40 percent of all technology spending will go toward digital transformation, with enterprises spending in excess of $2 trillion by 2019 – IDC
Almost every organization today is faced with engaging their audience through new digital channels. At the same time, technology is also drastically changing how companies can produce and deliver their products and services. A cohesive plan must be laid out to design and architect these processes and platforms – this plan and strategy for Digital Transformation has become top priority for the majority of businesses.
Technology is the clear driver of Digital Transformation but the workforce behind it is just as important. Having the right people can make or break the strategy -employers need to find ways to attract and keep the best talent available that can drive these strategic agendas. The current state of the labor market is tight, high demand and low supply, with no signs of the supply catching up. The limited availability of workers is now forcing hiring managers to think outside the box when it comes to finding talent.
Organizations will first need to evaluate their existing workforce holistically to identify where they may have a skills gap. Filling these openings will be important to achieve their digital transformation objectives from both a technical and capabilities perspective. Employers will need to look at alternative worker options in many cases to have the staff needed to drive their transformation forward.
The Future of Work is moving toward flexible work schedules, highly specific skillsets and gig work, all of which don’t necessarily align to traditional employment as we know it. Using highly-specialized freelancers will allow managers to outsource tasks and pay just for the work or hours tied to the task, not a full-time salary of a traditional worker. Gig work has the same idea – a task needs to be completed for a set amount of time with a set basis of criteria. Also similar are contingent workers assignments.
By 2020, freelancers are expected to make up 43 percent of the workforce, with 7.6 million Americans working in the gig economy – KPMG
Up-skilling existing workers can also have a significant positive impact. With a bit of training and honing the skills of the current organization’s talent, companies might be able to further close the skills gap they find in their business.
Upskilling or reskilling your current workforce has another positive side effect – retention. As more jobs become eliminated by technology, workers will be keen to learn new skills and change their career paths. Having clear career ladders for this portion of the workforce will be truly valuable for both organizations and employees.
By 2025, Millennials Will Comprise Three-Quarters of the Global Workforce – EY
Today’s workforce stretches across three generations, all driven by different wants and needs when it comes to how they work. Baby boomers for example are loyalists, the first generation to make work their priority. Gen Xer’s value work-life balance and are adept to learning new technology in the workplace having witnessed major tech advances throughout their lives. Millennials, which are rapidly taking over much of the workforce, want to rethink the way everything is done from ways of work to ways we consume.
Having this mix of all worker types and multi-generations brings immense value to digital transformation. It can be argued that the digital transformation is designed for Generation C – the consumer generation. By having input from stakeholders across all generations and worker types, companies can design their digital offerings for all consumers in mind.
As we continue through this fourth industrial revolution, we will be forced to think outside of traditional business norms to realize progressive innovation. One way of achieving this is through collaboration – and not just within our own organizations.
Companies will rely more on a partnership ecosystem to drive their transformation strategies forward. Collaboration with industry peers, talent partners, training specialists, and even competitors will challenge and change the future of work.
With the ever-changing world we live in impacting businesses around the globe the companies that have the strongest transformation strategy backed by talent will come out on top and lead us into the future of business.
The way we work is constantly changing as well and it will be key for executives and business owners to tap into this new working world to attract, retain and grow the best talent to drive their transformation efforts – innovating not just how they run their business, but what role talent plays in their future success.