Non-digital companies struggle to attract talent
Non-digitally maturing companies are at risk of not attracting or retaining high calibre talent, failing to overcome aversion to risk, lagging business model strategies, and balancing growth and scale, according to Deloitte Digital and MIT Sloan Management Review.
In its ‘Achieving Digital Maturity: Adapting Your Company to a Changing World’ study, Deloitte Digital and MIT Sloan Management Review found more than three quarters (77 per cent) of digitally maturing organisations recognise and reward their talent and were 61 per cent more likely to have a coherent digital strategy in place.
Deloitte Digital Asia-Pacific lead partner, Frank Farrall, said: “Opportunities to develop in a digital environment, and a culture that rewards collaboration, experimentation and risk taking; these companies are not just keeping pace with digital change, they are more likely to retain talent, including executive-level talent, than early stage entities”.
Three quarters of digitally mature entities planned to increase resources and funding into digital business initiatives, compared with 49 per cent of early stage companies, yet more than a third (34 per cent) of those respondents said their companies discussed digital business, but fail to walk the walk.
“To create these innovations, companies should foster cultures that embrace risk and create environments where employees want to learn and stay,” MIT Sloan Management Review executive editor, David Kiron, said.
“Equally important, operations need to become more cross functional to fully support customers’ digital experiences.”
Deloitte Consulting LLP, Doug Palmer said the difference between digitally mature and non-digitally mature companies was clear.
“Becoming a digital business takes more than simply digitising your front office. It requires moving digital into the core of your business…then re-designing the way that your organisation works – including business processes, culture, talent, experimentation and technology,” he said.
“Those that are willing to take on this clear strategic approach are seeing the positives of this strategy, and are prepared to accept the risks of trying and failing.”
The survey, conducted between September and November 2016, surveyed business executives and managers from across 117 countries.
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