While 81% of digital leaders in the US have concerns about the economy, 46% still plan to increase their overall technology budget and 47% expect to grow their headcount over the next 12 months, according to the “2022 Nash Squared Digital Leadership Report” released by IT staffing provider Harvey Nash Group.

However, 70% of global leaders reported skills shortage prevents them from keeping up with the pace of change, the largest since the survey began 24 years ago. By comparison, 59% of US digital leaders report a skills shortage, which is down from 69% in 2021. Cybersecurity is the top skill in need, with 43% of digital leaders reporting a need here.

The research also found 73% are leaving tech jobs for more money, 39% are leaving for better career prospects and training and 22% are leaving for flexibility and work-life balance.

“The growth expectations expressed in this year’s report show that companies are strongly committed to continuing their digital transformation, which will be critical for the economy and jobs moving forward given the current global environment,” said Jason Pyle, president of Harvey Nash USA, a Nash Squared company. “One interesting finding is which technologies are being prioritized. Data analytics is found to provide companies with a competitive advantage and US digital leaders expect it to be a top investment priority in the year ahead.”

While technology investment intentions stand at their third-highest level in over 15 years, there are signs some businesses are re-prioritizing where to spend their money, according to Nash Squared CEO Bev White.

“The reasons for this are understandable, but organizations should be careful not to cut back too deeply — they run the risk of falling too far off the pace to catch up again, leaving a long-lasting dent to their competitive positioning, White said. “Meanwhile, another area that truly demands ongoing investment is cybersecurity. The threat environment is highly charged, and the rise in concerns about foreign power activity is striking. The world has become a more dangerous place in 2022. Businesses must take robust defensive steps accordingly.”

The report is based on a survey of 1,785 digital leaders across 82 countries that took place between July 20 and Oct. 10.