A vast amount of information is created and stored every day on devices that can fit in your pants' pocket, and future behaviors can be predicted using artificial intelligence. What seemed like science fiction just a few decades ago is now reality and, for better or for worse, isn't going anywhere. The ways workers find positions have evolved with this digital revolution, but the ways workplaces find, hire, onboard, and retain their workforce has often lagged behind. Here are 6 tech (a.k.a. digital) trends that will impact how businesses hire in .
1. Digital transformation is here to stay
Today, more than 90% of businesses have at least one tech initiative and less than one in four entrepreneurs claim to have no dependence on digital tools or processes. But only 27% of managers believe digital transformation is required for a business to survive in the modern economy.
Most of the business community has adopted some form of digitalization, but there’s a limitless amount of work to be done and money to be spent to realize the full power of these tech tools.
2. Budgets are flexing
Globally, businesses spent $1.8 trillion on digital initiatives in 2022. Experts predict worldwide digital spending will increase to $3.4 trillion by 2026. Currently, about half of companies use significant portions of their IT budgets to maintain their digital systems. Another 20% of their IT budgets go towards paying for digital transformation investments.
Business managers know digitalization isn’t going anywhere. But sometimes, in an attempt to stay ahead, they fall behind a few steps by investing in an ill-suited tool or program for their process. In , with a global recession looming, any tool you implement must have a net positive impact on your business.
3. Streamlining workflows is a priority
A significant majority of businesses cited simplifying workflows as a top priority for their tech efforts. Streamlined workflows help an entire organization run more smoothly. Tasks take less time, employees perform with greater accuracy, and many digital tools can predict disruptions in the supply chain before they happen.
Most entrepreneurs agree the most significant advantage of digital tech is improved operational efficiencies.
4. The fear is real
Despite the widespread adoption of digitalization, many businesses fear relinquishing control to technology. Today’s digital tools and products are intuitive, practical, and even a little humanlike, depending on what you need to accomplish. The thought of taking all your business processes digital can be intimidating!
Digital disruption is a well-founded fact. According to Deloitte, 87% of companies expect digitalization to disrupt their industry—if it hasn’t already. Unfortunately, only about half of those companies say they feel prepared for the change.
No matter how scary digitalization may be, the reality remains the same. Incorporating digital tools and tech is essential for businesses to compete and survive. Your employees may struggle to acclimate, so make every effort to get them on board with the transition. After all, 70% of transformations fail because of employee resistance.
5. Leadership is key
Securing buy-in from your workers is imperative. There’s no better way to earn their support than a management team that is united in a common goal. Digital initiatives that have the unanimous and vocal support of leadership are much more likely to succeed.
Chief digital officers play a critical role in bringing everyone together so employees from the top down can prepare for and accept the changes. As a result, companies with an engaged chief digital officer are six times more likely to complete their digitalization projects successfully.
6. Reinvest to retain
Employee retention rates are abysmal across every industry. Keeping employees is a leading challenge for most businesses, and everyone is scrambling to determine a solution to the Great Resignation.
Digitalization can be an excellent retention tool. Your team will notice if you invest in technology to improve their workplace experience. When companies provide workers with digitalization solutions that directly support their tasks, employees are 85% more likely to stay longer than three years.
But you need more than flashy digital tools to retain quality employees. You also need to recruit candidates who are more likely to transition to long-term hires. Identifying quality workers likely to stay longer than six months is no small feat in this job market.
Revolutionize your hiring with Employbridge's workforce-as-a-service
On average Employbridge's technology helps workplaces save around $6,000 per worker by changing the way you find, onboard, and retain hourly talent. Learn more and then contact us to get started.