There has long been a shortage of IT specialists. Throughout the past decade, top executives have expressed concern about the lack of tech skills. In 2030, it is predicted that there will be a shortage of up to 85.2 million IT professionals globally.
An industry report from the Confederation of Eastern European Industry (CIE) shows that the number of IT jobs in Eastern Europe has more than doubled in the past three years. Among the most affected countries by a shortage of IT specialists are Poland, Hungary, and Croatia.
The tech sector is growing at a faster rate than any other in the UK, as the economy begins to show signs of recovery. A large number of tech jobs have been created since March 2020, indicating an increased need for skilled workers. UK GDP might decline by £141.5 billion over the next decade if upskilling is not undertaken. Additionally, skills shortages have increased by 22 percent in Switzerland over the last three years.
There is a large demand for ICT professionals throughout the region, but some European countries are experiencing the talent gap on a larger scale. A labor shortage is being reported in Finland’s IT sector, the country’s largest industry. According to a report by Swedish IT and Telecom Industries, there will be a shortage of 70,000 tech experts by 2022 unless action is taken.
The United States suffers from the greatest tech talent shortage in North America. In 2019, 69% of employers reported that they had trouble filling positions. By 2020, there were an estimated 1.4 million vacant computer science jobs. It is estimated that the country may lose $162 billion in unrealized revenue due to the shortage of skilled IT specialists.
The Middle East
A large number of software developers are needed in Israel. There are currently 18,500 vacancies for tech professionals. We want high-tech workers to account for 10% of the global workforce by 2025. This would be a 50% increase from now.
There were only 7,000 graduates with a computer science degree in Australia in 2019. Over the past three years, CS enrolment has grown by 9%, but it is not enough. ICT specialists will be needed in 520,000 more positions by 2026, according to the ACS Digital Pulse Report.
Singapore’s tight hiring policies and COVID-imposed traveling restrictions make it difficult to hire abroad. Employers are increasingly competing for fewer high skilled foreign specialists as local talent departs. According to estimates, the unrealized output would reach $219.8 billion in 2030 if the situation worsens.
Is there a need for specific IT skills?
In the face of the global pandemic, the cybersecurity skills gap has become a serious problem. This gap would have to be closed by adding another four million cybersecurity experts. BI engineers, web and mobile applications, as well as system architects and cloud engineers, are also highly sought-after roles.
Overcoming talent shortages
The looming skills crisis cannot be solved quickly. To bridge the skills gap and avoid lost revenue, industry, education, and government must work together.
What specific steps can businesses take?
The number of CS graduates compared with the number of available tech jobs is vastly different. Current workers can gain the skills and experience required for tomorrow’s jobs with effective training programs. To fill their pipelines, some companies are re-examining the four-year degree requirement and looking at tech apprenticeships. Several companies use outsourcing services to reduce development costs and accelerate the time to market.
Since the pandemic hit, businesses have had to rethink the way they operate. It is estimated that cybersecurity experts will deplete by 2022. In the US, Finland, Hong Kong, Sweden, Germany, and others, shortages have risen the most year-over-year.