Infographic Category Education

Understanding The Tech Skills Gap

By | source:Here Apr 2nd, 2019

Every student graduating college feels much the same uncertainty, regardless of major: will I find a job? Should I move to a big city? What kind of salary would I be happy with? But the fact remains that tech graduates have a huge advantage, which comes down to the tech skills gap.

The technological revolution is not on its way- it’s long since arrived. And unfortunately, worker skills just aren’t keeping up. There are 17% more job openings than available workers in the market; 70% of executives say current employees lack tech and computer skills; and only 11% of business leaders say they’re confident that college grads will be prepared for the workplace.

There’s a concrete cost to the tech skills gap. By 2020, 5 million positions could go unfilled, at the cost of a whopping $160 billion a year to the economy. Employers are feeling the pinch, with 60% having vacancies stay open for twelve weeks or longer, and 40% of businesses unable to take on additional work due to the skills gap.

So, what can be done to fix this situation? Improving access to post-secondary education and training providers is a no-brainer- if people need skills, they need to be taught. The question is whether the gap can be closed quickly, or if the economy will suffer more losses along the way.