In 2022, the market for job seekers is wide open and without geographical barriers. It is a common sight to witness the tech talent on move to emerging talent Microhubs and enterprises adapting accordingly to attract and retain top talent. This is a time for enterprises to reinvent compensation strategies, culture and work environment and foster a community-like workforce.
Workers are migrating permanently or on a short-term basis, sometimes changing occupations in search of a more fruitful work profile and lifestyle. Companies, in turn, are struggling to hire quality talent due to a lack of availability. This is a time for enterprises to exit popular talent hotspots and enter the emerging talent Microhubs to acquire quality talent.
In the case of the United States, we are witnessing the emergence of tech talent Microhubs in regions such as Florida, Texas, Arizona, Colorado, South/North Carolina, Tennessee, Oklahoma, Washington, Oregon and Idaho.
These talent Microhubs are turning increasingly important for enterprises looking for quality talent. As a result of this, not only are tech employees migrating, start-ups are migrating as well. This is a classic scenario where enterprises have money and material but no manpower to utilize available resources for growth. Hence, migration to talent Microhubs is necessary in attracting and retaining quality talent.
Talent on the move
Amidst the pandemic, we’ve witnessed the overall domestic migration of over 180,000+ quality talent from top tier-1 talent locations like California, New York to emerging talent Microhubs including Florida, Texas, and Arizona. Cities like Miami-Fort Lauderdale Area in Florida have benefitted the most from traditional tier-1 hubs since the outbreak of the pandemic.
Some of the major tech job families that have migrated to Miami include:
- 34% of software development talent
- 5.5% of product and project management talent
- 1.9% of QA & IT support talent
- 1.9% of Analytics & Big data talent
- 1.5% of Cloud computing talent
- 55% of other tech talent
Miami-Fort Lauderdale Metro Region, due to its diverse demography, is becoming a leading talent Microhub for minority Tech talent due to domestic and international migration. High entrepreneurship opportunities, favorable political and social atmosphere and low cost of living are the key driving parameters behind this emerging talent Microhub.
Companies are expanding their presence and relocating to Miami for low corporate tax. For example, companies including JetBlue Airways and Elliot Management have already moved their HQs from New York city to Miami, Fort-Lauderdale Area considering it a powerful talent Microhub.
With a booming startup ecosystem and inward movement of large companies, Miami is also witnessing a significant surge in tech jobs since 2020. With moderate talent cost, low hiring difficulty, and relatively better quality of life, Miami serves as an ideal talent Microhub for both tech professionals and employers.
Understanding the Tech talent ecosystem of Miami
Fort Lauderdale is a significant talent Microhub in the Miami Metro Region, accounting for more than 35% of relevant tech talent. Large pool of existing talent from multiple industries (diversity in expertise) is enabling tech companies to grow tech & non-tech roles in the Miami region. Industries including Healthcare, Real Estate and BFS account for the highest employment while Telecom, Automotive and Insurance are at the lowest. The figure below indicates the percentage of employment by Industry.
Miami has an estimated total of ~63,000 tech talent across fast growing digital job families. As for the cost, Miami’s median base pay across the identified job families are substantially lower than all the major Tier-1 locations. This makes Miami an ideal hub for acquiring emerging tech talent.
Not just employees, but even employers are considering Miami as the next big talent Microhub for business growth. With migrating entrepreneurs and favorable business policies, Miami’s startup ecosystem is thriving. Let us look at some statistics to understand the startup ecosystem of this region.
- 2nd fastest-growing US Start-up Ecosystem
- 73% Start-up founded since 2010
- 36% VC investment growth in CAGR since 2015
A booming startup ecosystem combined with lower cost of living and favorable policies make Miami an ideal talent Microhub to hire and grow with emerging tech talent.
Enterprises can leverage the power of this talent Microhub if they choose to move with targeted hiring suitable to their needs, both of the present and the future.
Draup is an AI-powered talent intelligence platform that delivers HR leaders with data-backed insights into the global talent pool, emerging talent Microhubs, cost modeling, and recruitment tactics suitable to manage talent faster and hire quality talent globally.