How does your company find the right skills for future growth?
By: Birgit Thümecke
With lightning-fast changes happening in almost every aspect of business, making sure your workforce has the right skills for future growth, qualifies as one of the biggest ‘bumps in the night’ for today’s business leaders. A recent survey of US CEOs by PwC revealed that a third of them are acutely aware that a lack of essential skills and the rise of new business models are becoming real threats to business growth and even survival.
“When it comes to preparing their people for the future, US CEOs know there’s work to do.”
Solutions that are pandered about include reskilling and continuous learning programs, the use of new digital tools, and investment in new technologies. However, with more than 60% of US CEOs less than enthusiastic about retraining their employees, there remains significant psychological and knowledge barriers to the fostering of new work methodologies and skills at many companies. That this reticence creates a real risk for many previously performing businesses is made very clear by the fact that half of the companies on the Fortune 500 have disappeared since 2000.
Part of the problem is that many companies are implementing digital skills initiatives and new technology without properly understanding its value proposition and how it fits in with the rest of the business. Are you using the right marketing automation option or are you being ripped off? Does your business need that massively expensive Salesforce package or would a simpler, more affordable CRM solution suffice?
The hype around digital disruption has resulted in some companies desperately throwing digital poo at the walls and hoping that some of it sticks, without first gaining a proper understanding of the what, why, how, and when questions. And it’s not just the demands of the here and now causing this corporate anxiety, there’s also the existential threat of artificial intelligence, machine learning and automation that looms on the horizon. Not fully understanding its potential impact makes new technology like AI seem overly threatening and can muddy the water when comes to strategic decision making and identifying new growth opportunities.
An important take-away from the PWC report is that many CEOs admit that they don’t have enough understanding of their employees’ skills gaps. And that does not only mean digital skills; it also includes problem solving skills, innovation approaches and new ways of working, such as agile development, parallel work streams, rapid iteration, remote working, and distributed team collaboration.
Nearly a third (27%) of US CEOs ‘strongly agree’ and another 62% agree that they need to strengthen soft skills alongside digital skills. To do this, they’ll need a new mechanism for training—one that allows workers to not just build knowledge, but to apply what they’re learning at work. – PwC’s 21st CEO Survey
Which presents the obvious question; what does a busy CEO do to gain a more thorough understanding of the latest digital and business development skills, and how do they transfer that knowledge to their employees?
The team behind global events platform, Eventerprise, believes that collaboration with a digital-first early-stage tech company (a de facto real-world laboratory), is the best way to gain comprehensive insights into the digital economy and the latest entrepreneurial strategies. Something we felt so strong about that we created EventerCamp, a full-stack digital boot camp, to bridge the gap between formal education, or past work experience, and the expectations of a rapidly changing labour market.
EventerCamp offers various tiers of engagement, from EventerCamp Internships for novices who need exposure to modern business disciplines, such as demand generation, programmatic advertising, and marketing automation, to EventerCamp Executive for professionals who need to upskill within their current careers. Then there’s EventerCamp Investor which caters for investors, venture capitalists, and C-suite executives who would like to gain a deeper understanding of SaaS, digital platforms, and global startup best practices.
As a global tech company, Eventerprise offers even more collaboration opportunities, e.g. data access, API integration, and audience growth, all of which have the potential to strengthen competitive advantages, reduce risk, and pave the way for innovation. This means established companies can give themselves a complete digital dna injection from top to bottom by aligning themselves with a global digital platform that utilizes trailblazing growth methods.
Not only is preparing your people for an uncertain future the right thing to do but it may just ensure the long-term survival of your business. Get in touch and let us help you future-proof your team and your business.