Tech skills investment to increase despite cuts
Two thirds of tech leaders are to cut costs in 2023, yet three quarters plan to increase their investment in skills, seeking cost savings elsewhere.
A study by Pluralsight of 1,200 teach team leaders in the UK, US, Australia and India has found that while 65% of tech team leaders have been asked to cut costs, 72% plan to increase their investment in tech skill development in 2023.
- 85% of organizations are actively engaged in, or planning to begin, a digital transformation project this year
- 72% are increasing investment in tech skills
2023 so far has seen an onslaught of layoffs and hiring freezes across industries, especially tech and almost all HR directors (97%) say they are prioritizing internal talent over hiring for open positions, fuelling the increase in spend on tech skills.
Gary Eimerman, Chief Product Officer, Pluralsight:
"This year's research findings underscore the importance of maximizing employee potential and optimizing learning investments to drive business ROI. Organizations and individuals alike are being asked to do more with less in the face of reduced workforces and larger economic pressures. For future-focused companies, an emphasis on continuous upskilling will help sharpen their competitive edge."