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Digitisation of businesses is driving demand for new technical skills that industries are struggling to find. There is a need to fill AI, blockchain, big data analytics roles but a new study says corporates are unable to find the right talent.
What was once called a ‘talent war’ has turned a ‘talent famine’, according to the study by Infosys Knowledge Institute (IKI), the research arm of IT major Infosys.
IKI conducted a global study titled Talent Radar in July this year, among over 1,000 senior management executives, working for companies with revenue greater than $1 billion.
The study notes that digitising business is ‘less about disruption and more about meeting focussed objectives’, and this could include better understanding of customers and markets according to 46 per cent of respondents, while others felt it was customer experience (45 per cent), increasing productivity (40 per cent) and employee experience (35 per cent).
Talent Readiness Index
Respondents in India and China scored the highest on the Talent Readiness Index, thereby indicating they are better able to staff required skills at scale, and also lack legacy systems and structures that burden the West.
Other findings showed that India ranked highest in the ability to find and staff required skills for digital initiatives (at 69 per cent).
Moreover, respondents from India prioritised performance management initiatives 50 per cent above the global average, suggesting that a metrics focus translates to talent success. The study showed organisations need to evolve holistically in order to hire and retain talent. Regardless of the industry, the skills in the greatest demand but hardest to find are adaptability, communication and analytics.
The skills with lesser demand but also in short supply, are analytics, AI, automation and empathy.
The report notes companies that embrace multiple approaches for developing and managing talent are the most successful in getting the skills that they need. According to the study, at a time when talent is scarce and getting scarcer, being able to do multiple things simultaneously might be the critical differentiator for companies to meet their talent demands.
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