May 4, 2023 - At least 81 per cent of the organizations have acknowledged encountering a shortage in “power user or developer” tech skills, according to an EY and iMocha report.
Merely 19 per cent of the organizations reported having established a skill taxonomy, while 43 per cent had conducted skill benchmarking at the employee level, said the “Tech skills transformation – Navigating the future of work in 2025 and beyond.” report.
There is an estimated global tech talent pool of over 26 million people with 65 per cent in software engineering roles followed by 27 per cent in IT and 8 per cent in business app-related roles, it added.
Amit D Mishra, Founder and CEO, iMocha, said, “Job roles and skill needs are changing faster than ever. In this report, we discovered 28 per cent of the leaders believe they will have to revamp tech skills for a third of their talent base by 2025 to stay competitive. The adoption of skill taxonomy and benchmarking is a clear indicator that the increasing complexity of tech skills is necessitating leaders to reconstruct their talent acquisition, development, and management strategies.”
The report further noted that the shortage of future tech skills is expected to arise from the high demand for application developers and business app users, as indicated by 76 per cent and 62 per cent of the surveyed organizations, respectively. The report highlights India’s standing as one of the top tech talent markets, with a market share of 16 per cent, putting it on par with Europe’s 16 per cent and the USA’s 20 per cent.
It was discovered that the ISV (Independent Software Vendor) and IT/ITeS (Information Technology enabled Services) industries prove to be the biggest tech talent incubators accounting for almost half (more than 47 per cent) of the resources. Other major industries that incubate tech talent include BFSI (Banking Financial Services and Insurance) (10 per cent), logistics and supply chain (8 per cent), and telecom (5 per cent).