The global digital skills gap has reached a critical point.
A recent Salesforce-commissioned RAND Europe Report highlights that the digital skills gap comes at a cost. It estimated that 14 G20 countries could miss out on $11.5 trillion cumulative GDP growth if the skills gap isn’t addressed.
Emerging technologies are amplifying business’ demand for digital skills by up to 50% in Europe and the United States.
Companies are facing a new challenge in a digital-first world: there are just not enough people with the right digital skills to power their companies’ transformation now and in the future. Many refer to this as the “war for talent”.
There is low supply and high demand for digital skills, and the gap continues to widen due to an array of factors ranging from new emerging technologies to systemic social and economic inequities.
The decisions companies make now around how to solve their digital skills gap will impact heavily on their future growth and potentially their ability to survive.
“In this age of disruption and digital transformation, there has never been such a demand for the right talent.”
Varun Bijlani, Managing Partner, IBM
The “State of the CIO 2022” report from IDG identifies 76% of CIOs say it’s challenging to find the right balance between business innovation and operational excellence. CIOs roles are a mixture of business strategy, functional delivery, and business transformation and the same report says 73% expect to ramp up business strategist activities such as driving business innovation, developing business strategy, and identifying opportunities for competitive differentiation.
In order to fulfil all these roles, CIOs have to make hard commercial choices due to limited tech talent availability. Brian Humphries, the CEO at Cognizant, stated in an earnings call,” the reality is we don’t have enough headcount to fulfil our potential. And therefore we’ve been faced with choice points, which clients to serve, which deals to chase, where we walk away, where we’re willing to make pricing stances that may put a deal at risk, but it’s the appropriate thing to do given to the demand, supply and balance.”
To tackle the issue of the talent gap CIOs, CTOs, and business leaders need to consider different approaches and strategies to address the growing talent gap and stay competitive in the war for talent
Distributed are running a live webinar “Accessing digital talent for your competitive advantage: introducing Elastic Teams”.
This webinar introduces the Elastic Teams concept and shows how digital leaders can access a highly-vetted global talent pool with speed, flexibility, security, and proven QA processes to deliver fully managed outcomes for their business.
Register here, if you can’t attend the live session you should still register and we will send you a link to the recording.