Fifty-four percent of IT executives said they have roles they cannot fill, to the extent that there are critical technological skill gaps that have not only limited the success of many companies. 38% of respondents said they have influenced the pace of technological growth worldwide.

Since the issue of skill gaps and skills shortages became an issue in 2016, the issue has jumped by 146% since 2016, with 76% of IT decision-makers now admitting that they are facing skills shortages.

Although it has fallen by 2% compared to 2020, when it was pegged at 78%, the problem is far from over, as it has led to pay increases and better job security for workers as companies move quickly to retain them.

The report by Skillsoft also showed that nine out of ten IT professionals reported leaving their jobs due to a lack of growth and development opportunities.

For 50% of the IT professionals surveyed, companies can reduce skills shortages by training their employees, and the report confirms this and urges companies to invest in their employees.

According to the report, “A training budget is one of the most strategic investments an organization can — and must — make. This unites the employee and the organization to identify, manage and close skills gaps.”