There's two ways to react to new technologies: you can ignore it, or you can be part of the change
Most companies understand that digital transformation is the key to navigating today’s business environment. But workers with the IT skills companies need are in short supply—and the situation is only growing more extreme.
Over the next five years, for example, the U.S. will face an exploding demand for tech workers with some 5.9 million new positions added and another 23.5 million existing roles requiring reskilling or upskilling because of automation, according to academic publisher and research company Pearson. Pearson paired with ServiceNow to research the impact of AI on today's force, which roles might be phased out, and how affected workers with transferable skills could prepare themselves for the future job market.
Yet there simply aren't enough skilled workers to fill those future positions. According to data from consultancy Korn Ferry, the "technology, media, and telecommunications" sector will have to reckon with a global skills shortage of 4.3 million workers by the end of this decade. That deficit could reach 1.2 million in the U.S. alone.
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Business leaders are well aware of the uphill battle they’re facing. In a survey carried out last year, market data provider IDC found that C-suite executives ranked getting the right digital talent as the No. 1 challenge to running a successful digital business.
"Most companies weren’t expecting such a boost in need before the pandemic hit,” says Leonardo Freitas, a research manager in IDC's European skills practice. Plus, big changes like the move to cloud computing happened a lot quicker once millions of people started working from home during the pandemic. “That created a massive squeeze in the job market,” Freitas says.
IDC reckons that 90% of all organizations will face skills shortages related to digital transformation by 2025—and risk a whopping $6.5 trillion in costs and lost revenue due to delayed product releases, reduced customer satisfaction, and loss of business.
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