Industry 4.0: The talent paradox has been saved
Industry 4.0: The talent paradox
Finding, training and retraining the right talent is a challenge
To understand how companies invest in Industry 4.0 to enable digital transformations, Deloitte conducted a survey among top executives of the world’s largest companies. Besides a mix of enthusiasm and ambitious plans for the future, the survey revealed a series of disconnects between the companies’ plans and actions. In this article we will dive deeper into the talent paradox.
March 25, 2019
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- Having the right talent inhouse
- The talent paradox
- Own technology use misleads perceived accaessibility
- A clearer talent picture
Having the right talent inhouse
It probably comes as no surprise that in this age of digital transformations, individuals are constantly challenged to keep pace with the technologies their organizations want to implement. The results of Deloitte’s study indicate that most respondent agree that their organization has “exactly the workforce and skillset needed to support digital transformations.” Yet, when asked what the most commonly faced operational and cultural challenges are, finding, training and retaining the right talent is cited as the number one challenge.
The talent paradox is born
The responses given by the participants, present an interesting paradox: How can individuals state they have the right workforce and skillsets in place, while simultaneously recognizing that finding and training the right talent is their number one challenge?
Perceived familiarity misled by own technology use
According to the study, the answer may lie in perceived familiarity with digital technologies. The way the executives view their personal interactions and ability to navigate digital technologies carries significant weight in their organizational talent assessments. The more respondents use digital technologies themselves, the more likely they are to be satisfied with their organization’s current state of talent. And those who have little to no interaction with digital technology, see the greatest gap in talent and development.
A clearer talent picture
Moreover, research shows that technology implementations rarely fail because the technology did not work. It rather fails because people are reluctant, or find it too difficult to use. So, the need for better, more skilled talent is not going away. Instead, the increased desire for digital technologies is fueling a demand for greater familiarity with these capabilities through the organization.
Do you want to know what executives can do to help unlock these digital capabilities? Or which facets of talent you should consider when discussing your digital technology needs? Get your copy of the talent paradox and find out.
You can download the paper via this link, or use the download button on top of the page.
About the Industry 4.0 paradoxes
The fourth industrial revolution expands the possibilities of digital transformations and increases their importance to organizations. Industry 4.0 combines and connects digital and physical technologies to drive more flexible, responsive and interconnected enterprises. Although this revolution carries seemingly unlimited opportunities, a true digital transformation brings implications too. Think about the way it affects the organization’s strategy, talent, business models, and even the way the company is organized.
To understand these implications, Deloitte conducted a global survey of 361 executives in 11 countries in the Americas, Asia, and Europe. The survey captures insights from respondents in aerospace and defense, automotive, chemicals and specialty materials, industrial manufacturing, metals and mining, oil and gas, and power and utilities.
All survey respondents are director level or higher, representing organizations with revenue of $500 million or more, with more than half (57 percent) coming from organizations with more than $1 billion in revenue.