Trends in growing the people already on your team.
The Rightstack Research DB
Economic outlook hazy? Let upskilling light your way.
In the past year, rising inflation, talent scarcity, and growing skills gaps have affected every organization. It isn’t a question of if you’ve been impacted—it’s how much. And when budgets are tight, tech skill development often falls by the wayside. But investing in your current talent is more important than ever. How do we know?
We blind surveyed more than 1,200 technologists, tech leaders, and HR and L&D directors across industries and around the world to understand the skills gaps, barriers, and challenges they face in today’s macroeconomic environment.
Tech skill development:
True north in today’s economy
If your 2023 to-do list includes:
- • •
Emerge from economic uncertainty with a competitive edge Maximize existing talent Optimize investments
. . . then you need to dive into our 2023 State of Upskilling report today. Or sooner.
You’ll learn how to do all the above with the budget you have and build better teams in the process.
Ready to map your upskilling route? Get the highlights here and download the full report below.
8 out of 10 tech leaders prioritize upskilling—even in an unpredictable economy
Over 60% of tech executives have been asked to look for cost efficiencies, yet 72% still plan to increase their tech skill development investment in 2023. So why isn’t skilling up getting the strikethrough?
Two words: clear ROI.
Like an old-school compass, upskilling consistently delivers measurable ROI. It also fills critical skills gaps with current talent (more affordable than hiring) and maps tech skills to key initiatives so you can stay competitive (more fun than falling behind). It also allows orgs to become creators—not consumers—of talent.
of tech executives are tasked with finding cost efficiencies.
still plan to strengthen their tech skill investment.
Technology skills gaps? Not on your watch.
Your organization needs to close skills gaps (look closely at cloud and security), complete digital transformation projects, drive strategic business goals, and continue to innovate. And this is true no matter the wider economic conditions. Continue to invest in tech skill development and you’ll be better situated to navigate any environment.
81%
of tech managers continue to prioritize upskilling even in an iffy economy.
52%
of technologists agree uncertain economic times call for new tech skills.
Layoff and hiring-freeze headwinds make it even harder to break through upskilling barriers
The main barriers to upskilling have stayed the same over the past two years. Technologists are too busy with day-to-day tasks to allow time for on-the-job learning. And HR directors and tech executives are trying to tackle budget constraints and costs. Layoffs and hiring freezes across software, IT, and data have only added to the already long list of responsibilities tech teams face. Organizations need to rethink how they upskill to break down these barriers once and for all.
of technologists have taken on more tasks due to a hiring freeze.
of tech managers said layoffs have taxed their teams.
Build better retention with better tech skills
The Great Resignation may have subsided, but 74% of technologists still plan to leave their current organization within one year.
Yes, you read that correctly.
Chief among their reasons to jump ship? Tech skill development and new opportunities. In fact, almost half of technologists consider leaving their current organization to grow their responsibilities and skill sets. And that skill set includes cybersecurity, cloud computing, and data science—topics that make technologists super hireable.
74%
of technologists plan to leave their org within 1 year.
47%
of technologists consider leaving to grow their role and skills.
Optimize your tech skill investment for smooth sailing
Build partnerships between HR and tech teams
HR directors confident in their upskilling partnership with tech leaders: 87% HR directors and tech leaders who plan tech skill development jointly: 57%
Guide technologists’ learning journeys
Technologists who don’t know where to focus their skill development: 30% Technologists who aren’t sure which resources to use: 25%
Provide immersive learning experiences
Technologists who say hands-on learning is the best way to apply new skills: 59% Tech managers whose organizations provide hands-on experiences: 32%
Track metrics tied to business outcomes
Tech managers who use assessments to measure upskilling success: 70% HR directors who do the same: 79% Least-used metric for both groups: ROI calculations
Ride the ROI wave
You’ve mapped tech skill development to outcomes, guided technologists in the right direction, provided immersive learning experiences, and used metrics to track success. Take it one step further. Track tech skill development metrics tied to strategic business goals, like filling open roles and reducing hiring costs, and you’ll turn skill development from a cost center to a source of savings. And if you do it right, you can even show how upskilling reduces the cost of everything from hiring new talent to dealing with security breaches and project delays.
97%
of HR directors prioritize developing internal talent over hiring.
60%
of HR directors use data from upskilling programs to identify potential candidates.
85% of organizations are engaged in (or planning) a digital transformation project in 2023
Whether you’re upskilling to achieve large-scale digital transformations or simply operate day to day, every dollar—and every skill—matters. It’s more important than ever to ensure your investments drive ROI. Check out the full report for more insights to optimize your upskilling investments and navigate any economic outlook.
Get your copy of the report to lift the fog on:
- • •
How confident technologists are in major tech skill areas Whether technologists trust YouTube videos to learn new skills What a successful skill development program looks like
About Pluralsight
Pluralsight helps organizations advance their technology workforce. Because the hardest part of building a business isn’t building software and technology. It’s building up the people who grow your business. That’s why technology and HR/L&D leaders at businesses across the globe trust Pluralsight—the only partner that helps leaders build better teams and better products, all at the same time.
Our software and solutions are built to address your top challenges and outcomes, such as:
Delivering better business outcomes with limited resources by closing skills gaps
Improving retention and cutting hiring costs by filling talent gaps
Developing internal cloud talent and enabling cloud transformation
Onboarding new engineers faster
Building products faster and improving developer experience
We offer practical, cost-effective ways to get better at building and implementing technology in a hybrid world: on-demand content, hands-on practice, certification prep, and virtual instructor-led learning across cloud, security, software development, IT Ops, and other tech domains. Backed by plans that match business strategies and objective data that measures how tech skills are improving over time.
No matter what your organization is facing today, we’ll help you build a better tomorrow. Upskill to make the most of your people—and your products—with Pluralsight.