Almost half of Hong Kong organisations (49%) have slowed their digital transformation plans as a result of the ongoing COVID-19 pandemic, and only 16% have accelerated their plans, according to Workday's latest research.
Owing to a lack of digital agility, almost nine in ten (89%) have struggled to make changes to their financial plans for the year, with 67% unable to realign their organisational structures.
In terms of people and processes, 84% of organisations have been unable to track their people’s skill sets to form special taskforces in response to the pandemic, and almost half (49%) were not able to manage new business processes.
A shortfall of digital skills has proven to be a significant barrier for organisations in faring better with digital agility amid COVID-19. Almost three-quarters (74%) of Hong Kong organisations lack an enterprise-wide culture of agility. A total of 79% of organisations say that less than half of their people are equipped with digital skills and capabilities. A tenth (11%) say that they have almost no employees with digital experience or skills.
The lack of digital expertise may be due to a prevailing mindset within Hong Kong organisations of not viewing talent as a source of competitive advantage and therefore not investing in finding and nurturing it. A total of 77% of Hong Kong organisations do not see talent as an important strategic asset and lack the proper tools and processes to manage it.
This mindset also has a spill-over effect for organisations’ employee experiences. Just 14% see the employee experience as an essential consideration in their decision-making.