According to the latest PwC CEO Survey, sourcing and hiring employees with the key skills they need to succeed in the digital world continues to keep CEOs awake at night, with 80% saying they’re worried about the availability of digital skills.
In the retail banking sector, this need for technical expertise is particularly acute as organisations embark on digital transformation projects in order to compete with challenger banks in response to changing customer behaviour and demands.
In fact, recent analysis by LinkedIn, which was commissioned by the Financial Times, discovered that European banks have increased recruitment of technology specialists more than tenfold in the past three years as they rush to fight rising competition and find new sources of growth. The number of adverts for IT and engineering roles in the first quarter of 2018 was 11.4 times higher than in the same period in 2015.
According to Mercer’s 2018 Global Talent Trends Study, 96% of C-suite respondents are planning organisational redesign in the coming months. However, the same survey found that only 18% of C-suite leaders describe their company as “change agile”. The crux of the issue for many firms is that they simply are not taking full advantage of the people data which is available to them.
The answer lies in the use of talent analytics. New global research from the CIPD in association with Workday illustrates an important relationship between the use of people data and strong business outcomes. However, almost two-fifths of HR leaders (39%) say they have no access to people data for decision-making purposes.
A total talent management mind-set ultimately means initiating joined-up thinking around strategic workforce planning which takes into account all workers, including permanent, contingent and robots. By taking this approach, organisations can ensure they have the skills they need to thrive in the short-term – and the means to acquire and develop the talent required to succeed in an uncertain future.
The benefits of harnessing data to implement total workforce planning strategies, in order to aid organisational efficiency, should not be underestimated. By digitally tracking the availability of skills,both within the business and externally in the market, leaders can map where permanent workforces can be deployed most effectively, the places where artificial intelligence can pick up process-driven tasks which zap productivity, identify the skills they are lacking, and determine if these can or should be acquired on a full-time, flexible or contingent basis.
By working in this way, organisations can ensure that teams are performing to maximum efficiency, without skills gaps – or a skills surplus. Ultimately, however a workforce is structured, it should be built to maximize output, reduce costs and increase productivity – and also be adaptable to future needs.
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