New research from Expleo, the global engineering, technology and consulting service provider, shows that a talent drought and heightened salary expectations are threatening business transformation plans for half of UK organisations.
Talent shortages were cited as a growing concern among 49% of respondents in Expleo’s Business Transformation Index 2023, with nearly eight in ten (79%) saying a scarcity of skills in emerging technologies is a growing problem for their organisation.
A further 71% of those questioned admitted that they struggle to retain technology talent due to unaffordable salaries.
Angus Panton, Head of Banking and Financial Services at Expleo, said: “The findings suggest that employees with the skills to effectively harness the latest technology remain in short supply, despite recent job losses in big tech. In turn this creates upward pressure on salary expectations, with top talent able to influence unprecedented levels of remuneration.”
Expleo surveyed 1,395 business and IT leaders from large organisations in the UK, France, Germany, Ireland, India and the US to understand the impact of the pandemic, geopolitical tensions, and inflationary pressure on business transformation. This research informs Expleo’s “Business Transformation Index 2023”, a new report designed to help leaders navigate the rapidly evolving business landscape.
Panton said: “The skills gap remains the most common barrier identified by transformation leaders in our survey, just as it was in our 2022 Index.
“However, the difference this year is a significant increase in the disruption this is causing – with the acute shortage of digital skills holding organisations back from harnessing the power of new technology such as generative AI.”