In spite of a potential economic slowdown in 2023, the tech sector is still projected to have an extremely tight labor market with a currently overwhelming estimate of around 1.3 million tech job openings and only 70K Computer Science majors from 4-year colleges a year.

Organizations that do not address the talent shortage now are likely to experience significant operational challenges in the near future. Without the right expertise, it is difficult to develop innovative products and services, leading to slower revenue growth or declining profit margins.