A recent Korn Ferry report found that the U.S. alone is likely to face a tech talent deficit of more than 6 million workers by 2030, and that the global deficit could cost organizations upwards of $6.5 trillion.
By Evan Ramzipoor, Workflow contributor
Businesses are feeling the pressure to transform quickly, but they often lack the talent to do it well—if at all. In fact, most organizations will be hit by digital transformation-related skills shortages in the coming years, according to the World Economic Forum (WEF).
The rise of generative AI, machine learning, and other technical tools is increasing the demand for highly specialized workers who understand how to use them. But there aren’t enough candidates to fill those roles. Over the next five years, businesses will see a 50% increase in demand for employees with digital skills, according to the WEF. A recent Korn Ferry report found that the U.S. alone is likely to face a tech talent deficit of more than 6 million workers by 2030, and that the global deficit could cost organizations upwards of $6.5 trillion.
The effects are more than just monetary. While automated tools like AI pose tremendous opportunities for companies that can use them creatively, executives that treat AI like a blunt instrument will end up causing redundancies. And redundancies, in turn, will lead to role eliminations, lost revenue, and inefficiency.
This is the so-called “tech talent crisis.” While the potential for crisis is real, however, so too is the potential for evolution.
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