Finding people with the right skills is the top priority for technology businesses, with 46 per cent of respondents to Moore Stephens' annual survey of owner-managed businesses reporting it as their number one concern.
The finding comes from a recent white paper published by Moore Stephens on the tech sector. The UK-wide survey reflects experiences in the Channel Islands, where the difficulties of recruiting specific skills can be more challenging than in the UK.
According to the survey, businesses are reacting to this shortage by investing in training (48 per cent – more than in other sectors) and by investing in new technology (37 per cent – again, higher than in other sectors).
Cyber awareness
Although concerns about skills are shared across most sectors, the report highlights one area where tech companies differ from other businesses – their perception of cyber security. More than 40 per cent of tech firms say they are focused on combating cyber-attacks and maintaining data privacy. In contrast, only 24 per cent of all businesses give this issue the same priority.
Phillip Callow, Director of Audit and Assurance at Moore Stephens in Jersey (pictured), commented: “Tech businesses should have no misconceptions about the damage to business reputations and brands that cyber attacks and security breaches can cause. Given that these businesses are putting so much emphasis on this, it is clearly something more businesses should be focusing on.”
The white paper report also highlighted other areas where businesses could learn from those in the tech sector. Callow added: “Some 73 per cent of tech firms plan to launch new products and services in the next year. This shows they are more customer focused than other business sectors, and translates into a greater sense of optimism about the future.”
• Further sector reports are available from Moore Stephens are available here