Who Are Tech Leaders Today? Insights From Our Annual Survey
August 6, 2024
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The role of a tech leader has never been more dynamic or challenging. From the explosion of generative AI to the ongoing turbulence of an uncertain economy, today’s tech leaders must accelerate the pace of innovation while managing the fallout from these global disruptions.
Each year, in an effort to understand the market demographics, current challenges, and top priorities facing tech leaders, Skillsoft conducts a worldwide survey of tech leaders (including CIOs, CTOs, CISOs, and CEOs), and consolidates their insights into the C-Suite Perspective Report.
By synthesizing the experiences and strategies of top C-suite executives across diverse sectors, this annual report not only highlights emerging trends but also offers actionable insights that can guide both current and future tech leaders in their strategic decision-making.
Who Are Our Tech Leaders Today?
Before we dive into the current challenges facing today’s tech leaders, let’s start by examining the demographics.
Historically speaking, the tech industry has been predominantly male-driven. However, looking at the year-over-year change in our survey demographics, we’re seeing more varied representation among tech leaders, with a growing number of women, minorities, and younger professionals stepping into influential roles. Learn more about the current state of the tech industry from our 2024 Women in Tech report.
With this year’s research, for example, there were some promising signs in regard to the gender balance among tech leaders. While men still outnumber women by three-to-one at the C-level, this marks a significant improvement over last year’s ratio, which was ten-to-one.
We also observed a trend toward younger tech professionals. Although most respondents were 35-44 years old again this year, the number of participants within the 25-34 age range more than doubled, while those in the 45-54 age range decreased 13 percentage points.
As technology continues to advance and globalize, we expect the demographic profile of tech leaders to continue on this path of inclusivity, reflecting a broader spectrum of voices and experiences that can navigate the complexities of the digital age. Let’s take a look at some of those current complexities…
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What Are the Top Challenges Facing Tech Leaders Today?
Tech leaders are increasingly preoccupied with a complex array of challenges that keep them up at night. As they strive to stay ahead of technological advancements and market demands, these multifaceted issues not only test their strategic foresight but also their ability to lead effectively in a volatile and high-stakes environment.
Based on our report, here are some of the top challenges facing tech leaders today and how to combat them…
Resource and Budget Constraints
In our study, C-level tech executives cite two challenges as their biggest concerns: resource and budget constraints (31%), as well as workload (31%). These were followed by talent retention (27%) and talent recruitment (26%).
Last year, the same group reported that talent recruitment and talent retention were their biggest challenges. It seems that while C-suite executives are concerned about finding qualified and skilled technical professionals to fill necessary roles, they’re more concerned about not having the budget to open critical positions.
This is one of many reasons we’re seeing tech leaders focus their efforts on upskilling and reskilling their workforce. In fact, 43% of tech leaders are actively investing in training their existing employees.
Why? Because by investing in the development of current employees, companies can fill skill gaps without the lengthy, uncertain, and costly process of recruiting new hires. Not only is this approach more cost-effective when closing gaps, but it also fosters employee loyalty and reduces turnover.
Difficulty Filling Open Positions
It’s not unusual for tech executives to face unfilled positions within their organization, especially in the last 12 months. In this year’s survey, 68% of tech leaders reported having three or more unfilled positions on their teams, and more than half (56%) are having a hard time filling those positions. In comparison to last year, 67% of executives reported having a difficult time filling the openings on their teams.
So, while this is an improvement year over year, it still showcases one of the sticking points for tech leaders, which is the constant struggle to close skill gaps.
Part of the issue tech leaders face when trying to fill open positions is either there are too few candidates on the market, or they're too expensive to hire. What could help here? Leaders and their respective organizations have taken several approaches to either recruit from different parts of the workforce — for example, recent graduates — or by upskilling high-potential employees or reskilling those who show an interest.
Job Security and Satisfaction
From a macro-level, C-level tech leaders feel optimistic about their own job security, with 82% reporting they feel extremely or somewhat good. This figure does, however, represent a 5% drop in confidence from last year. On top of that, while 76% of tech executives still report being satisfied in their current role, that number is down 8% from 2023. To add on, we also saw a slight increase (+2%) in tech executives who are likely to look for a new position in the next 12 months.
So, what’s driving these trends?
It’s likely a combination of factors. For starters, the rapid advancement of generative AI over the last year has created a pressure cooker for tech executives who have to balance deploying this new technology at scale, but doing so in an ethical and responsible way. Check out some of our courses focused on leadership in the age of AI →
Additionally, economic uncertainties and shifting business priorities, exacerbated by recent global events, have also contributed to job insecurity as companies face added budget cuts and restructuring initiatives compared to last year.
What Are the Top Priorities for Tech Leaders Today?
Those are the top challenges. Now, let’s dive into what their top priorities are as they look to tackle these obstacles:
Establish a Learning Program
Our study shows that most C-suite tech executives are prioritizing formal training, as 93% authorized training, and 76% of leaders say their employers offer training programs — up 6% from last year.
Since the tech landscape always changes, it’s no wonder why training is a top priority for tech leaders. Ongoing professional development is one of the critical ways for tech leaders to ensure employees stay up-to-date with the latest skills and technologies. This not only boosts the overall efficiency of the workforce, but also fosters innovation by encouraging employees to bring new ideas to the table.
Develop Power Skills
Power skills, often referred to as soft skills, are just as crucial as technical skills in today’s workforce because they underpin effective collaboration, leadership, and adaptability in the workplace.
While technical skills demonstrate an employee's ability to use particular tools, power skills such as communication, problem-solving, and emotional intelligence enable individuals to navigate complex interpersonal dynamics and respond to changing conditions.
Fortunately, tech leaders also consider power skills a priority, as our survey shows 68% of organizations offer leadership training that includes soft skills, which is up 5% from last year.
Invest in Cybersecurity and AI Skills
The two areas tech leaders plan to invest most heavily in the year ahead? Cybersecurity/information security and AI and machine learning (35% for both).
Of course, these two are also the areas with the greatest difficulty in hiring, with C-suite leaders reporting cybersecurity and information skills as number one (38%) and AI and machine learning as number two (32%).
It’s interesting to note that just a year ago, only 13% of respondents reported difficulty hiring talent for AI positions. That goes to show just how explosive the advancement of generative AI has been over the last 12 months.
Not sure where to start with AI training? Here are 5 courses to make sense of AI →
What Do Tech Leaders Face Tomorrow?
Looking ahead, as digital natives enter the workforce alongside seasoned professionals, tech leaders will face challenges in bridging generational gaps and ensuring that training and development opportunities cater to a wide range of skill levels.
Additionally, the rapid pace of technological innovation will demand that leaders prioritize agility and continuous learning, balancing the need for cutting-edge skills with the development of soft skills and emotional intelligence.
We will continue to capture the state of the tech landscape in our annual report as we look to continue to guide both current and future tech leaders in their strategic decision-making.
Want to read the full C-Suite Perspective report? Download it here →
REPORT METHODOLOGY
Skillsoft’s 2024 IT Skills and Salary Survey was conducted online from May to September 2024 using the Qualtrics XM Platform. Skillsoft and the sponsors of this report distributed survey invitations to professionals around the world. The survey was made available in blogs, newsletters, social media and Skillsoft’s website.
After cleaning the data, the survey yielded 5,711 responses from IT decision-makers and staff worldwide. The focus of this report is on the 219 C-level executives who completed the survey.
