Greyamp Consulting

28/02/2022

𝐏𝐫𝐞𝐩𝐚𝐫𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝐎𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐖𝐨𝐫𝐤(𝟒/𝟓)

When making decisions on the suitable mix of talent strategies to address skills gaps, HR leaders need to understand the specific needs of businesses in a recovering economy and assess these needs against the pros and cons of each talent strategy.

The COVID-19 pandemic has made the identification of internal career opportunities for employees of new importance. Internal mobility is very important, since it allows you and your company to utilize your employees’ competences optimally. It makes sure that that you invest in developing competences within your current staff, rather than recruiting new talents, creating mutual value for you and your employees!

Here are three key statistics you need to know about internal mobility

😇 Stat #1: Development of competences within the existing staff, costs 1/6 in comparison to recruiting new talents

😇 Stat #2: 76% think internal talent mobility is important, but only 6% think that they are mobilising employees properly from one position to another

😇 Stat #3: 49% think missing tools and processes for identifying and mobilising talent is among the 3 largest barriers for internal talent mobility

25/02/2022

𝐏𝐫𝐞𝐩𝐚𝐫𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝐎𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐖𝐨𝐫𝐤(𝟑/𝟓)

HR leaders should combine build, buy, borrow, and rent strategies to meet the demand for critical and emerging skills.

In order to address the demands of emerging trends that will likely persist, organizations may choose to invest in buying or building talent, or they may up-skill/re-skill if talent isn't readily available.

The real challenge is figuring out the right mix of talent strategies for the right circumstances. Here are five steps for HR leaders to follow to do just that:

𝐒𝐭𝐞𝐩 𝟏: 𝐃𝐞𝐟𝐢𝐧𝐞 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐬𝐤𝐢𝐥𝐥𝐬 𝐧𝐞𝐞𝐝𝐬 - Evaluate the organization's business objectives to identify critical skills needs

𝐒𝐭𝐞𝐩 𝟐: 𝐀𝐧𝐚𝐥𝐲𝐬𝐞 𝐦𝐚𝐫𝐤𝐞𝐭𝐬 𝐟𝐨𝐫 𝐬𝐤𝐢𝐥𝐥𝐬 - Expand your scope to the whole organization to learn what skills might already be available in the workforce

𝐒𝐭𝐞𝐩 𝟑: 𝐏𝐫𝐢𝐨𝐫𝐢𝐭𝐢𝐳𝐞 𝐭𝐚𝐥𝐞𝐧𝐭 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 - Take into account cost, time, long term value, viability and impact to prioritize the strategy

𝐒𝐭𝐞𝐩 𝟒: 𝐂𝐨𝐦𝐛𝐢𝐧𝐞 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐫𝐢𝐠𝐡𝐭 𝐦𝐢𝐱 - Deploy the best strategy mix to drive the impact you need, within the time and cost constraints.

𝐒𝐭𝐞𝐩 𝟓: 𝐆𝐮𝐢𝐝𝐞 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬 - To guide business leaders to find the best-fit strategies, consider scenario planning and breaking down roles into tasks.

When making decisions on the suitable mix of talent strategies to address skills gaps, HR leaders need to understand the specific needs of businesses in a recovering economy and assess these needs against the pros and cons of each talent strategy.

Source:Gartner

22/02/2022

𝐏𝐫𝐞𝐩𝐚𝐫𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝐎𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐖𝐨𝐫𝐤(𝟐/𝟓)

Having full visibility over talent is the first step in preparing a company's current and future workforce to meet its strategic business needs. The ultimate goal is to have the right people with the right skills and experiences in the right role at the right time.

Understanding the existing skills and capabilities of the workforce and comparing them with future needs are important steps of the searching phase. This exercise also highlights deficiencies in the employee value proposition, helping leaders recognise when their employees lack sufficient growth opportunities. Understanding the full value at stake and identifying the most important skill gaps are invaluable first steps – which in turn make possible the detailed work-redesign and talent investments that come next.

Leaders can look at advanced competitors or disruptive startups to help anticipate talent needs and skills gaps. Often the combination of re-skilling and hiring external talent is the answer.

21/02/2022

𝐏𝐫𝐞𝐩𝐚𝐫𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝐎𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐖𝐨𝐫𝐤(𝟏/𝟓)

Businesses realize they cannot hire all the new skills they need. They also need to look internally and develop talent. This route is quicker and more financially prudent, as well as good for morale and long-term attractiveness to recruits.

Most leaders see people and resources as the largest barrier to the successful implementation of new strategies, notably those driven by digitization and automation.

