Digital talent transformation platform Udacity, together with leading independent market research company Ipsos, today announced the findings of the Talent Transformation Global Impact Report survey. More than 2,000 managers, and more than 4,000 employees were surveyed across the US, UK, France, and Germany. The findings reveal that digital transformation is stalling due to lack of job-ready digital talent, and enterprises don't have a way to access the talent they need to deliver on digital initiatives because hiring is difficult and retention is low. In addition, the global COVID-19 pandemic has exacerbated these challenges as the need for skilled employees has only increased in order to prevent business disruption and keep pace with technical innovation.
Among employers who offer learning and development programs, the majority (80%) classify them as at least moderately successful. On the other hand, among employees with access to these learning and development opportunities, less than half say they are satisfied with the programs (45%).
"The talent shortage has reached a crisis pitch," said Gabe Dalporto, CEO, Udacity. "If companies do not invest in talent transformation, they are destined to fail. The lack of job-ready digital talent has become an existential threat to businesses around the world."
The study revealed that:
- Digital transformation is stalling due to lack of job-ready digital talent. Research shows that 59% of employers report that not having enough skilled employees has a major or moderate impact on their business; France and Germany are slightly more likely to say so than the US and UK. In addition, 50% of employers report that digital transformation initiatives are held back due to lack of employee adoption or engagement.
- Employers are deluding themselves about the effectiveness of existing Learning and Development programs. Unfortunately, a serious disconnect exists between enterprise and employees across existing Learning and Development programs. Among employers who offer learning and development programs, the majority (80%) classify them as at least moderately successful. On the other hand, among employees with access to these learning and development opportunities, less than half say they are completely or very satisfied with the programs (45%).
- Job-ready digital talent is more important than ever. Job-ready digital talent is most important to enterprises to enable digital transformation within the enterprise, meet innovation goals, increase retention, and increase employee job satisfaction and happiness. For example, 44% of employers report that employee turnover is hindering the company's ability to achieve goals.
- Younger employees across regions expect employers to pay for talent transformation initiatives. In all countries, a majority of younger people aged 18 - 49 believe their employers should invest in their future by providing skill training. In Germany, 69% of people aged 18 - 29 hold these expectations.
"Employees and employers are in agreement that companies have a responsibility to invest in the future of their employees," said Christopher Moessner, Senior Vice President at Ipsos. "This research executed by Ipsos is a wake-up call for enterprises to invest in talent transformation or risk falling behind. It's a win-win for employees who desire the most in-demand tech roles and for employers who are not able to hire the right people to meet current and future demand."
To access the full report visit: Talent Transformation Global Impact Report.