As the pace of technology speeds up with every year that passes, it’s vital that employees, especially those working in the Tech Industry keep up with that change. At the moment in the UK we’re experiencing what’s been called ‘The Great Resignation’, with almost 40% of employees saying that they are looking to leave their job, and over 45% of HR managers admitting to being concerned that members of their team will resign in the next 6-12 months.
What’s behind this? Certainly, in this post-Covid-19 era many of us have re-evaluated our priorities when it comes to work – an unwillingness to endure a long commute on over-crowded public transport, a desire for a better work/life balance, or a commitment to putting better mental health at the forefront have all contributed to the trend.
However, there’s another, pressing reason for tech professionals’ dissatisfaction and that’s the impact of the skills gap within the industry. According to a recent report, tech employees’ number one concern in their work is stress due to long hours and increasing workloads, both of which are exacerbated by skills shortages within their teams. This leads directly to a decrease in productivity which of course impacts on the organisation’s bottom line. When we consider that 40% of technology decision makers said that they were aware of skills gaps within their organisation this phenomenon bears closer examination.
Skills gaps not only lead to increased employee stress, they also impact on a team member’s ability to meet quality objectives, cause delays in the development of new products or services, lead to hardware and software deployments falling behind, result in decreasing customer satisfaction and increasing operating costs, risk losing business to an organisation’s competitors as well as contributing to companies failing to reach their growth objectives.
There are few industries these days that don’t rely on technology in one way or another, whether that’s a business’ primary focus, or IT support to make an organisation function effectively. It’s estimated that in 2020 approximately 860,000 people in the UK alone were employed in the technology, software and computer sectors, and worldwide that number reaches many millions, with that number expected to rise by 12% by 2028. The industry also generates over €1.5trillion, or approximately 20%, of global GDP so its importance cannot be overestimated.
The pressure for employers to retain highly qualified and essential tech staff, therefore, is fierce, with new jobs seemingly arising every single day offering the opportunity for talented tech professionals to migrate elsewhere.
It’s well documented that employees who feel invested in and valued will perform better and display more loyalty to an organisation than those who do not and if staff don’t feel valued they will leave for an organisation that takes their career progression and personal development more seriously.
One, highly-significant course of action that tech employers can take is to train their staff. Those staff who undertake training benefit their employers in more than economic terms, although those who do put a value on it estimate that the added value of on-the-job training can add up to £30,000 or more in economic benefits a year to the company per individual.
Training brings not only transferable skills to organisations but also enables them to close skills gaps – in the case of tech companies training more junior and less experienced colleagues who demonstrate an aptitude for and an interest in, for example, basic coding will not only benefit the company, but also free up more experienced staff to focus on high-impact and in-demand skills such as emerging technologies, cloud computing or configuration management.
For all these reasons and especially in today’s climate, when the government has pledged to create a high-skill, high-wage economy, employers that do not train their employees will find that they are left behind in favour of those that do.
If you’re looking to make the right hire for your business, whilst minimising risk and maximising effectiveness, get in touch with JIE Search.