Talent strategies are the first step to productivity solution

Published On : 09/08/2016

Firms must build digital teams if they are to unlock the productivity gains of digital transformation

UK businesses are still struggling to boost productivity. Output from UK businesses grew only 0.5 per cent over the last quarter, 17 per cent below an extrapolation based on pre-downturn trends, indicating that the country still has a long way to go in bridging the long-running productivity gap between Britain and other G7 nations.[1]

Large businesses in the UK are looking to technology as the key driver for productivity growth.[2] Yet without a clear strategy for digitalisation, companies only use technology to solve discrete organisational problems rather than to transform the output of their business. New research from IDT highlighted that 80 per cent of businesses cite digital transformation as a priority. Only 35 per cent have a ‘clearly defined’ strategy to achieve this, and a shocking 83 per cent say they have an insufficient number of employees to make it happen.[3]

Companies must make building digital teams a priority, enabling an enterprise-wide digital transformation that starts with people, according to digital workforce solutions and consultancy firm Arrows Group Global. Without this ‘talent-first’ strategy in place, the kind of impactful change that can make a difference to company-wide productivity will not happen, says James Parsons, Founder and CEO of Arrows Group Global.

James comments: “Digital technologies are completely redefining what it means to be competitive. Initiatives designed to boost a firm’s productivity must form part of a wider strategy for digital transformation, or the business will always be a step behind.

“Access to the right digital talent is now a major factor behind business success. It is crucial to begin by building highly talented digital teams, rather than looking to implement specific technologies straight away. These digital experts can provide the insight and understanding which points to the most impactful strategy.

“Without the expert workforce, companies will struggle to understand the possibilities of what can be accomplished. As their first priorities, business leaders must formulate a strategic overview of what they want to achieve with digital, then secure a talent supply chain which ensures they have access to the right capabilities to achieve this.

“By putting in place a strategic plan and a talent supply chain, businesses can unlock the true productivity gains to be had through digital, allowing them to compete both now and in the future.”

[1]https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/labourproductivity/bulletins/labourproductivity/jantomar2016

[2]The Albion Growth Report 2015

[3]http://www.ciodive.com/news/study-most-businesses-lack-a-well-defined-digital-transformation-strategy/421261/

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.