More than half of IT professionals (53 per cent) are likely to pursue a new position within the next year due to better compensation, a lack of training and development and a lack of work-life balance, according to a report.

About 66 per cent of IT decision-makers see skills gap in their teams even as there is a 10 per cent decrease from last year, according to Skillsoft's 2022 IT Skills and Salary Report.

However, the industry is facing another pressing challenge centred around talent attrition, with more than half (53 per cent) of all respondents extremely or somewhat likely to look for a new job in the next 12 months, it added.

Skillsoft's 2022 IT Skills and Salary Report is based on a survey with nearly 8,000 respondents.

The report further revealed that over the past year, the workplace has been defined by employee-led "movements", namely the Great Resignation and "quiet quitting".

Meanwhile, the pace of digital transformation and lack of enough technical resources have pushed many IT professionals to a point of burnout.

Skillsoft's report found that the two biggest challenges for IT leaders' are employee retention and recruitment.

"Learning is the catalyst for mutually beneficial growth for employees and employers, especially as organisations struggle to retain technical talent and keep pace with innovation," Skillsoft General Manager, Tech and Dev, Zach Sims said.

He said companies that create cultures of learning and talent development will be most successful in recruiting and retaining ambitious individuals with the right skills and certifications to make an impact.

"This culture not only supports individual employee growth, which is something IT professionals are actively seeking, but also leads to better business outcomes that propel organisations forward," he added.

Meanwhile, among IT professionals that changed employers in the past year, their top three reasons for leaving were better compensation, a lack of training and development, and a lack of work-life balance.

However, the top cited inhibitor to training is that management does not see a need for it.

This is despite 97 per cent of IT decision-makers saying certified staff add value to the organisation, said the report.

With IT professionals seeing numerous benefits after training, including improved quality of work (56 per cent), increased engagement (41 per cent), and faster job performance (36 per cent), organisations that invest in their people can expect to see significant Return on Investment (ROI) both to the bottom line and with employee retention, it added.