The Talent Pipeline: Keeping pace with emerging technologies
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- Companies shouldn't see IT anymore as distinct from other departments - technology should form part of each function of the organization.
- While technological change may be overwhelming, staying on top of rapid changes is critical for success.
- Developing digital skills among leaders and staff is crucial in this time of rapid change.
In 2022 every company should see itself as a technology company. All organizations must embed technology as essential functions across all departments and shift the needle from being technology-enabled to tech-first. This vital shift must be echoed in how leaders approach their organizations: That talent and technology work together for organizational success.
While managers may be overwhelmed by disruptive technologies, keeping pace with the benefits thereof is critical. They must develop the skills and shift to new occupational categories if they wish to succeed in an economy led by technological change.
To enhance competitiveness, businesses must focus on relentless innovation. Companies are picking up the pace of digitalization to remain competitive. Even more important than digitizing is the need for digital transformation to help businesses build competitive advantages. While sizable financial investments are allocated towards digital transformation, many underestimate the significance of related technology talent to execute the shift successfully.
New go-to-market models and operational processes may be needed to match these advancing technologies. Hiring employees with the right digital skills is crucial.
Organizations need people who can use digital technologies to capitalize on emerging opportunities and investments. Digital skills are in demand across sectors and within roles that traditionally did not require them. For example, automakers may need software teams to design cars with AI features that adjust to weather or road conditions.
How can organizations prepare themselves for the future of work?
The 2022 Global Digital Skills Index by Salesforce revealed that a large percentage of the global working population is not equipped for the organization of the future.
Cruising over the speed bumps
Growth within the fastest-growing industries globally is supported by technology and the organizations that benefit from advancing it. IT professionals are thus in greater demand than before. All departments work hard to hire potential employees to fill available vacancies. Time constraints make the effort even harder. It is worth exploring apprenticeships to attract and retain such talent.
Decoding the next-gen mindset
Recent graduates have been raised in a digital-first environment. The software-driven world is a comfort zone. With this first-hand knowledge, their approach to problem-solving is understandably different. With greater access and a more robust understanding of disruptive technologies, hiring such talent can deliver results faster than ever before.
Cultivate a critical talent supply
Candidates are key stakeholders in the recruiting process. Consequently, organizations must foster a transparent and open hiring process that encourages feedback and dialogue. When facing a talent crunch over a longer duration, companies need to explore means to access diverse and immense talent pools. Differentiating the skills, intellect, and temperament required to do a job from its description may be critical. Fintech firms hiring for positions with a mix of technical and financial skills can create teams with solid technical skills or insightful financial industry experience.
Adopt a flexible planning strategy
Hiring is generally based on an annual, top-down plan. Such a process might not be able to gauge the quality of talent that would be needed as the situation changes. Alternately, a bottom-up approach can work as HR managers on the ground can provide sharper hiring insights on changing job requirements and the corresponding skills needed.
Partnerships
It is challenging to have all skills within one organization. Organizations should focus on core activities and enter into various partnerships for specialized areas of assistance rather than finding skilled resources. For example, hiring a few employees to develop AI for the company would not be a great idea, but outsourcing to an AI contractor would be.
Utilizing the gig culture.
Millennials prefer to freelance more than other generations. HR teams can use talent hire sites like Fiverr and Upwork to tap into the freelance workforce. HR teams must have a crisp understanding of which skills they need to develop within employees or rent from outside. For such a method to succeed, the leadership needs to ensure that the gig talent pool reinforces the company's culture, purpose, and ethos.
Reskilling and Upskilling
Reskilling is when workers are retrained to take on a new role in their workplace. Upskilling is similar to reskilling, although upskilling involves teaching employees new skills without the stipulation of taking on a different job role. At least 50% of workers are in need of developing new skills. Different types of training may include:
- Remodeled skills: Retraining employees in their existing skills and keeping them abreast through continuous learning initiatives
- Qualitative upgrades: Improving the quality of products & services and steering the learning towards product innovation, innovative manufacturing procedures, and enhanced customer deliverables.
- Improved employee performance and productivity: Improving performance by broadening skillsets and knowledge and focusing on new technologies, increasing productivity.
- Addressing setbacks and morale: Employees can be retrained to overcome weaknesses that improve. A growing consistency pattern also leads to a boost in the confidence of the employee and the teams.
- Increasing job satisfaction and loyalty: Retraining develops a greater sense of pride in employees in their work. This leads to job contentment and an increased commitment to the organization.
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