Talent & Tech Asia Summit 2024
human resources online

44% of companies expect to revamp their business model over the next 3 years

Expect massive changes on the horizon, as this year signifies the largest proportion of organisations increasing their investment in technology (55%), in the 21 years that the Harvey Nash / KPMG CIO Survey has been published.

"Even with enterprises where the emphasis is on efficiency and saving money, investment in technology is increasing. Whatever the problem, technology seems to be part of the answer," cited the report, featuring over 3,600 responses from CIOs and technology executives across 108 countries.

As such, 44% organisations expect to change their product/service offering or business model in a fundamental way in the next three years. Additionally, a sizeable proportion are handling transformation within existing budgets without extra investment.

The report featured responses from 524 executives from APAC, leading to three key regional findings, which we've summarised below:

1. All time high for skills shortages

Leaders globally (67%), and slightly more so in APAC (69%), are struggling to find the right talent. Among the most in-demand skills, the following are the most-scarce skill sectors:

  • Big data/analytics (49% in APAC vs 44% globally)
  • Cyber security (45% in APAC vs 39% globally)
  • Artificial intelligence (42% in APAC vs 39% globally)

2. Automation/AI to create new jobs

A similar number of respondents globally (69%) and in APAC (70%) believe that over the next five years, new jobs will appear and compensate for old job roles being lost through AI/automation.

In fact, not only do 51% of respondents globally expect headcount to increase next year, but also increasing efficiencies through automation is the fastest growing board priority.

3. Talent trends

Just one in three organisations globally (39%) and in APAC (37%) say they are retaining their best technology talent to a great extent.

Meanwhile, a greater number of respondents - close to three in five - say that their organisations are moderately successful at promoting inclusion and diversity in the technology team (60% globally compared to 62% in APAC).

Photo / Harvey Nash / KPMG CIO Survey

Follow us on Telegram and on Instagram @humanresourcesonline for all the latest HR and manpower news from around the region!

Free newsletter

Get the daily lowdown on Asia's top Human Resources stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's Human Resources development – for free.

subscribe now open in new window