Technology is moving too much for today’s workers to keep up, potentially slowing down future growth opportunities, new report suggests.
According to PwC’s 19th Annual Global CEO Survey, new technologies are creating great new opportunities for business growth, but the lack of tech savvy workers is what concerns CEOs, mostly in the technology, media and telecoms industries.
“Never before have CEOs across these sectors experienced such complex challenges as they navigate the positives and negatives from the vast changes that technology has produced. They must manage their own digital transformations while pursuing innovation for the rest of the market,“ said PwC’s UK and EMEA TMT Leader, Jass Sarai.
“While the growth prospects across technology, communications and entertainment and media are huge, it is clear that a skilled and adaptable workforce is now more crucial than ever.”
Among tech CEOs, 80 per cent have said that the availability of crucial skills and knowledges is their number one challenge, rising from 58 per cent some six years ago. In the telecoms industry, that percentage is almost the same (81 per cent), while in the entertainment and media world, the number sits at 76 per cent.
Cyber security threats have also jumped much higher in the priorities list for tech CEOs, compared to a year before. This year, cyber security is more of a threat than other industries (average 61 per cent).
In order to fuel future growth, 60 per cent of tech CEOs are planning to form joint ventures and team up with other businesses, with the UK, US and China being ranked as the most important markets for growth in 2016.