IT Skills Scarcity Increases Internal Training Rate

IT Skills Scarcity Increases Internal Training Rate

Thirty-one percent of companies are working on training in-house employees with IT skills. This is a 12 percent jump from the pre-pandemic era, a Netwrix report indicates. Very few people are trained or experienced in handling emerging technologies and virtual platforms. CIOs have been struggling with a skills shortage for a long time, so in-house training seems to be an economical solution for many. In this article at CIO Insight, Drew Robb explores how IT skills scarcity has compelled organizations to increase internal training.

Leaning Towards Internal Training

For many years, companies relied on education institutions to churn out fresh graduates as their potential candidates. With COVID-19 restrictions, changes in immigration rules, etc., it is becoming increasingly problematic to find enough resources. Let’s find out the reasons behind the sudden internal training spur:

Early Retirement

By 2025, 35 percent of the data center professionals will retire, leading to a massive IT skills scarcity. The pandemic has made workers think of retiring early to enjoy life while they can.

Stunted Pay Hike

According to IT Business Edge, the year-over-year IT salary growth has almost ceased with just a rise of 0.8 percent. Apart from staying back on base pays, CIOs are also stalling perks and reducing the recruitment rate. Salaries are going to remain the same for professionals till the second quarter of 2021.

Shifting Talent

Gen Y and Gen Z professionals are moving away from tech hubs like Silicon Valley, NYC, and the Virginia Corridor. Layoffs, rent hikes, and coronavirus scare encouraged them to move to rural areas like Omaha, Nashville, and Jacksonville. According to talent acquisition firm Korn Ferry, the U.S. IT organizations will face a revenue loss of $162 billion by 2030 if this migration continues. So, organizations are broadening their talent hunt and are ready for online internal training.

Online Courses Over Degrees

Due to the proliferation of WFH and hybrid workforces, more emphasis is being given to online certifications and courses rather than traditional degrees. Google, Facebook, and Apple are leaning more towards internal training than searching for fresh college graduates. Per LinkedIn’s Workforce Learning Report, 57 percent of the respondents are allocating funds for online learning and training.

To view the original article in full, visit the following link: https://www.cioinsight.com/it-news-trends/it-skills-shortage-drives-need-to-invest-in-internal-training.html

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