Blog Post

The $5.5 Trillion IT Skills Crisis

The $5.5 Trillion IT Skills Crisis

Strategies for Building Future-Ready Tech Talent

The global IT skills shortage is reaching a breaking point, with IDC predicting that over 90% of organizations worldwide will feel the impact by 2026. This crisis is expected to result in a staggering $5.5 trillion in losses due to product delays, impaired competitiveness, and lost business opportunities.

While artificial intelligence (AI) skills are currently in high demand, cybersecurity, IT Operations, cloud computing, data management, software development, and various other digital skills are also among the top needs identified by IT leaders.

Overcoming the IT Skills Crisis: A Holistic Approach

Addressing this significant skills gap requires a holistic approach that fosters a culture of continuous learning within organizations. As market dynamics evolve, so do the talent development training needs of our clients. Over the last 18 months, we’ve heard more of a need for skills-based training for new talent and existing employees.

Experiential Learning: Hands-On Skill Development

We apply our core methodology of hands-on, experiential learning perfected through apprenticeships to skill-based training programs too. Our interactive approach engages learners, provides practical, real-world experience while allowing them to apply their knowledge on the job. This is of significant benefit to employers, and savvy ones recognize the long-term cost savings and competitive advantage developing talent provides.

According to IDC’s survey, 70% of organizations are utilizing experiential learning methods in their training programs. Why? Because they recognize their effectiveness in developing practical skills and fostering a deeper understanding of complex concepts. We take that one step farther with hands-on, on-the-job learning that aligns skills to your unique work environment.

Aligning Learning with Business Goals and Career Growth

While cutting-edge training materials and methods are essential, fostering a culture of continuous learning requires a comprehensive approach that aligns learning objectives with business goals and individual career aspirations. Franklin Apprenticeships can help. Our training programs are designed to promote a bias for learning, integrate seamlessly into daily workflows and provide employees ample opportunities to upskill and reskill as business needs evolve.

Addressing Resistance to Training

One of the challenges organizations face in expanding employee skills is resistance to training. Employees often cite concerns such as courses being too long, limited learning options, and a lack of alignment between skills and career goals. One of the biggest challenges we hear regularly is that employees don’t always avail themselves of skills training the company provides. Or they start but don’t complete training. We overcome this inertia with live Success Coaches whose sole focus is holding learners accountable to complete their training program while working with employer managers to integrate these employees into operations while they’re learning.

Investing in Your Future Success

The IT skills crisis is a complex challenge that requires innovative solutions and a commitment to continuous learning and continuous talent development. By partnering with Franklin, you gain access to our cutting-edge training programs flexed to your needs, expert instructors, success coaches, and a proven track record of helping organizations build the tech talent they need to thrive in the digital age.

Don’t let the skills gap hold your organization back. Contact us today to learn how we can help you conquer the IT skills crisis and future-proof your tech talent pipeline.

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