Reskilling and upskilling are essential to competitiveness
Such rapid technological advancements outpaced the human factor and overwhelmed the tech workforce, which is now in need of updated digital skills. Reskilling and upskilling are the two most important processes that can enable companies to find new tech talent while remaining competitive. The difference between the two concepts is in the purpose of the training. In the tech sector, for example, upskilling is directed towards teaching a new set of skills to individuals who are already working in the industry to optimize their performance, whereas reskilling is the process of training people with a new set of skills in order to perform a completely different job.Skills are the new currency for the job market
Whether because of the career opportunities, the competitive market, promising salaries, or the feeling of being one step ahead, the tech industry has always been appealing to people regardless of their education and professional background. In 2022, the majority of people who transitioned to tech firms came from the administration and business support sector. Additionally, 13 percent of individuals reskilled from the healthcare sector, while ten percent joined from the military industry. This shows that tech companies across the world are working and investing in broadening their talent pool by drawing skilled individuals from a multitude of market segments.More than half of reskilled workers from other sectors usually took on jobs as IT technicians, while 36 percent moved to careers in cloud computing. Such changes are evidence that people recognize, understand, and adapt to the skill demands set by the tech industry. However, IT decision-makers anticipated that by 2025 the main gaps in tech skills were going to remain similar to those seen in 2022, except for artificial intelligence, machine learning, and augmented reality and virtual reality skills, for which the talent pool would be the most scarce by that year.