Identify existing digital capability, then build

Building internal capability to build digital products and apply data-driven insights is a preferred option to outsourcing for many Australian CEOs. This is primarily because those already in-house have an established history with the organisation and a fundamental understanding of its ideology. Having a cultural awareness of the company often trumps an outsider with the desired skills. 

Companies are empowering themselves and their people by investing in in-house capability. When they do this, they are doing two things. 

• They are working towards closing the digital skills gap. 

• They are showing their people that they are willing to invest in the future of the individual as well as the company.

PwC’s Talent Trends report, Upskilling: Building Confidence in an uncertain world, revealed that 77% of employees were willing to upskill, yet only 18% of 3000 CEOs surveyed said they’d made significant progress in creating upskilling programs within their organisations since 2019.

The results of those who did implement upskilling programs, reported 30% improvement in productivity and acceleration in digital transformation and a 28% increase in improvement in talent acquisition and retention. 

A strong 41% also reported that their upskilling program was ‘very effective in creating a stronger company culture and improving employee engagement.’ The survey indicated that the more advanced the upskilling program, the more effective it was in addressing their skills gap.

The other perk to building from within is by up and re-skilling your existing teams you’re increasing the likelihood of them staying on and given the stark reality that digital and tech talent is hard to find, this is a wise investment.