May 10th Round Table Event – London EC1V & Remote
Eliden extends its appreciation to all participants for their active engagement, commitment, and willingness to share their knowledge and experiences. It is only through your collaborative efforts that we were able to run these events, and openly discuss common challenges.
This quarter’s discussion brought together Chief Information Officers (CIOs), Chief Technology Officers (CTOs), and Chief Operating Officers (COOs) from the Fintech, Health, Retail, Construction, and Energy sectors. Representatives from all companies highlighted their problems which were also shared by others. More importantly, the discussion uncovered common approaches that could assist organizations in addressing similar challenges.
The participants explored the importance of leveraging people, data, design, applications, and modern hiring approaches to overcome these challenges. This top-level summary provides an overview of the insightful discussions held.
1. Hiring Challenges in Digital Transformation
The roundtable commenced with a recognition of the significant challenges faced by companies in hiring staff to support their digital transformation efforts. Participants highlighted the shortage of skilled professionals with expertise in emerging technologies, data analytics, user experience design, and application development. They emphasized the need for a strategic approach to attract and retain a wider range of talent to drive successful digital transformation but also agreed not enough was being done to promote/upskill internal resources at a pace. Some actions taken by participants included:
- Undertake a more comprehensive understanding of the hiring challenges beyond technical skills gaps, specific to digital transformation initiatives, enabling them to develop targeted strategies to address these challenges.
- Outcome: Increased awareness of the need to prioritize talent acquisition as a critical component of successful digital transformation.
2. Leveraging People for Digital Transformation
Participants discussed the critical role of people in achieving successful digital transformation. They emphasized the importance of having a strong talent acquisition strategy that aligns with the organization’s digital goals not just a role and skills match. This involves identifying and recruiting individuals with the right skillsets and mindset for your specific digital transformation, fostering a culture of continuous learning and innovation, and providing opportunities for career development and growth. Some actions taken by participants included:
- Better recognized the importance of better aligning talent acquisition strategies with digital transformation goals, leading to the development of focused recruitment strategies.
- Review and challenge how they are actually fostering a culture of continuous learning and innovation to attract and retain talent.
3. Harnessing Data for Hiring Decisions
The roundtable highlighted the significance of better-leveraging data in the hiring process. Participants recognized the value of data analytics in identifying trends, understanding talent needs, and improving decision-making in recruitment. They discussed the potential of data-driven candidate assessment tools and predictive analytics to streamline and enhance the hiring process, ensuring the selection of candidates who are best suited to support digital transformation initiatives. Some actions taken by participants included:
- Understand how to better track the outcomes, from making informed hiring decisions, which may have led to improved recruitment outcomes.
- Increased the utilization of data-driven candidate assessment tools and predictive analytics to streamline the hiring process and identify the most suitable candidates for digital transformation roles.
4. Designing an Effective Hiring Process
Participants emphasized the need to design an effective hiring process that aligns with the goals of digital transformation. This includes creating clear job descriptions and requirements, incorporating innovative assessment methods, and leveraging technology to streamline the hiring workflow. They discussed the importance of adopting agile hiring methodologies to adapt to rapidly changing digital needs and evaluating candidates based on their adaptability, problem-solving abilities, and growth mindset. Some actions taken by participants included:
- Develop a framework for designing an effective hiring process that aligns with the goals of digital transformation, resulting in improved recruitment efficiency.
- Adopt more agile hiring methodologies to adapt to the dynamic digital landscape, ensuring the selection of candidates who possess the necessary adaptability and problem-solving skills.
5. Applications and Technology Expertise
The discussion revolved around the challenges of hiring individuals with expertise in specific applications and technologies required for digital transformation. Participants highlighted the need for a comprehensive talent strategy that includes upskilling and reskilling existing employees, partnering with educational institutions to develop relevant programs, and fostering relationships with technology vendors to attract candidates with specific application and technology expertise. Some actions taken by participants included:
- Better recognized the importance of a comprehensive talent strategy that includes upskilling and reskilling programs, resulting in the development of a skilled workforce with expertise in specific applications and technologies.
- Where applicable strengthened partnerships with educational institutions and technology vendors to cultivate a pipeline of candidates with relevant application and technology expertise.
6. Modern Hiring Approaches and AI
Participants explored the potential of modern hiring approaches and AI in overcoming hiring challenges for digital transformation. They discussed the benefits of leveraging AI-powered tools and platforms for candidate sourcing, screening, and assessment. Additionally, the roundtable highlighted the significance of incorporating virtual hiring practices, such as video interviews and virtual assessment centres, to facilitate remote hiring processes and expand the talent pool geographically. Some actions taken by participants included:
- Investigate vendors/ suppliers that specialize in AI-powered tools and virtual hiring practices, expanding access to a more diverse talent pool, and creating a much wider range of viewpoints, to support different ways of solving business problems.
- Investigate AI-driven candidate blind sourcing, screening, and bias-free assessment tools, resulting in more accurate and efficient candidate evaluation processes.
