Digital technology is quickly becoming a priority for many UK businesses. With changing customer behaviours and digital disruption, a growing number of businesses are looking for new ways to maintain their competitive edge. Every stage of the digital transformation process sees the requirements for talent and skills change and for many businesses this creates challenges in recruiting and retaining top talent.
Many businesses are stalling on their digital journey and a lack of talent and skills are proving to be significant obstacles. Businesses are failing to take full advantage of digital transformation strategies when it comes to hiring talent, according to a new study. Budget constraints and a lack of skilled resources are holding businesses back in terms of talent acquisition. This is despite businesses with a digital transformation strategy being twice as likely to improve staff retention, performance and quality of their hirings.
Lack of skills and budget
A survey by Aptitude Research on behalf of Alexander Mann Solutions found that the greatest barriers businesses face are a lack of skills and budget restrictions. Just 32% say they have adequate internal resources, while only 26% say they have the necessary investment to successfully introduce digital transformation.
The 2019 Talent Acquisition survey also reveals that firms with a strong digital transformation programme reported that they were up to three times more likely to be able to improve the overall candidate experience.
Higher wages alone no longer enough
A lack of top talent is stopping businesses from being able to increase productivity, turnover, profitability and reaching their full potential. When there is a significant talent shortage, many companies fail to use the right strategies to attract the right professionals who will help their business prosper. Established tactics such as higher salary packages are no longer enough to attract the best candidates.
Cornerstone OnDemand and International Data Corporation conducted a survey on how UK businesses can fast-track their digital transformation by integrating digital technology across all areas of the business. The study discovered that the speed of a company’s innovation reflects how they find talent, their appraisal process and the ways their employees recommend the business to others.
Future of talent acquisition
The future of talent acquisition is undoubtedly going to be digital. But to successfully compete for top talent across all industries, while also meeting the expectations of candidates, businesses must embrace digital technology. This includes building an effective infrastructure that is able to adapt in today’s fast-evolving environment.
While there is a strong business case for developing and implementing a robust strategy, without the necessary financial backing and resources, businesses will continue to miss out. Although the focus is often solely on the technology, managers and HRs need to concentrate on the role of change management and the impact of existing services have on a successful digital transformation.
At HR Solutions we can help you with your recruitment requirements, and also help you to formulate your resourcing strategy. If you want to find out more, then please do not hesitate to call us on 0844 324 5840.