Skills and security top the agenda for tech firms

Wednesday 25 July 2018

Skills shortages are the highest concern for technology businesses, with nearly half listing it as their main concern.

The annual Moore Stephens survey of owner-managed businesses saw 46% report it as their number one concern.

This insight comes from a recent white paper, published by Moore Stephens on the tech sector, and the UK wide survey is reflective of similar sentiment in the Channel Islands where the difficulties of recruiting specific skills can be more acute then in the comparatively more accessible UK.

Businesses are reacting to this shortage by investing in training, with 48% more than in other sectors -  and by investing in new technology, with 37% higher than other sectors.

More than 40% of tech firms say they are focused on combating cyber-attacks and maintaining data privacy. In contrast only 24% of all businesses give this issue the same priority.

“Being immersed in technology it is clear that tech businesses should have no misconceptions about the damage to business reputations and brands that cyber-attacks and security breaches can cause,” said Director of Audit and Assurance at Moore Stephens, Phillip Callow,

“Given that tech businesses are putting so much emphasis on this area it is clearly something that more businesses should be focusing on.”

The white paper report also highlighted other areas where businesses could learn from those in the tech sector.

“73% of tech firms plan to launch new products and services in the next year,” said Mr Callow. “This shows they are more customer focused than other business sectors, and translates into a greater sense of optimism about the future.

“Perhaps other businesses should take a leaf from their book and look more closely at ways they could improve their customer or client experience in order to facilitate growth.”