As traditional industry value chains and business models transform due to digital technologies, a talent shortage crisis is impacting organizations worldwide.
The crisis is expected to have a huge impact on global economies and workforces. Those facing the shortage must act now to educate and train existing employees and recruit new ones, and in the following article I’ll attempt to tell you how this can be achieved.
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What is “The Blockchain Talent Shortage Crisis”?
“The Blockchain Talent Shortage Crisis” is one of the most significant challenges the global Fintech industry faces right now. Ask any Fintech leader what their top three challenges are, and chances are they will mention finding and retaining top-quality talent as a major challenge.
The shortage of qualified IT workers has slowed down the adoption of emerging technologies like Robotic Process Automation, Artificial Intelligence and blockchain. It also affects the performance and growth of a business.
It’s a problem that affects every single industry, but especially those that are undergoing digital transformation. Having skilled IT workers can help a company accelerate the implementation of technology, improve its competitiveness and increase its revenue.
This is because skilled IT workers understand new technologies and how they can be applied to the business. They also have a good understanding of the risks and rewards of using these technologies.
Having a skilled workforce can improve employee productivity, reduce costs and increase customer satisfaction. However, a skilled workforce can only be achieved through training and reskilling employees. This can be costly for businesses, and they may not be able to hire or retain the best employees if the skills are not available.
The Solution
Blockchain is the underlying technology that powers cryptocurrencies like Bitcoin and Ethereum, and it is one of the most in-demand skills in the world. Businesses, from start-ups to large corporations, are using blockchain to improve the security, integrity and transparency of data in multiple industries.
In the short term, it is vital that businesses are able to secure talent with the skills required to protect their business and avoid cyber-attacks. According to The Blockchain Recruiter website, this is particularly crucial in the crypto space, where the risk of crypto jacking is growing. There is no shortage of people interested in becoming experts in the field, and the demand for talent continues to grow.
In fact, there was a 118% year-on-year rise in cryptocurrency and blockchain jobs posted on Indeed in 2018. Despite this, many employers are finding it difficult to attract and recruit skilled workers. Several factors contribute to this.
The Challenge
The Blockchain Talent Shortage Crisis is one of the biggest challenges that business leaders face right now. With record low unemployment, closed international borders, soaring salaries and a global skills shortage creating the most complex talent problem in decades, Fintech leaders are pleading with the government to help them find the people they need (https://economictimes.indiatimes.com/markets/cryptocurrency/despite-rising-learning-platforms-crypto-industry-facing-shortage-of-right-talent/articleshow/91280790.cms).
Despite the soaring demand for tech professionals, there are currently more than two million jobs in AI, cybersecurity and blockchain that remain unfilled. This means that businesses cannot take advantage of emerging technologies to drive innovation and growth unless they find the right staff.
This is why businesses need to stay ahead of the curve and make sure they are upskilling their employees as quickly as possible, so that they can keep pace with the rapidly changing tech landscape. For example, if your business is considering implementing blockchain technology, you should consider putting in place a training program that will ensure your team has the skills they need to make a difference.
The Future
The Blockchain Talent Shortage Crisis is an ongoing challenge that many companies across the globe are struggling to overcome. The problem is exacerbated by the growing popularity of emerging technologies that require skilled workers to be effective and successful in their job roles.
These technologies – from robotic process automation (RPA) to artificial intelligence to blockchain – are transforming the way businesses operate and compete. But, the problem is that employers don’t have enough skilled workers to handle these tasks, which can cause a wide range of issues for businesses in all industries.
This is a serious issue, as it’s estimated that there could be a global shortage of 85 million people by 2030, according to Korn Ferry, and the gap could cost businesses up to $8.5 trillion in unrealized annual revenues. As a result, businesses need to develop innovative solutions and strategies to combat the shortage of human talent in the technology sector.
