How much are they investing? We might see the tech labor gap close.
Have you been keeping up? It’s been a big news week for technology investment, and an even bigger year – Google made an announcement to invest $50 million to help prepare people for the “future of work” in positions that are focused on using technology to improve job searching. Right on the heels of Google, Foxconn, a Wisconsin based manufacturer of electronics, and a major supplier of Apple iPhones and other Apple devices, also announced a $10 billion plan for the first US based plant dedicated to building complex LCD displays, and a commitment to hire 13,000 professionals. Last week, Corning, Merck, and Pfizer committed to a $4 billion investment and 4000 new high-tech jobs over the next couple of years. There should be no question, at this point, a significant trend is taking a synergistic hold in the US as similar news was announced earlier this year, including:
- US Government Apprenticeship Program – $183 million
- Amazon –one of the first to sign up for the US Government’s Apprenticeship program, committing to train and hire 25,000 veterans
- Apple –committed $1 Billion (separate from the Foxconn announcement) towards the Advanced Manufacturing Fund in order to develop manufacturing and technology skill sets.
- Google Ventures have backed 333 new startups
It’s a powerful force when organizations of this size join together to invest not only in their own future, but in the future of technology talent. This is the type of leadership that often leads to a domino effect where middle markets follow suit.
Most will agree, the changes and investment are a welcomed injection into the economy. However, it also introduces a dose of reality – the amount of investment in skills training will need to continue to grow rapidly in order to close a nearly 40% gap in available skilled technology talent and then keep pace demand that’s still in the early stages of its hockey stick growth trajectory.
CultureFit has been keeping pace with the technological changes and growth trends for nearly 20 years. We’ve also recognized early on that building a qualified talent pool provides our clients with the ability to shorten the hiring process, and fill vacancies with candidates have both the necessary skills as well as the attributes to quickly adopt to the culture. Want to learn more? Let’s connect.