The skills crisis: Your roadmap to building a future-ready workforce

Welcome back to the Tech Thread, where we explore innovative strategies to help your organization not just survive, but thrive in the competitive tech landscape.

The growing divide

In the ever-accelerating tech landscape of 2024, one challenge looms larger than ever before. No, it's not the cars that can drive themselves or the chatbots that can ace medical exams. It's the widening skills gap and the resulting tech talent shortage.

The World Economic Forum projects a staggering 150 million new technology jobs will be created globally over the next five years, with a whopping 77% of all jobs requiring digital skills by 2030. Yet, the current reality paints a starkly different picture: Only 33% of technology jobs worldwide are currently filled by individuals with the necessary skills.[1]

The rate at which change is happening is proving impossible for us to keep up. Companies are feeling the loss of their competitive edge due to the widening digital divide and 54% of business leaders acknowledge this painful truth [2].?

Traditional hiring isn't enough

There are 8.5 million job openings in the U.S. alone, but only 6.5 million unemployed workers [3]. This isn't simply a matter of supply and demand; it's a complex crisis fueled by multiple factors. Relying solely on external recruitment would be like trying to fill a leaky bucket with a teaspoon. While posting job openings and hoping for a flood of qualified applicants might have worked in the past, the widening skills gap demands a more strategic approach.

Several factors are exacerbating the talent shortage, making traditional hiring methods increasingly ineffective:

Outdated education system

The educational pipeline isn't producing enough graduates with the specific skills that businesses need, particularly in cutting-edge fields like AI, data science, and coding.

Uncertain times

The Great Resignation's ripple effects continue to plague the tech industry. The mass exodus of talent seeking more fulfilling careers has intensified competition for skilled professionals. Also, early retirements and an aging workforce further compound the talent shortage, especially in specialized fields where experience is highly valued.

Change is the only constant and that is exceptionally true in the tech industry. As companies struggle to stay afloat, it's essential to adapt and develop technology to weather these challenges. Check out our exclusive video with Forrester to succeed in the face of uncertainty with a future-fit tech strategy.

Evolving employee expectations:

Today's workforce prioritizes personal growth, learning new skills, and work-life balance. Inflexible working environments and a lack of opportunities for advancement can quickly drive top talent away.

To make matters worse, investment in training is decelerating. Businesses aren't prioritizing their training budgets enough to address skills gaps, despite the urgent needs to upskill existing employees.? Could a shift in budget allocation be the key to unlocking your team's full potential? Our recent article on IT budgeting offers a framework for strategic tech investment.

What can you do about it?

In the battle for tech talent, offering a competitive salary and benefits package is just the table stakes. To truly attract the best and brightest, you need to go beyond compensation and create a compelling narrative that resonates with today's tech professionals. Here's what you can do:

Showcase your company culture:

Today's tech professionals are seeking more than just a paycheck.?They want a workplace that aligns with their values and offers a sense of belonging. Showcase what makes your company unique, whether it's a commitment to social impact or a passion for cutting-edge technology. Let potential candidates see the vibrant tapestry of your company culture and envision themselves thriving within it.

Offer opportunities for growth:

A stagnant career path is a surefire way to lose top talent. Clearly define career paths within your organization, offering opportunities for upward mobility and skill development. Provide mentorship programs, sponsor training courses and certifications, and encourage employees to take on new challenges and responsibilities.

Fostering genuine bonds:

Positive word-of-mouth from your happy employees is a great recruitment tool. When they genuinely speak well about the company, it attracts talented people who want to work there.??Ensure your company's website and social media channels reflect your values and culture. Share engaging content, interact with followers, and respond promptly to inquiries.

Go beyond recruit: Retaining your top talent

Attracting top tech talent is a feat in itself, but holding onto that talent is a whole other challenge. The tech world moves fast, and so do the ambitions of its brightest minds. If you're not actively nurturing their growth and well-being, your company risks becoming a mere stepping stone in their career journey.

Imagine a workplace where learning never stops. Where seasoned veterans mentor rising stars, and everyone has the chance to explore new technologies and sharpen their skills. That's the kind of environment that not only attracts top talent but keeps them engaged and motivated. Offer a diverse range of training opportunities—from workshops and online courses to conferences and certifications.?

However, learning alone isn't enough. A positive work environment is equally crucial. Think about it: Who wants to spend their days in a place where collaboration is stifled, achievements go unnoticed, and work-life balance is a myth? Foster a culture where teamwork is celebrated, achievements are recognized (and yes, rewarded), and flexibility is valued. Encourage open communication, where everyone feels comfortable sharing their ideas and concerns. When your employees feel heard, respected, and supported, they'll be far less likely to seek what they think would be greener pastures.