As a business leader, you know all too well the differentiating factors that used to set apart your organization are far less powerful now than they used to be. Technology has fundamentally altered nearly every aspect of business operations – from the dynamics of your market to the speed that is required to remain relevant. Digital disruption has turned talent management on its head, simultaneous with the emergence of one of the most competitive labor markets in history.
This reality led to our recent study, Workplace 2025: The Post-Digital Frontier to uncover how organizations are progressing when it comes to digital transformation and, more importantly, what lessons can be learned to unleash digital prowess. A study of more than 800 C-suite and department heads, as well as nearly 3,000 workers across the U.S., discovered that most companies (52%) are in the “developing” stages of digital transformation. A much smaller number, only 10 percent of organizations, are considered “superior” in their digital transformation journey today. The study found that superior companies are twice as likely to embrace and utilize digital technologies and innovations. Companies in this elite group are also more like to embrace new learning technologies and reskill or upskill their current talent to meet the demands of the future workplace.
No matter where your company is on its digital journey, consider incorporating the following talent management best practices into your organization’s strategy.
embrace technology — or lose your best workers.
Did you know your perceived utilization of digital tools can help attract and retain talent? Employees today want to work for organizations that not only “talk the talk” but also “walk the walk.” This means providing the right tools and training. Otherwise, your company is at risk of losing employees. In fact, 40 percent of employees report they have left a job because they didn’t have access to the latest digital tools, and 58 percent say they need to seek new employment in order to secure digital skills.
If you don’t provide the right tools, employees could seek out their own solutions. This is a recipe for frustration, decreased engagement and higher levels of turnover.
Randstad’s study also revealed that budget constraints are often a limiting factor when it comes to digital transformation. The key is to not let this bring your digital transformation journey to a standstill. Instead, use your budget to inform your strategy, including how fast, how much and when the company can invest. You may have to plan to carry out your transformation in phases over several years.
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identify the right leaders.
The digital frontier has rewritten job descriptions of C-level executives, requiring a new set of leadership skills.
Top traits for digital leaders today include:
- having the ability to keep people connected and engaged (76%)
- driving a culture of innovation, learning and continuous improvement (76%)
- driving a workplace culture in which employees are constantly learning and building new skills to prepare for integrating new technologies into the workplace (74%)
- having exceptional knowledge and skills when it comes to collaboration and team building (72%)
- being adept at risk-taking (63%)
But lack of digital leadership plagues most companies — only 37 percent of respondents said they completely/strongly agree that their organization has a digital leader in place. Without the right leadership, digital initiatives will likely fall short. Indeed, any approach to digitalization that is more tactical than strategic and lacks cohesive focus will fail to deliver the full benefits of transformation.
invest in the right skills.
Given the complex challenges that accompany digital transformation, it’s critical for companies to have the right talent on board to implement and manage new initiatives. The good news? Nearly all (90%) workers want to acquire new digital skills in order to further their careers. The bad news? Many of today’s employees aren’t being offered those opportunities by their current employer, despite their overwhelming belief (87%) that it is employers’ responsibility to create a culture of digital savviness.
For companies at the early or beginning stages of digital transformation, arguably the most important thing is to build a digitally literate workforce capable of driving ongoing innovation. Getting your talent ready now will keep you ahead of the digital transformation process. If you lack the internal expertise to take on digital transformation, consider partnering with a workforce specialist like Randstad to provide the talent and solutions you need to expedite your journey.
Take our quiz to see how you stack up.
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We know this isn’t easy. In partnering with leading organizations around the globe, Randstad has worked with clients to help support their journeys toward digital transformation. Mastering the digital frontier requires companies to find or create new sources of value through digital partnerships. And it mandates a new breed of vendor or partner – one that is more agile and digitally savvy, with its own network of partners to help facilitate transformation journeys. In fact, 92 percent of leaders surveyed believe it is important to have digitally savvy staffing and workforce partners.
As a trusted human partner in the post-digital world, Randstad has the digital knowledge, expertise and resources to accelerate your digital transformation. Whether you need one forward-thinking executive to lead your transformation, a team of tech-savvy talent to implement new strategies, or a workforce partner who can leverage emerging talent acquisition and management technologies to fuel your success, we’ve got you covered.