Note: This is another in a series of articles from PKA tackling tech topics
The Current Situation
Much is being made of the shortage of qualified technology talent in the global marketplace. It’s not just talk. Everywhere you look, studies, reports, and simple news headlines tell the same story: There is a serious shortage of tech talent and it’s not getting better. Here’s quick look at what this shortage looks like over the past few years and into the near future:
- The global tech talent shortage is expected to reach 85.2 million by 2030. In other words, there will be more than 85 million jobs that lack qualified candidates to fill them.
- The cost of this shortage is serious. A past study by the Information Technology Industry Council found that the tech talent shortage cost businesses in the US alone some $1.4 trillion in lost productivity—and that was in 2018.
- Companies are feeling the pinch as this shortage makes it difficult to adopt vital new technologies. A study by McKinsey & Company found that 70% of businesses are struggling to adopt new technologies due to the lack of qualified tech talent.
- The tech talent shortage is impacting the ability of businesses to produce the types of results that stakeholders demand. The World Economic Forum recently connected the shortage of tech talent as one of the top three risk factors for businesses and their capability to execute their strategic goals.
Stay Competitive or Struggle
This shortage is a major challenge for businesses of all sizes. Businesses that are unable to find and attract qualified tech talent will be at a competitive disadvantage. They may also struggle to adopt new technologies and keep up with the latest trends. This could lead to lost productivity, revenue, and market share.
There are a number of things that businesses can do to address the tech talent shortage. These include:
- Investing in training and development: Businesses can help to close the tech talent gap by investing in training and development for their existing employees. This can help to upskill employees and make them more marketable in the tech industry.
- Building strategic partnerships: Leveraging a partner with the know-how and ability to navigate technology is a quick solution. Partnering with the right third-party, specifically one who has invested in training and certifications, can help your business today—no waiting.
- Attracting and retaining tech talent: Businesses need to make themselves attractive to tech talent by offering competitive salaries, benefits, and work-life balance. They should also create a culture that is conducive to innovation and creativity.
Businesses Must Respond
The tech talent shortage is a complex issue, but it is one that businesses cannot afford to ignore. By taking steps to address the tech talent shortage, businesses can position themselves for success in the years to come. As listed above, one important way in which businesses can improve their position is to leverage strategic partnerships. PKA Technologies has decades of experience in partnering with businesses across verticals. Our partners leverage our technical expertise—what we do best—to free them up to do what they do best. Are you feeling the strain of the tech talent shortage? Maybe we should talk. Contact us today. We’re listening.