Despite 65% of tech team leaders being asked to cut down on costs, 72% stated that they still plan to enhance their investment in technology skills development in 2023 according to technology workforce development company Pluralsight’s 2023 State of Upskilling Report.
Furthermore, 97% of learning and development and HR directors said that they are opting for fostering internal talent rather than outside hiring for open positions because upskilling talent is more cost-effective for an organization.
The report also found that, with the prevalence of layoffs in the tech industry and the uncertainty of the economy, sixty five percent of executives are being asked to seek out cost efficiencies.
“This year’s research findings underscore the importance of maximizing employee potential and optimizing learning investments to drive business ROI,” said Gary Eimerman, chief product officer at Pluralsight. “Organizations and individuals alike are being asked to do more with less in the face of reduced workforces and larger economic pressures. For future-focused companies, an emphasis on continuous upskilling will help sharpen their competitive edge.”
Teams have also been taking on more tasks, as 67% of respondents stated that workforce reductions in their companies spanning software, IT, and data have led to an evolution of responsibilities.
With this, almost half (47%) of technologists agreed that they have had to perform additional duties outside of their primary job function.
In response to this expansion of tasks, 52% of respondents said that it is crucial to be learning new technology skills in times of economic turbulence. That same 52% also agreed that upskilling has become a critical aspect of both individual and organizational success.
It was also revealed that the top three areas technologists are prioritizing are cybersecurity, data, and cloud skills.
The study found that only 17% of respondents stated that they felt confident in their cybersecurity skills while 21% are not confident, 25% are confident in their data skills while 8% are not, and 21% are confident in their cloud skills while 17% are not.
In terms of challenges that organizations face when trying to upskill, a lack of time and budget have consistently remained the biggest barriers over the past two years. For organizations who had the time and budget, 30% said they do not know where to focus their skills development and 25% said they are not sure which resources to utilize.
To download and read the full report, click here.