The article below (1) provides multiple references identifying two conflicting facts. In one part, the article refers to massive layoffs of the IT workforce, and the other refers to the shortage of IT skills. How could this be?
The fact is that the IT industry is young, and it continues to evolve. We are merely scratching the surface. Also, the IT industry is unique for being interlinked with many business functions and services. The construction industry, for example, is a constant business, building space for people and businesses. As a result, IT services will continue to expand and evolve.
So, what does this mean for the industry? IT professionals should occasionally lift their focus from the desk, watch the market, and continue learning and expanding their knowledge. Sometimes, we must completely relearn new skills. I was a complete expert in Digital (DEC) solutions until the 90s when it suddenly disappeared. I had to either relearn new technical skills or rely on my soft skills and move into project management. No other industry had so many ups and downs in just over a decade (the 80s to 90s). Many readers have not heard of DEC or may not know what IBM stands for!
What does this mean for businesses relying on IT skills? They must not assume that they need to hire for every skill. They should get comfortable bringing on consultants (specialized experts) for specific projects and a fixed period, then transfer knowledge and operationalize what they built and maintain it with lower cost and lower-skilled staff. Depending on your core business, they may also want to outsource some operations.
It is time to rethink your resource strategy and planning. You can find the article referred to in the link below. https://www.itworldcanada.com/article/employees-have-a-new-set-of-demands-following-the-impact-of-the-talent-shortage-and-layoffs/517763