Nearly 81% firms face shortage of skilled tech workers: EY and iMocha

Only 19 per cent reported having established skill taxonomy; 43 per cent have conducted skill benchmarking at the employee level

Hiring slowdown lifts India's top IT companies' profit per employee

2 min read Last Updated : May 31 2023 | 11:05 PM IST

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With the recent advancements in the field of technology, there has been an unprecedented increase in the demand for skilled workers in the field, according to EY and iMocha's recent report.

This unprecedented surge is for tech-specific skills and it goes beyond the tech sector. Citing EY and iMocha's report titled “Tech skills transformation – Navigating the future of work in 2025 and beyond”, Economic Times reported various sectors are now familiarising themselves with high-end technologies to survive in the digital landscape.

EY and iMocha's report is a detailed study of how technology skills are being required across job roles, thereby making it essential to hire a skilled and talented tech expert. It has also taken into account several factors to analyse how technology skills are being required increasingly. These factors are- in-demand tech skills across domains, the organisational impact of tech skills, and organisations’ response to tech skill transformation.

According to the report, 81 per cent of the organisations said they were encountering a significant shortage in “power user or developer” tech skills. Only 19 per cent reported having established skill taxonomy; 43 per cent have conducted skill benchmarking at the employee level.

The report comes at a significant time when there is an estimated global tech talent pool of more than 26 million people, with 65 per cent of those individuals in software engineering roles, 27 per cent in IT roles, and 8 per cent in business app-related roles.

Amit D Mishra, founder, and CEO of iMocha shared his view on the report and said to ET, "Job roles and skill needs are changing faster than ever. In this report, we discovered 28% 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."