Upskilling Would Bring High Dividends for Tech Workers and Firms: Study

Upskilling would be worthwhile for tech companies and their workers.

A joint study by Gallup and Amazon Web Services estimates that new digital skills could raise annual global GDP for the tech industry by US$6.3 trillion.

Digital skills are the new currency for businesses of all types. The more they invest in high-tech skills, the higher their dividends can be. Companies that use highly advanced digital skills are likely to see a staggering 168% more revenue than their peers, according to the report.

After surveying more than 30,000 workers in 19 major countries, @awscloud and Gallup found that just 31% of workers with advanced digital skills held a bachelor’s degree or postsecondary equivalent. Learn more in the latest report here: https://t.co/WW0hWybYvO pic.twitter.com/x5ttxQUsD4

— Gallup (@Gallup) October 19, 2022

The joint study was built with a survey applied to 30,000 tech workers and 90,000 employers across 19 countries.  According to its results, 72% of workers who use advanced digital skills expressed high job satisfaction, compared to 43% who only use basic digital skills.

Additionally, workers with advanced digital skills express higher confidence in their job security than those with basic digital skills (72% versus 48%).

Of the workers surveyed, 77% assured to be “extremely interested” in learning new digital skills. Nevertheless, 92% assured they face at least one major barrier to acquiring those skills. Lack of time (47%), lack of financial resources (38%) and lack of knowledge of the skills needed to advance their careers were named as the three major obstacles.

The skill gap has been a stumbling block in the digital journey of thousands of firms in the developed world. Over two-thirds of the companies surveyed (70%) reported hiring challenges for roles requiring digital skills.