For effective planning and ex*****on of strategic initiatives, companies need to build an infrastructure that will support the future of work. Successful transformation involves three phases – 𝐬𝐞𝐚𝐫𝐜𝐡, 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞, 𝐚𝐧𝐝 𝐬𝐜𝐚𝐥𝐞

In the 𝐬𝐞𝐚𝐫𝐜𝐡𝐢𝐧𝐠 phase, a company develops a single vision of its digital and automation future, as well as the total value of that future. It also identifies the most important skills gaps, looking at future needs versus extrapolating from the past. Then it assesses the organization’s readiness to deliver.

The 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 phase redesigns work for the demands of a more digital future and creates upskilling programs. The primary driver here is developing the infrastructure to facilitate the deployment of talent to the most important work.

The 𝐬𝐜𝐚𝐥𝐢𝐧𝐠 phase moves the organization’s suite of talent-related activities onto the next level. This acknowledges that helping employees adapt to the future of work is just as important as near-term talent priorities.

10/02/2022

Customer retention strategy: The core goal at the heart of digital transformation in the banking sector

Maintaining a solid customer retention strategy helps to reduce the cost of attracting new clients by more than 30%, speed up the process by about 1.5 times, and increase revenue by more than 80% in an 18-24 months period.

Repeated customers already trust the company, and therefore their conversion is at least 60%, but for new customers, this may be 5-20%.

The importance of digitalization in customer retention is highlighted by the DBS experience. It was likely the first bank to position itself as a technology company offering banking products. According to The Banker, Euromoney, and Global Finance, it has been a digital leader among the world's banks for the past 3 years.

08/02/2022

𝐖𝐚𝐲𝐬 𝐭𝐨 𝐚𝐝𝐝𝐫𝐞𝐬𝐬 𝐭𝐡𝐞 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐬𝐤𝐢𝐥𝐥 𝐠𝐚𝐩

Rapid and widespread digitalisation has changed the nature of work, and digital skills are now regarded as essential for the modern workforce. Employees need digital skills to work with new technologies and to keep up to date with rapid technological advancements. While the demand for digital skills is high, supply is low. Workforces do not always have the skills needed to manage digital transformation, and businesses often struggle to find talent for digital roles. This digital skills 'gap' has become even more apparent post the pandemic.

The digital skills landscape is characterised by complex trends, presenting both challenges and opportunities
👉🏼. Rapid and widespread digitalisation has changed the nature of work, making digital skills an essential attribute for the modern workforce.
👉🏼 Employers are actively seeking employees with digital skills in order to adapt to an increasingly digitised environment.
👉🏼 While the demand for digital skills is high, supply is low, and businesses often struggle to find talent for digital roles.
👉🏼 Along with digital skills, soft skills are needed to facilitate workers' adaptation to changing work environments and are increasingly valued by organisations.
👉🏼 The digital skills gap and its impact has come to the forefront of discussions during the COVID-19 pandemic.
👉🏼 On a global scale, it is becoming increasingly clear that the digital skills gap comes at a cost.

Numerous options exist for organisations to address the digital skills gap
👉🏼 A common skills framework could be used to match talent with business skill demand.
👉🏼 Skill-based hiring practices could help fill digital skills gaps within companies.
👉🏼 Upskilling and re-skilling initiatives can play a key role in building resilient workforces.
👉🏼 Redistribution of labour and skills across businesses can create opportunities to address skill mismatches.
👉🏼 Digitally inclusive initiatives and programmes can help develop digital skills.
👉🏼. Industry experience opportunities can provide effective alternatives for building skills.
👉🏼. Businesses can support workers by adopting a lifelong learning approach.
👉🏼. Developing cross-cutting partnerships between different stakeholders can help tackle the skills gap.

Greyamp offers a mix of academy, workshops, enablement, and on-the-job training to address the digital skills gap. Know more about us here (www.greyamp.com)

Source : RAND

Greyamp is a boutique Management Consulting firm that works with large enterprises to help them on their Digital Transformation journeys.

04/02/2022

𝐖𝐡𝐲 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐧𝐞𝐞𝐝𝐬 𝐚𝐧 𝐎𝐊𝐑 𝐜𝐡𝐚𝐦𝐩𝐢𝐨𝐧

An OKR champion is a superuser who knows how OKRs work and can promote their optimal adoption within a company.

OKR champions are responsible for ensuring successful implementation and adoption of OKRs.

Usually there are a number of OKR champions within a company depending on size. They typically come from different areas of the operating organization to better contextualise OKRs for their areas of responsibility. OKR champions have a number of roles and responsibilities to support the successful adoption of OKRs within a company.

Primarily, they facilitate successful implementation of OKRs within a company, working with the senior leadership to identify and remove barriers to success.

Secondly, they are knowledgeable power users who can train and coach others along with facilitating or supporting their optimal use during team meetings.

