The innovative technology development has rapidly changed the way enterprises expand their business, which has affected all aspects such as customers, sales products, methodology, and procedures, as well as employees and working environment.
According to a study conducted by Constellation Research in 2014, the ability of industry leaders to adapt to digital transformation is key to long-term success. When analyzing the average employee tenure at Fortune 500 companies, researchers found that since 2000, the need for digital transformation has caused 52% of the companies to declare bankruptcy, either be acquired or simply shut down. The main reason is that those companies were not able to adapt or respond fast enough to thrive in an ever-changing digital world.
All of this clearly conveys a message:
Thus, the latest research result from Gartner is not surprising at all: By 2020, nearly 80% of the organizational skills must be “redefined or re-examined” due to the business digital transformation. For enterprises, talent training, performance management, and talent review have been and will continue to be the essential factors of strengthening the competitiveness. In the long run, digital talent management and development strategies are the indispensable elements of company’s success.
In order to support organizations through digital transformation, human resource (HR) and learning & development (L&D) managers need to develop their own talent management and transformation plans. Human resource leaders need a framework and platform to identify, support, and develop the skills and related abilities of leaders, managers, and employees to continuously promote business performance.
In fact, it means that enterprises need to build a digital talent development environment, focused on learning and employee experiences.
Here are the 5 steps of talent development, which help you and your employees be prepared in an ever-changing digital world.
1. Support continuous skill development
2. Support growth-oriented learning programs
3. Further incorporate decision-making into the organization
4. Create a learning environment
5. Embrace brand new talent management technology
In the next issue of the Digital Transformation Best Practice, we will be discussing in detail about how to accelerate the process of digital transformation for enterprises by starting from strategic learning development.