Digital Talent in Scarce Supply
December 20, 2017
As we enter The Digital Age, where the world is interconnected with technologies that keep on changing, the demand for digital talent is increasing. The technology change has forced talents to acquire new competencies to compete in the job market, as well as to address current challenges in industries. Those talents are needed to not only provide solutions for IT problems that arise, but also to ensure continuous innovations, research, and development of new technologies.
Although the demand for talent continues to rise, the supply for it is scarce. According to a 2017 study conducted by Capgemini and Linkedin, 55% of organizations reported that the digital talent gap is widening. Cybersecurity has the widest talent gap with the demand stands at 68%, while the proficient applicants are at 43%. The next two talents with the widest gap is cloud computing and analytics, respectively. These skills are crucial to ensure company’s growth in today’s digital era.
Despite the skill shortage, companies seem to undergo poor approaches in developing the existing talents. Another report from Capgemini recorded that only 46% of companies are investing in developing digital skills with expenses not more than 20% of their overall training budget. Most of their training programs are also out of sync, which only 4% align it with their digital strategy. In addition, traditional approaches to source digital talent are still dominant and Human Resources function is not actively involved in digital skills development.
The scarcity of digital skills has hindered businesses’ ability to thrive. According to a 2017 Fujitsu survey, 42% of UK businesses have cancelled digital projects in the last two years, with an average loss of $ 650000 per project. Three in four respondents admit to a clear lack of digital skills, especially in cybersecurity, as the reason for cancellation,
The gap of digital talent is a challenge that is faced by all industries worldwide. Companies must align business objectives with human development to combat this issue. Human development can be achieved by giving employees relevant training and workshops, which will equip employees with the necessary skills that not only impact their personal growth, but also the business itself.