Why IT Companies are Facing Skill Shortages

Why IT Companies are Facing Skill Shortages
  • Posted By ShooraTech
  • Posted on 30-Nov-2023


The IT industry is booming, and with it comes a growing demand for skilled professionals. However, there is a significant skill shortage in the IT industry, and it is only getting worse. In fact, a recent report by the Korn Ferry Institute found that there will be a global shortage of 8.5 million skilled tech workers by 2030. This shortage is being driven by a number of factors, including:

Factors driving the IT Skill Shortage

  1. The rapid pace of technological change
    New technologies are emerging all the time, and companies are struggling to find people with the skills to develop, implement, and maintain these technologies.
  2. The increasing demand for digital skills
    Businesses are becoming increasingly reliant on technology, and they need employees with the skills to use these technologies effectively.
  3. A lack of qualified candidates
    Not enough people are entering the IT workforce, and those who are entering often lack the skills that employers are looking for.
  4. The global nature of the IT industry
    The IT industry is a global one, and companies are competing with each other for the same pool of talent.
  5. The high cost of IT education
    The cost of IT education can be prohibitive for many people, making it difficult for them to enter the field.

What are the consequences of the IT skill shortage?

The IT skill shortage is having a number of negative consequences for businesses and the economy as a whole. These consequences include:

  • Increased costs: Businesses are having to pay top dollar to attract and retain skilled IT professionals. This is driving up labor costs and putting a strain on profit margins.
  • Slower Innovation: Companies are unable to innovate as quickly as they would like because they lack the skilled tech workers to develop new products and services.
  • Reduced productivity: Businesses are losing productivity because employees lack the skills to use technology effectively.
  • Missed opportunities: Companies are missing out on opportunities because they lack the skilled tech workers to take advantage of new technologies.

What can be done to address the IT skill shortage?

There are a number of things that can be done to address the IT skill shortage. These include:

  1. Increasing the number of people entering the IT workforce
    This can be done by encouraging more people to study STEM subjects in school and by making it easier for people to transition into the IT industry from other fields. ShooraTech Innovates helps career seekers in the IT industry to train in the latest technologies.
  2. Improving the quality of IT education
    Education programs need to be updated to reflect the latest technologies and to provide students with the skills that employers are looking for.
  3. Investing in upskilling and reskilling programs
    Employers need to invest in training programs to help their employees develop the skills they need to keep up with the latest technologies.
  4. Promoting diversity and inclusion in the IT industry
    The IT industry needs to make a concerted effort to recruit and retain women and people of color.
  5. Increasing government funding for IT education and training
    Governments need to invest more money in programs that help people develop the skills they need to succeed in the IT industry.
  6. Encouraging collaboration between schools and businesses
    Schools and businesses need to work together to develop programs that prepare students for the workforce.
  7. Making IT careers more appealing
    The IT industry needs to do more to promote the benefits of IT careers to young people.



The IT skill shortage is a serious problem, but it is not insurmountable. By taking the right steps, we can address the shortage and ensure that the IT industry has the skilled professionals it needs to continue to grow and innovate.

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