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Earlier this year, the Knoxville Chamber launched the ambitious 2030 Protocol, which focuses on creating “a computing-focused economic environment that positions Knoxville for the Imagination Age by 2030.” To achieve this goal, the Chamber is calling on institutions to increase the pipeline of computing talent in the area through education.
The 2030 Protocol clearly outlines the need for well-prepared and trained IT and computing talent, but this phenomenon expands well beyond Knoxville, the state of Tennessee or even the United States. There is a growing global IT talent shortage — one that’s only getting worse.
Global technology consulting firm Korn Ferry recently released a report stating that by 2030 there could be a global talent gap of more than 85 million jobs, resulting in roughly $8.5 trillion in lost revenue. While the reasons for these shortages differ from nation to nation, in the U.S. they point to the pending retirement of Baby Boomers as a primary reason for a shortage in our country.
Examining our own nation’s situation more closely, a report from CompTIA estimates that over the next decade, the tech workforce will grow at twice the rate of the entire U.S. workforce. The demand for tech workers is estimated to reach 7.1 million during this time, according to the same report.
How does this impact us? This means Knoxville businesses aren’t just competing against one another or even against peer cities for tech talent, they’re competing against national labor trends and businesses across the country. This is even more daunting when you consider the extent to which many tech workers can work from home, meaning they could work remotely for a company across the country — or even across the globe. Investing in training new talent now will help stem the negative impact a major talent shortage can have on the local economy.
The issue isn’t simply a matter of demand overtaking supply. Due to the nature of the industry, tech workers often find themselves outpaced by new advancements: a Harvard Business Review report found that some tech skills have an average shelf life of five years, with some skills as low as two-and-a-half years.
Now is the time for action if we’re going to prepare the Knoxville economy for the future of business. It’s vital that businesses and organizations in the Knoxville area come together to get behind the 2030 Protocol. Knoxville Chamber member WGU is prepared to help businesses not only train new talent but support tech workers in ongoing education and upskilling.
As the nation’s largest conferrer of IT degrees through its School of Technology , WGU and its online competency-based degree programs are designed with working adults in mind and equip graduates with industry certifications like CompTIA, AWS, Cisco and more. WGU’s School of Technology also has the largest cybersecurity degree program in the country and includes 15 top industry certifications at no extra cost to the student. The school is a designated Center of Academic Excellence from the National Security Agency (NSA) and the Department of Homeland Security (DHS) .
WGU’s newly launched master’s degree in data analytics with a specialization in Decision Process Engineering is the first in the United States to combine decision intelligence, process engineering, project management, and a master’s-level data analytics core curriculum together into one offering. Another newly redeveloped WGU program includes the ABET-accredited B.S. in computer science with an AI focus and top technology certifications, such as Linux and Axelos, as well as Artificial Intelligence Optimization Developer, Back-End Developer, and Java Developer.
WGU also offers continuing education without the commitment of a full degree-program in the form of professional certificates through the WGU Academy. Professional certificates can be completed in about five months or less and can be matriculated into a relevant degree program down the road. Certificates offer a great way for organizations to upskill employees without asking them to commit to an entire degree program.
Investing in creating new talent and the continued education for tech workers today can take the Knoxville economy to the next level. These are important pillars of the 2030 Protocol and will not only transform the local business landscape in the near term but help future-proof the area in decades to come.
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