Is your workforce truly your greatest asset, or is it simply another cost center? The CEO’s role has traditionally been synonymous with strategy, innovation, and financial performance.
However, a seismic shift is underway -- the strategic imperative for Business Technology talent development.
The C-suite is increasingly recognizing that the key to unlocking business value lies not just in technology or market share, but in the skilled people who power the organization.
Gartner’s latest research study findings underscore this shift, placing workforce considerations as a top-three business priority for chief executives.
Business Technologist Market Development
This elevation of the workforce to strategic prominence is a direct consequence of several converging trends. The Great Resignation, coupled with an increasingly competitive global talent market, has made talent acquisition and retention a paramount challenge.
Moreover, the rapid pace of information technology change demands a workforce equipped with the skills to navigate a complex and evolving digital business landscape.
Finally, the imperative for new talent has broadened the scope of workforce management, necessitating a more holistic approach to talent development and engagement.
The Gartner survey revealed striking insights. While investment in people and culture is still a priority, there’s a notable decline in planned expenditure compared to the previous year.
This suggests a potential recalibration of strategies, moving away from broad-brush initiatives towards more targeted talent investments. The decrease in hiring budgets also indicates a shift in focus from headcount expansion to optimizing the strategic business talent pool.
Furthermore, the survey findings highlight the growing concern of attracting and retaining highly qualified talent. With 15 percent of senior executives citing it as a top-three concern, it’s evident that building a skilled workforce is a top priority.
Business Technology roles, in particular, are proving to be a hotbed of talent competition. That raised the cost of attracting and retaining the most high-demand skills.
The rise of remote and hybrid work has added another layer of complexity to workforce management. While offering flexibility and work-life balance, it has also introduced challenges related to culture building, collaboration, and ongoing employee engagement.
CEOs are grappling with the need to balance employee preferences for flexibility with organizational goals, and the potential impact of remote work on productivity and digital business innovation.
Looking ahead, the future of work promises to be even more dynamic and demanding. To thrive in this environment, leaders must adopt a human-centric approach to workforce management.
This means investing in an improved employee experience, fostering a culture of learning and development, and leveraging data with AI analytics to drive strategic talent decisions.
Technology will also play a critical role in shaping the future of work. Generative AI (GenAI) and automation can be leveraged to streamline HR processes, enhance employee engagement, and augment human capabilities.
However, according to the Gartner assessment, it’s essential to use business technology as an enabler of employee/machine co-creation, rather than a replacement for human interaction.
Outlook for Business Technologist Talent Growth
The skilled workforce has emerged as a powerful competitive differentiator. Organizations that prioritize talent development, employee well-being, and intellectual diversity will be better positioned to innovate, adapt, and succeed in the long run.
"Eighty-six percent of surveyed CEOs reported that they will use AI to help maintain or grow company revenue, and 56 percent estimate that company productivity will increase by at least 11 percent from using GenAI over the next two years," said Alexander Kirss, senior principal in the Gartner HR practice.
That said, I believe the journey towards building a high-performance workforce is complex and somewhat ongoing, but the rewards are substantial. By placing highly skilled talent at the heart of their business strategy, CEOs can unlock the full potential of their organization and drive sustainable growth or improved profitability.