Whilst the growth in the UK tech industry is of course exciting, there is a significant problem on the horizon. The digital skills crisis and lack of talent mean that this economic growth and value could be all too easily punctured. 94% of tech employers believe that there is a skill and talent shortage.
As Nancy Parsons, CEO of talent management firm CDR Companies explains:
“There is a talent shortage, which is expected to grow. Numerous studies show that recruiting tech talent is becoming more and more difficult. Competition is fiercer than ever.”
The lack of skills spells significant problems for tech companies’ growth and profitability, 76% believe that the skills crisis will hit their profits. And the shift in demand for different skills is also happening at a rapid rate; although tech job ad listings dropped by 57% in 2020 the demand for robotics skills jumped dramatically in parts of the UK.
They increased 115% in Liverpool, 253% in Leeds and a remarkable 400% in Newcastle. The need for more skills relating to automation, AI and robotics is only likely to increase at a fast rate. But the rate at which new talent is qualifying is not keeping pace. Meaning it has rarely been more important for tech companies to invest in retaining their talent.