Tech Talent Shortages Loom Large for IT Industry
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High Marks
The overall confidence rating in the tech sector among execs is 71.9 out of 100, up from 66 in 2013. Meanwhile, they gave their own companies a 72.2 rating, up from just under 68.8 last year. -
Booming Business
62% are planning to increase investment in new products and business lines, up from 59% in 2013. -
IT Expansion
58% expect to increase staffing levels in tech positions, and 52% anticipate increasing spending for tech itself. Both percentages are close to last year's levels. -
Personnel Problem
Nearly three-quarters of tech and business execs in the IT industry said they're dealing with a "moderate" or "significant" shortage in tech talent quality—up from 69% in 2013. -
Staffing Situation
47% are concerned that a talent shortage, labor prices and employee churn could slow business activity, up from 34% last year. -
Slashing Price Tags
38% are concerned that lower margins and downward pressure on pricing could slow business activity, which is about the same as last year. -
Growth Drivers
57% said the local quality of life contributes most to a healthy tech sector in a particular region, and 44% said it's the region's state of entrepreneurship/innovation ecosystem. One-third said it's the availability of a skilled workforce. -
Public Policy Wish List: Educated Opinion
43% said science, technology, engineering, and mathematics (STEM) education needs to be improved for 2015 at the K-12 level, and 44% said the same needs to happen at the higher education level. -
Public Policy Wish List: Well-Funded
36% would like the government to make it easier for tech companies to access capital. -
Public Policy Wish List: IRS Issue
28% said the tax code is too complex—requiring too much time of businesses in managing their taxes.
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Why Metrics Matter to the Channel Although tech and business executives express increasing confidence in the IT sector and their own companies, many see challenges ahead due to the continuing shortage in tech talent, a new survey from the Technology Councils of North America (TECNA) found. As a result, many fear a slowing down business activity in the foreseeable future. "We're in the midst of a great phase of ingenuity and innovation, and companies are poised to do even more," said Steven G. Zylstra, TECNA chairman and president and CEO of the Arizona Technology Council. "But the shortage of skilled workers poses a serious threat to their ability to reach their goals." The findings reveal other top concerns within the industry as well, such as shrinking profit margins and a lack of science, technology, engineering, and mathematics (STEM) education among young people. More than 1,560 tech and business executives in the IT industry took part in the research, which was conducted in conjunction with CompTIA. Channel Insider examines key takeaways from the study.
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