Digital Skills Recruitment: Organizations Say 5G, Crypto and Metaverse Are ‘Here to Stay’
As if organizations didn’t have enough workforce to worry about amid a crippling digital skills gap, a new study indicates that they too must contend with talent acquisition for emerging technologies that ‘they hope to become industry standards.
That’s because new technologies like 5G wireless, cryptocurrencies, and the metaverse “are here to stay,” says the recent “AWS Global Digital Skills Studypublished by Amazon Web Services (AWS), based on surveys conducted by Gallup.
The study of more than 30,000 workers and 3,000 hiring managers in 19 countries, using data collected in August, says it examines the economic benefits of a tech-savvy workforce and indeed finds multiple benefits.
“Results consistently show that digital skills deliver immense economic value to businesses and workers around the world, increasing gross domestic product (GDP), income growth, innovation, wages, job security and job satisfaction for companies integrating these technologies and workers gaining the necessary skill sets,” AWS said. “As workers and organizations cite strong interest in digital skills training, companies across the around the world are struggling to fill vacancies that require these skills.”
But there are also the barriers to acquiring these digital skills, both on the part of individual workers and companies.
“Gallup also found a number of practical barriers to hiring digital workers, including a noticeable disconnect between the extent to which employers say they value non-degree credentials, such as industry certifications. , and their actions when evaluating candidate resumes,” AWS said. “Specifically, the study found a self-imposed skills gap in technology job requirements, in which employers are slightly more likely to prefer or require a bachelor’s degree than they are to prefer or require a bachelor’s degree. ‘requiring digital skills certifications, despite managers giving greater hiring preference to applicants with digital certifications than applicants with a non-IT bachelor’s degree.’
In effect, Virtualization and cloud review reported on study after study which indicate that the tech skills gap has been holding businesses back for years, unabated.
But now, not to mention looking for talent for data science, cloud technology like Kubernetes and more, organizations need to consider emerging and cutting-edge skills.
“5G, cryptocurrency and the metaverse are here to stay,” the report said. “While most organizations are already saying that hiring for the digital skills they need is a challenge, they also need to prepare for the hiring challenges of the future. When asked how likely that each of the 10 emerging technologies – including metaverse, blockchain and artificial intelligence – will become a standard part of their business in the future, 66% of employers say it is very likely that at least one emerging technology more than half (53%) believe several technologies will become standard, and 13% say all 10 will be part of their organization’s business in the future.”
Other highlights of the report presented by AWS include:
- Advanced digital skills increase global GDP by around $6.3 trillion each year by increasing workers’ incomes and productivity. While most workers in the countries studied do not use advanced digital skills in the course of their work, the income gains of these workers achieve great national and global value. Advanced digital skills generate an estimated $4.2 trillion in annual GDP across the 19 countries included in this study and $6.3 trillion globally as a result of the earnings and productivity of these workers. When basic and intermediate digital skills are included, the total annual global value of digital skills is $18.5 trillion, or around 12% of global GDP.
- Apart from workers’ economic gains, job satisfaction and job security also increase with mastery of digital skills. Workers who learn advanced digital skills realize benefits beyond higher wages. Nearly three in four workers (72%) who use advanced digital skills at work express high job satisfaction, compared to less than half of workers who only use basic digital skills (43%). Importantly, this holds true even after controlling for other factors that may influence job satisfaction, such as age, gender, and level of education. Additionally, workers with advanced digital skills express greater confidence in their job security than those with basic digital skills (72% vs. 48%).
- Organizations that rely heavily on advanced digital skills, digital technologies, and cloud technology achieve significantly higher success rates in revenue growth and innovation than companies that use fewer digital skills. The employer survey shows that companies with high levels of digital skills use report annual revenues that are around 168% higher than companies that do not use digital skills after adjusting for the number of employees. employees, country and sector effects. Highly digital organizations are also more likely to have brought an innovative new product to market between 2020 and 2022: 72% of organizations that employ advanced digital workers said they had introduced a new product in the past two years, compared to 47 % of organizations that employ rank and file workers. digital workers.
- Most organizations report hiring challenges related to roles requiring digital skills, but many maintain rigid bachelor’s degree requirements. In the 19 countries surveyed, only 31% of workers with advanced digital skills had a bachelor’s degree or post-secondary equivalent. Yet, of employers surveyed, 36% say a post-secondary degree is required even for an entry-level job requiring digital skills. Similarly, analysis of data on international job postings reveals that just over half of jobs requiring digital skills (51%) indicate a preference for a post-secondary degree.
As we reported earlier various initiatives to address the Crippling Cloud Skills ShortageAmazon used the release of the report to remind everyone that it has pledged to invest hundreds of millions of dollars to provide 29 million people worldwide with access to free cloud computing skills training. by 2025. “The company offers this free training through a range of programs designed by AWS, making the latest technical knowledge accessible to anyone who has ever considered a career in cloud computing,” Amazon said.