By 2021, at least 60% of Asia Pacific will be digitalised, “digitalise of die”, this according to Workday’s latest IDC survey to asses employee’s readiness for the digital economy. Yet there is a disconnect between employees and employers when it comes to preparing for this rapidly approaching digital future.
The same survey showed; more than half (57%) of employees in Hong Kong surveyed across sectors and industries feel their job is at risk due to the digital economy while 43% also feel that they don’t have the right skills to compete in it. Furthermore, 55% of staff in Hong Kong feel that their manager is not engaging them to “future-proof” their career.
This has led to a dichotomy in the talent market when it comes to retention challenges and reskilling needs. The war for talent has created more career opportunities for employees with the relevant digital skills. At the same time, evolving job requirements challenge governments and employers to help workers stay relevant through investment in reskilling around the region. The top reasons for changing jobs in Hong Kong are “better pay, reward” (26%), followed by “better career prospect” (19%) and “better work/life balance” (14%).
“One of the interesting pieces of data coming out of the survey is that the more confident workers are about having the necessary digital skillsets to meet the challenges of the future workplace, the more likely they are planning to leave their current company within a year,” said David Hope, president, Workday Asia Pacific in a press statement.
In fact, 81% of employees surveyed in Hong Kong are open to switching jobs with the right opportunity and 25% of respondents are planning to leave their employer within a year.
“Employers should make the effort to share their digitalisation plans with staff they hope to develop, provide them with relevant skills and compensate them accordingly for their new roles or risk losing them to competitors,” he added.
“As we know from many research studies, the cost of hiring new employees is higher than developing existing staff and paying them more for their expanded skill set. Companies can use technology to help fashion career paths, stretch assignments and training to help retain valuable employees and make them digitally ready.”