85% of leaders confident in achieving digital growth goals
A 2023 Executive Survey conducted by Ceridian has revealed that 85% of leaders feel confident that their organisations will achieve their 2023 goals, with 75% forecasting strong revenue growth ahead.
Focusing on the power of mobilising the workforce, eight out of 10 survey respondents said their workforce has the skills to meet organisational performance goals in the next two years.
This news comes in the wake of surveys showing that most companies are not ready for AI, or not unlocking its maximum potential, with concerns about an industry skills gap. In order to optimise digital business development, organisations would do well to improve AI skills for both career development and driving efficiency.
Essential for global businesses to leverage AI/ML capabilities
Ceridian surveyed more than 2000 business leaders across seven countries and found that 85% of UK businesses are already integrating AI and machine learning (AI/ML) into their operations. However, according to the survey, organisations have not even scratched the surface of AI’s true potential within a business context, with less than half (48%) using AI-driven skills matching.
The report suggests that the divide emphasises the extent of the untapped potential in leveraging AI, which has caused alarm given that 78% of business leaders are anticipating labour shortages within the next year.
Large technology companies have already started to put strategies in place to try and mitigate gaps in the workplace. Tech Mahindra in particular has recently trained 8000 members of staff in AI as it caters towards demand surrounding generative AI and quantum computing.
Recognising how important it is to maintain a skilled and resilient workforce is vital within AI sectors, as companies need to remain resilient to stay ahead of an ever-evolving industry.
A positive outlook, yet more work to be done
Ceridian has uncovered friction between the positive outlook for operating results and a growing complexity crisis. In its survey, 92% of respondents envision workforce challenges like employee attraction, engagement and retention, in addition to difficulties concerning compliance. According to Ceridian, this could create risks for an organisation’s ability to achieve its goals within the next year.
With the continued explosion of generative AI, there is still progress to be made with businesses using technology to maximise productivity. The survey suggested that 81% of respondents said that their organisation uses AI to replace repetitive tasks, with three-quarters stating that this increases productivity and efficiency within the workplace. However, less than half of the leaders surveyed stated that their organisations are actually using technology to optimise skills use within the business.
70% of respondents also said that they are somewhat or strongly challenged when integrating contingent workers into their workforces, with nearly half ($$%) stating that finding contingent workers with specific skills presents issues.
With respondents ranking engagement and retention (55%) as their top “roadblocks” to achieving organisational priorities and goals, followed by labour and skills shortages (50%), the report suggests that harnessing internal mobility opportunities will help give workers the flexible careers while fostering higher organisational performance and productivity.
“Top leaders feel confident they will reach their goals - guided by an understanding that it will take strong technology and tough decisions to meet demands and continually unlock the potential of today’s boundless workforce, which is fluid, always-on, and borderless,” said Susan Tohyama, CHRO of Ceridian.
“The efforts towards workforce transformation that organisations have already made are remarkable, but more opportunities abound. Our latest Executive Survey is a rallying cry for business leaders to invest today in people strategies and systems to be positioned for future growth and resiliency.”
******
For more insights into the world of Technology - check out the latest edition of AI Magazine and be sure to follow us on LinkedIn & Twitter.
Other magazines that may be of interest - Technology Magazine | Cyber Magazine
Please also check out our upcoming event - Sustainability LIVE in London on September 6-7 2023.
******
BizClik is a global provider of B2B digital media platforms that cover Executive Communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare + Food & Drink.
BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.
