IT industry to suffer from talent and skills shortages

A recent study by PwC showed that the IT industry has been impacted significantly by the pandemic in terms of employment and finding the right talents.

Indeed, it was found out that 65% of respondents stated to be looking for a new position and 88% of executives witnessed comparatively high turnover. Executives also noticed that the competitive war for talent has never been more fierce as more and more employees are now looking for flexible, remote work.

Hence, around 50% of executives reported being planning to change processes to become less dependent on employee institutional knowledge in the next 18 months. This would be to keep operations running despite the high percentage of resignations and turnover. By using processes like automation, companies will be allowing employees to shift their focus from time-consuming rote tasks to more strategic activities.

The goal will be to save executives from spending too much time and money on training new employees on routine tasks.

Moreover, executives are also concerned about the cybersecurity of these new hybrid work models. Some of the concerns include digital upskilling, attempting to balance the tech-driven experience of remote and on-site workers, as well as increased shadow IT occurrences. With this lack of talents, companies do not possess the skills needed to deploy robust network security to secure the new hybrid work model.