Skillsoft, a firm in corporate digital learning, has released its annual Global Knowledge IT Skills and Salary Report, exploring the current state of skills gaps, training and development, compensation, and job satisfaction in the IT industry. Based on responses from more than 9,300 IT professionals, the report found that 76 per cent of IT decision makers worldwide are facing critical skills gaps in their departments – a 145 per cent increase since 2016. While still a significant challenge, this represents the second consecutive year of slight improvement (79 per cent in 2019, 78 per cent in 2020).
“Today’s digital-first economy has presented significant opportunities for organisations. However, it has also created a dire need for new skills in cloud computing, cybersecurity, AI, DevOps, and many other critical tech areas,” said Michael Yoo, General Manager, Technology and Developer, Skillsoft. “Gaps in skills don’t just disappear, they only grow wider if not properly addressed. While it is encouraging to see early signs of closing the gap, work is far from done. Organisations must place a bigger emphasis on investing in employee training, empowering professionals to earn new certifications, and filling vacant roles with diverse candidates,” added Yoo.
To continue closing the skills gap, understanding the reasons behind it, and its impact, is critical. As digital transformation accelerates, 38 per cent of IT decision makers cited the rate of technology change outpacing their existing skills development programs as the primary driver, followed by difficulty in attracting qualified candidates (35 per cent) and lack of investment in training resources (32 per cent). In addition to the direct effect these gaps have on organisations’ bottom lines – IDC predicts the financial impact growing to US$ 6.5 trillion worldwide by 20251 – respondents also said they increase employee stress (55 per cent), make it difficult to meet quality and business objectives (42 per cent and 36 per cent, respectively), and create project delays (35 per cent), among other challenges.