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Skill Gap is Real, Preventing Cos to Accelerate Digital Transformation Efforts, Says 59% Cos: EY Research

To accelerate digital transformation journey it becomes imperative to reshape and reskill the workforce by companies. Employees are the heart of any organization, and they’re the face of the brand and without reskilling the employees will fail to meet customer expectations. It’s essential for companies to focus on the human element of their enterprises – enabling their employees to help the customers, the broader organization and external community stakeholders.

Recent Ernst & Young study says 59% of all corporate companies believe there’s an industry-wide shortage of the type of skills that would help accelerate their digital transformation efforts. This skill gap is felt across organization and impacting the digital transformation journey of organization as it is getting difficult to find suitable candidates to do the required job.

The below figure shows the Amount that people in various roles agree or disagree that there is a shortage of the type of skills that would help accelerate their transformation efforts

 

EY research shows that companies are taking matters into their own hands when it comes to plugging the skills gap, but the differences in approach taken by leaders and laggards are significant.

“Organizations that are not laser focused on humans at the center and solving the skills gap problem face serious competitive risks for productivity, innovation and growth,” says EY’s Global & Americas PAS Solutions Leader, Liz Fealy. “Organizations are deliberately connecting their business strategy and workforce strategy (through capacity, capability, composition, cost) and are building agile organizations and teams in order to drive competitive advantage.”

Investing to upskill existing staff is a human-centric approach, underscoring the fact that the Transformative Age remains driven by people, not technology says Kamran Malik, EY’s Global People Advisory Services Learning & Digital Engagement Leader, says this is a fundamental tenet of modern businesses.

“A fundamental part of this is putting humans at the center to create a learner-centric opportunity to develop future skills, both from a skillset and mindset perspective.

Few insights into taking the right steps by boardroom decision makers can build up a future skill based talented professionals:

  • Build a data workforce strategy, where decision makers identify what talent they have and what is required to go forward. A thorough understanding of the skills gaps and implement “built, buy and borrow” talent interventions to support the achievements of business strategy.
  • Creating a culture of continuous learning and development of skills in a leaner-centric way. Employees being life blood of organizations, so it is essentials they have require skill set and supporting technology to aid their learning in order to thrive and deliver real business value.
  • Understanding that investing the bare minimum in skills is a false economy and will negatively impact customer experience.
  • Investing in skills across the organization and therby link employee attainment to resourcing decisions and pay close attention to creating workforce that encompasses a diverse set of skills at all levels of organization.

(Image Courtesy: www.prolificnorth.co.uk)

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