17 February 2023
In this new era of humans and machines, talent shortages and the demand for technical talents that are in short supply are serious problems.
The world has changed in terms of automation. Notwithstanding the substantial advantages of automation that have been established over the previous few years, the pace of automation will slightly slow down in 2023. A more sensible strategy is being driven by economic uncertainty, which is putting the brakes on change to concentrate on key business drivers like resilience and efficiency. For those with the fortitude to adapt to 2023’s reality while still doubling down on automation to gain a competitive advantage, their efforts will be rewarded.
Unfortunately, the pace of automation will probably slow down due to a lack of skilled workers. The major problem with skill shortages is that there aren’t enough individuals with the skills needed to design and maintain automation. These issues include a slower learning curve for business developers to master low-code development tools, skill shortfalls for expert developers across the AI spectrum, and a lack of qualified analysts and project managers for automation initiatives. Although there will always be a skills gap, 2023 will be particularly challenging.
When it comes to the current skill gaps in the APAC region, many business owners and finance leaders are forced to embrace a deep understanding of digital tools, from data collection to analytics and real-time feedback directly to the operating environment. This requires going beyond the fundamentals of programming. Also, emphasis needs to be placed on how people, particularly employees, will be taught to communicate with machines and systems. The ability to collaborate with “digital” workers to complete tasks will determine an employee’s ability to be productive in a highly linked and intelligent environment.
Many financial directors are beginning to realize that automation does not entail replacing people in their organizations. When firms really start the process, they frequently discover that their human employees are much more valuable than they initially imagined, which is why they need to be upskilled. Finance executives should see intelligent automation as a resource that can rethink company models, enable the attainment of higher quality results, and free up staff for higher-level duties.
Many functions, including contact centers and services, are being automated, but entire job roles are not being replaced. When senior executives consider a worker, they should consider how automation, artificial intelligence, and machinery may assist workers in performing their duties. What kind of software and intelligence will make that the most successful? Business executives must also question themselves regarding what abilities are required to complete such duties. These talents could be provided by external employees, but in the current digital age, bots with specialized skills are increasingly taking on these activities, and people will be needed to make sure that the bots are carrying out their instructions.
So where do you find these people? Must you necessarily go “out with the old and in with the new”? With the talent pool becoming more competitive, companies should not risk removing their current employees and hiring new ones. What business leaders should be doing is upskilling their workforce. Top executives should first evaluate the skill gaps that exist among their workforce and establish priority areas. This is due to the fact that developing a successful upskilling strategy will only be possible if the organization can pinpoint the precise capabilities it needs both now and in the future.
The corporation should then ask each employee what talents they are most interested in obtaining and how they see their career developing within the business. Making employee development plans is the greatest approach to collect this data. CEOs must make sure that the professional objectives of their staff complement those of the business. Plans for employee development will help executives understand a worker’s expectations for their professional future. Executives can then assign the appropriate staff to the appropriate training resources. Also, the company will be able to provide their staff with greater feedback and empower them to develop career goals that have a better likelihood of success inside the corporation.
Also, businesses should approach their upskilling initiatives from a collaborative, win-win perspective. With this strategy, businesses should give their staff members enough time to learn during working hours. Employees can completely commit to upskilling and advancing their abilities without significantly compromising their own time by setting aside time for learning. To make upskilling for employees simpler and more enjoyable, organizations should use mobile learning strategies in addition to dedicating time for it. Upskilling will directly benefit the company once a worker has mastered and is using a profitable talent.
The abilities obtained by one team member who participates in a company-sponsored upskilling program should be advantageous to the whole team. Setting up a post-training engagement where the trained person shares their newfound knowledge with the rest of the group is therefore a fantastic idea. A post-training program creates a clear channel for knowledge transfer within the firm, ensuring that businesses achieve a solid long-term return on investment. Businesses will gain from the investment in upskilling even if the trained employee receives better job offers and departs from your organization in this way. A post-training program also aids newly trained employees in comprehending the skills they have learned.
In this new era of humans and machines, talent shortages and the demand for technical talents that are in short supply are serious problems. If companies want to expand on the basis of AI and analytics technologies in the future, they may need to develop new ways to source and improve the capabilities of their current workforce due to the predicted expansion of job openings outpacing the availability of competent individuals.