Challenges Of Tech Skill Gaps
As the demand for technologically skilled professionals is on the increase, there is however a dearth of skilled workers. This is costing companies billions of dollars each year in inflated pay packages and temporary hiring. All across the globe, countries are facing a chronic tech skills deficit. It doesn’t really matter if they are a developed market or a developing one, the crisis looms large everywhere. With the ever increasing demand for technologically skilled professionals, the dearth of skilled workers is costing companies billions of dollars each year in inflated pay packages and temporary hiring.
In 2018, organizations faced the inherent issue of demand being much more than the supply. The need for IT skills is gaining momentum at a speed that cannot be matched by the growth of the talent pool. With disruptive technologies ruling the roost in most industries and domains; employees are finding it extremely difficult to upskill themselves to keep pace with industry advancements. But the Catch22 situation is that it has become important for the employees to manage to unlearn and relearn at an unprecedented pace, if they wish to stay relevant.
The rapidly changing labor and talent market are the primary reasons why companies are facing challenges. Jobs that were top of the funnel 10 years ago are not the same today and the jobs that are prevalent today might not be important a few years down the line. The industry is changing at a really fast pace and unfortunately the marketplace is still trying to play catch up. Another reason could also be the way employers are putting forth their needs for talent acquisition. To at least attempt to bridge the skills gap, organizations will have to reimagine the way they present their job descriptions. This could help align the present day workforce with the hiring needs in a better manner. Better communication could lend itself to filling in the gaps faster.
Schools could step in and make things better at a holistic level. Practical experience while still learning at school is one of the best ways for the future generations to learn the ropes. If presented with the right opportunities, students could assimilate their theoretical knowledge with soft skills and gainfully become part of the forthcoming workforce. Transforming pedagogy and building relationships with employers can help the next generation of workers ready themselves for what awaits them in the real world. According to a study, the numbers are alarming because by 2021, there will be an estimated three million vacant jobs in cybersecurity across the globe. Not only has training taken a new meaning but also the fact that tech education has to be enhanced to be able to prepare the future generations to cope with the changing demands.
The need of the hour is also to embrace new ways of working. The regular 9-5 shift has given way to freelance assignments, work-from-home projects, and other non-traditional forms of employment. Employers need to be more open to novel ideas and the myriad ideologies of a transient workforce. Working styles have changed and people have different expectations from their careers now. So if it’s about flexi-hours or contractual opportunities, there is a need to keep the staff engaged at all times for better productivity and efficiency.
Apart from that, businesses also have to consider the varying skill sets, as well as requirements of employees ranging from Generation Z to Baby Boomers. Technology is not the only aspect in this case and careful thinking is required to retain and acquire talent.
So that they do not lose sleep or talent and at the same time can keep up with this pace of change, businesses need to make sure that their employees are trained regularly and are upskilled on a regular basis. Apart from relevant training, there needs to be the space and the freedom to try and experiment with new technologies. By taking one step at a time, organizations can help spearhead their businesses for the years ahead.