Are you still in the dark how to lead your organisation in a digital world?

Are you still in the dark how to lead your organisation in a digital world?

If you too are scratching your head, how to deal with Digital Implementation, Artificial Intelligence, Big Data, and Internet of Things, we say: Welcome to the Club, Ladies and Gentlemen.

Boyden surveys conclude that whilst many leaders feel equipped to deal with the challenges presented by this new dawn, many are still in the dark.

Leaders know they should be doing something, but they are not always aware of what it is they should be doing. Is that you?

Ongoing challenges

It leads us to the ongoing challenge of companies not only being able to attract the best talent but also retaining that talent.

When an old-fashioned industrial manufacturing company wants to attract digital talent, quite often there is a significant cultural shift required on behalf of the business in order to retain this in demand and often high maintenance talent.

Companies with greater diversity are reported to be more innovative and more profitable. Simply hiring more diverse people is only a small step in solving the issue; inclusion is key. An inclusive culture is critical in retaining talent and creating an environment where there is the freedom to think differently.

An inclusive culture involves the full and successful integration of diverse people into a workplace or industry. An inclusive workplace is a working environment that values the individual and group differences within its workforce. An inclusive culture and workplace make diverse employees feel valued, welcome, and integrated.

There is no doubt that executives in today's world are under an immense amount of pressure. The pace of change through technology, the increased threat of cyberattacks, the need to run businesses in a sustainable manner as well as the ongoing war for talent, presents more and more challenges for executive Leaders.

The Future of Jobs

In The World Economic Forum's 2018 report, Future of Jobs, there are still reports of huge barriers to adopt new technologies.

Based on a survey of chief human resources officers and top executives across 12 industries and 20 developed and emerging economies (which collectively account for 70% of global GDP), the report found that just over 50% of employees of large companies would need significant re- and up-skilling in order to fully harness the growth opportunities offered by the Fourth Industrial Revolution.

In a news release from the World Economic Forum, it was reported that business executives are now more positive about the outlook for job creation as businesses have much greater understanding of the future opportunities made available by technology.

But the huge disruption that automation will bring to the global labour force is almost certain to bring with it significant shifts in the quality, location,  and format of roles.

  • By 2025, machines will perform more current work tasks than humans, compared to 71% being performed by humans today.
  • The rapid evolution of machines and algorithms in the workplace could create 133 million new roles in place of 75 million that will be displaced between now and 2022.
  • Urgent challenges include providing reskilling opportunities, enabling remote work and building safety nets to protect at-risk workers and communities.

Founder and Executive Chairman of the World Economic Forum, Klaus Schwab, said: "It is critical that business take an active role in supporting their existing workforces through reskilling and upskilling, that individuals take a proactive approach to their own lifelong learning, and that governments create an enabling environment to facilitate this workforce transformation. This is the key challenge of our time."

The Future of Jobs report also states that the two job types perceived by respondents as critically important in 2020 are data analysts and specialised sales representatives. And the positions which will decline and be in greatest danger of disappearing are data entry clerks, accounting-bookkeeping, payroll, and administrative secretaries.

Boyden Research

Boyden has conducted its own research and Senior Executive Surveys; one of these reports is on the AI and the Consumer & Retail Revolution.

Most executives agree that the rise of AI will force them to emphasise analytical skill sets in their workforce of the future. That said, they also agree that analytical skills will not displace verbal and written communications. These verbal and written skills will actually become more important moving forward as executives — and their brands — begin to articulate the changes that AI will bring.

Ms Cornelia Tänzler, Boyden's Global Leader for Consumer & Retail Practice, says in her research: "Most consumer and retail companies are in the throes of a massive evolution through AI and technology. This includes everything from their overall strategy, how they package, track and ship goods, how they engage with customers, and how they lead and hire for the future."

But the big question is how do you start to prepare for the light at the end of the tunnel?

Central to a company's transition to AI is hiring employees who are equipped with the skills required to manage new technology. Among executives who feel they are equipped to deploy AI technology, most have already started to meet the technology demand in their company. Their most common actions include:

  • Encouraging continuous learning surrounding AI for existing employees
  • Hiring employees with technology and AI skill sets
  • Developing processes to consolidate data across disparate systems
  • Leveraging new AI systems and technological tools

"The CEO's right-hand man or woman used to be the CFO. The CFO remains important, but actually it's the digital leaders that are going to drive how finance is going to support the business going forward," added Francesca d'Arcangeli, a Managing Partner of Boyden United Kingdom. "The transformation will be intrinsic throughout the whole organisation and it's really important for boards to understand this."



Author: Tom Sorensen is a Partner at Boyden Thailand, a global Top 10 executive search firm. Contact tsorensen@boyden.com; learn more on www.boyden.com/tom-sorensen and www.boyden.co.th

Series Editor: Christopher F. Bruton is Executive Director of Dataconsult Ltd, chris@dataconsult.co.th. Dataconsult's Thailand Regional Forum provides seminars and extensive documentation to update business on future trends in Thailand and in the Mekong Region.

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