Lastly, OKR champions support the development of a center of excellence focusing on OKRs and other agile methods.

In our experience, OKR Champions contribute significantly to successful implementation of OKRs within large corporations

03/02/2022

𝐇𝐢𝐠𝐡-𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐯𝐬. 𝐋𝐨𝐰-𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐭𝐞𝐚𝐦𝐬: 𝐓𝐡𝐞 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐎𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐬𝐢𝐧𝐠

High-performing teams, compared to lower-performing teams, spend 54% more time first setting direction, crafting a vision that serves as a guiding light for decisions regarding resources.

When it comes to ex*****on, lower-performing teams spend an astounding 83% more time fire-fighting and dealing with issues at a tactical rather than strategic level.

𝐒𝐡𝐚𝐩𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 : High-performing teams successfully shape the future, rather than always being in a reactive mode in the present. How do they do it?

👉🏼 They spend 25.3% more time influencing high-level stakeholders by identifying their needs and managing their expectations.

👉🏼 Unsurprisingly, though easier said than done, the high-performing teams spend 13.2% more time planning for the future by setting direction, creating a vision, and defining their strategy.

👉🏼 Finally, they shape the future by responding to change in the present (20.7% more effectively than lower-performing teams), positioning the enterprise for future success. This is consistent with much of the existing literature around the importance of agility in high-performing teams.

𝐁𝐨𝐭𝐭𝐨𝐦 𝐋𝐢𝐧𝐞 : Spend more time strategising and translating that strategy into actionable goals for success.Don't be part of that 83% cohort where you are always fire-fighting

Source: HBR

02/02/2022

Digital transformation is expected to add $100 trillion to the world economy by 2025. Platform-driven interactions are expected to enable approximately two-thirds of the $100 trillion value at stake from digitalisation by 2025. (World Economic Forum)

31/01/2022

𝐂𝐄𝐎𝐬 𝐜𝐚𝐧 𝐝𝐞𝐥𝐢𝐯𝐞𝐫 𝐠𝐫𝐨𝐰𝐭𝐡, 𝐞𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲, 𝐚𝐧𝐝 𝐝𝐢𝐠𝐢𝐭𝐚𝐥𝐢𝐬𝐚𝐭𝐢𝐨𝐧 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞𝐬𝐞 𝟏𝟐 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐭𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝟐𝟎𝟐𝟐 (𝐆𝐚𝐫𝐭𝐧𝐞𝐫)

Strategic technology trends will accelerate digital capabilities and drive growth by addressing common business challenges for CIOs and technology executives.

Each delivers one of three main outcomes:

𝐄𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠 𝐓𝐫𝐮𝐬𝐭: Technologies in this segment create a more resilient and efficient IT foundation by ensuring data is integrated and processed more securely across cloud and non-cloud environments, to deliver cost-efficient scaling of the IT foundation.

𝐒𝐜𝐮𝐥𝐩𝐭𝐢𝐧𝐠 𝐂𝐡𝐚𝐧𝐠𝐞: By releasing the creative new-technology solutions in this area, you can scale and accelerate your organization’s digitalisation. These technology trends allow you to respond to the increasing pace of change by creating applications more rapidly to automate business activities, optimize artificial intelligence (AI) and enable faster smarter decisions.

𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡: By capitalising on strategic technology trends in this segment, you’re unleashing IT force multipliers that will win business and market share. Together, these trends enable you to maximize value creation and enhance digital capabilities.

Source: Gartner

Greyamp has enabled clients to realize their digital ambition by helping them seamlessly incorporate the latest technologies into their everyday work. For more information, visit www.greyamp.com

25/01/2022

𝟕𝟖% 𝐨𝐟 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐥𝐞𝐚𝐝𝐞𝐫𝐬 𝐫𝐞𝐜𝐨𝐠𝐧𝐢𝐬𝐞 𝐭𝐡𝐞𝐫𝐞 𝐢𝐬 𝐚 𝐭𝐚𝐥𝐞𝐧𝐭 𝐠𝐚𝐩.

Digital laggards should heed the warning from digital leaders, who are keenly aware of the talent gaps made evident during large-scale transformation projects.

Developing a digital workforce that is well-aligned to digital transformation initiatives will not happen overnight.

It will require a multi-pronged approach. A strong inclusion and diversity strategy, coding boot camps, higher education partnerships and other training and development programs can alleviate some pain, but they’re only part of the solution.

28/12/2021

In line with our ideology of connecting the dots for our clients, we have now !
Do check our new website www.greyamp.com

Greyamp is a boutique Management Consulting firm that works with large enterprises to help them on their Digital Transformation journeys, going across the organisation, covering process, people, culture, and technology. The team consists of multi-potential individuals who enable organisations to bec...