Cultivating the digital DNA through workforce training and engagement

THE Asia-Pacific's digital story is all about growth - massive growth. Digital is the key to addressing the wants and needs of current and future online consumers, who will represent half of Asia's population by 2020, up from one-third today. In fact, according to a recent report published by IDC and Microsoft, digital transformation will add an estimated US$1.16 trillion to the Asia-Pacific's gross domestic product (GDP) by 2021, and increase the growth rate by 0.8 per cent annually. Many organisations in the region have already formulated their digital strategies and adopted innovative technologies to become truly transformed businesses.

However, many lack a talent strategy optimised to support their digital business and technology plans. As Gary Beach, publisher emeritus of CIO magazine puts it: "The essence of digital success, after all, can be likened to the proverbial three-legged stool, consisting of these components: a comprehensive transformation strategy; a supporting digital technology strategy that factors in both new and legacy technology; and a multifaceted, multigenerational digital talent strategy. Without all three in place, a business' digital efforts will likely fail."

With labour market challenges in the region including rapidly ageing population, skills shortages or pressures caused by stringent work visa measures, creating a successful talent strategy is becoming a top priority for businesses in Asia.

However, transforming the workforce to meet digital needs is not just about hiring the right consultants or service providers, or setting up shop in a tech hot spot. While organisations will very likely need to look externally for at least some digital skills, it is also essential to infuse the current workers with digital skills and digital mindsets. No new hire will understand the essence of the business, the industry, corporate culture or customers as well as existing employees. These veteran employees are the ones who know the customers' most critical needs, how much digital change organisation can handle at any one time, and which workflow bottlenecks deserve the most attention.

There are three key action items that can help business leaders apply a successful talent strategy:

Talent acquisition and upskilling in the age of digital transformation is a structural employment problem that will require bold changes to resolve. Finding a solution depends on the acknowledgment that - as Klaus Schwab, executive chairman of the World Economic Forum, said - "talentism is the new capitalism". In the era of talentism, the employment supply-demand model has changed radically: talent does not need your company; your company needs talent. Businesses that fail to craft a solution to the talent challenge, and nurture a culture of learning within their organisation will be on the wrong side of the digital talent equation.