Technology in Motion
Technological transformation is leading to reorganization of talent
Business Standard published a bylined article, “Technology in Motion - Technological transformation is leading to reorganization of talent,” authored by Russell Reynolds Associates Consultant Puneet Kalra. He explains how technology is now shaping talent needs in organizations and discusses how to retain and engage employees during this technological transformation. The article is excerpted below.
Technology is transforming talent and leadership needs in organizations. Every company – be it a small medium enterprise to legacy corporation - is becoming a software company, and is fundamentally changing its business model. To face the constant evolution of digital and technology, companies are now building digital leadership and digital capabilities such as big data, mobile computing, cloud computing, social media integrations, artificial intelligence, among others. According to our Digital Pulse survey, although companies across all industries are expecting continued disruption in 2017, financial services, healthcare, and industrial companies are bracing for the most significant technological change. Mobility companies such as Ford blend the line between hardware and software; agricultural companies are digitizing their business model; new-age Fintech companies are leveraging traditional banks’ underwriting capabilities; and data science is increasingly used to supplement talent acquisition decisions.
With the emergence of disruptive technologies, a growing number of digital and tech roles are created that require strong technology acumen. However, lack of digital and technology literacy has been a significant barrier in India, and addressing this is essential to raise adoption rates for empowering technologies. Few companies or ministries have the in-house talent to ideate and develop new applications and processes using digital systems. As a result, globally, employees’ current skills are either automated or getting redundant. In India, digital/ technological skill development appears to be a key reason to switch organizations.
To foster transformational, strategic leadership, organizations have started acknowledging that technology is a crucial part of their cultural DNA. And so, bringing functional experts such as digital board directors, chief digital officers, chief information security officers and chief analytics officers is increasingly warranted in board-room discussions. Based on our survey conducted on the roles of technology executives in Fortune 500 companies, the higher a company is on the Fortune 500 list, the more likely they are to have a qualified technology executive in the boardroom: 39% of the US Fortune 100 companies have such expertise.
Practices such as DevOps and Agile serve as a huge enabler in building a cultural framework for businesses to scale up and thrive. As business processes become more data-driven, senior people across business functions need to be digital-savvy and domain-oriented to stay relevant in their respective roles. Automation, Robotics and AI are advancing quickly, dramatically changing the nature and number of jobs available, and so the point it is not about just technological innovation but how to use technology to improve organization effectiveness.
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