The Secret Formula for Digital Transformation: PeopleDecember 6th, 2021 — Revature
Regardless of your industry, we are living in a time of historic change. AI, cloud computing, blockchain, and automation are changing how we communicate, work, and live.
“Digital transformation is no longer disruptive; it is the new normal.”
– Bob Gasser, Chief Revenue Officer , Revature
Spending on digital transformation accounted for more than $53.3 trillion in 2020 and is projected to total 65% of the world’s GDP by 2023. Yet, many digital transformations fall short of their goals. Too many organizations focus on the tech and forget the key ingredient in change: People.
Contrary to popular belief, vision and tech alone won’t get the job done. You may be familiar with the saying “people, process, and technology.” People are first for a reason. In fact, people are the single most critical element in making any change happen. An organization working towards digital transformation takes one part vision, one part motivated workforce, and a healthy dose of upskilling/reskilling.
While technology certainly plays a significant part in digital transformation, it’s the means to an end. Companies don’t spend millions or billions of dollars just to add to their tech stack; they do it to transform their business in ways such as:
- Improving operational efficiency
- Creating better employee and customer experiences
- Improving productivity and collaboration
- Becoming more agile
- Create new business models
- Reduce costs
Technology makes the change possible, but the people driving it make it a reality.
Significant Reskilling and Upskilling Is Needed Right Now
In 2018, the World Economic Forum predicted that 54% of all workers would require significant re-skilling and upskilling by 2022. That’s proved to be true.
Still, organizations struggle to do the training they need to stay competitive in today’s evolving environment. Gartner says most companies are flying blind. A survey by their TalentNueron group revealed that 53% of companies say the inability to identify the needed skills was the number one impediment to workforce transformation. The pandemic only confirmed what many of us suspected: Legacy ways of working are outdated.
The environment is changing rapidly. The most in-demand skills — analytical thinking, innovation, and active learning — didn’t even make the top 10 list two years ago.
Boston Consulting Group studied successful digital transformations and found one common element. Companies that identified and invested in their people found the most success. These four strategies emerged:
- 1. Ensure the best performers are identified and understand that digital transformation is a career-advancing program.
- 2. Make detailed assessments of the skills required and take proactive steps to acquire the skills.
- 3. Create change champions from critical areas to ensure effective team composition
- 4. Put processes in place to train, develop, and evaluate team members to optimize effectiveness.
It makes sense. Define the skills you need. Find the best people. Get them the training they need.
Employees Want to Learn New Skills
Once you identify the skills needed, you then need to analyze your current workforce to find the gaps in knowledge and experience you need to fill.
Find the individuals who are motivated to grow with your organization and those you see as the best fit for your future — however you envision it. These are the people you want to invest in by creating upskilling and reskilling opportunities.
Workers are hungry to learn new skills, too. More than three-quarters of workers say they want to learn new skills or retrain to improve their future career path. Seventy-four percent said they didn’t feel they were achieving their full potential at work because of a lack of development opportunities.
Reskilling and upskilling also pay dividends for companies. Not only do your employees learn the skills you need to transform your business, but 94% of employees say they will stay with an organization longer if it invests in helping them learn new skills.
Your workforce is hungry to learn. Let them learn.
When it comes to digital transformation, learning the new skills needed to compete effectively is imperative.
We Can Help.
Digital transformation is achievable, but you must be willing to invest in the future of your workforce.
We Can Help.
Revature is the digital transformation champion you need to upskill and reskill your existing teams at every level to increase retention, better align to your strategic goals, and close the gaps slowing innovation and productivity.
Learn more about Revature, the leading technology talent partner for Fortune 500 companies, today. Let us show you how we can help create cost-effective ways to train your next generation of talent.