, please read: the quality of applicants is in direct proportion to how desirable the position is.
Paying a low wage for a highly skilled, stressful, and important position broadcasts to the world (and potential applicants) what you think of the position and of IT's role in the company. Conversely, paying a relatively high wage and offering perks signals that you want the best are are willing to shell out for it because it's in the company's long term best interest. Companies that do that will attract the hungriest, most qualified people and retain them longest.
Keep Up with TechRepublic