Several interesting pieces of research were published this week. They included Asana’s 2023 Anatomy of Work research report which found that organisations must embrace smarter collaboration with so much time wasted on work about work. Aprika/Mission Control published an excellent eBook about change management. Enterprise Times spoke to Jack Chapman, VP of Threat Intelligence, Egress, about the Email Security Risk Report published by Egress this week.
Salesforce published its Digital Skills Now report. It indicated that most global workers think skills are more important than educational qualifications or career background. However, only 1 in 10 say they have AI skills, where there is massive demand. MakeUK and Infor published a report that looks at Supply Chain Resilience titled “NO WEAK LINKS: BUILDING SUPPLY CHAIN RESILIENCE.”
Access Legal, part of The Access Group, published the Legal Hybrid Working Report 2023 based on a survey conducted by Oosha. It found that 70% of legal professionals now work a mix of days in the office and at home. 87% of law professionals have not returned to work in the office five days a week. 54% of them used unapproved, personal tech to carry out tasks such as emailing, video conferencing or client communications at home.
Ian Bedford, General Manager for cloud IT managed services at Oosha, said, “Given law firms are handling highly sensitive information in a tightly-regulated field, it’s concerning to find that employees are putting their firms at risk of a cyber-security or data breach. Firms are either choosing to ignore the security and operational risks and leaving their people, quite literally, to their own devices, or have already embraced hybrid working and are in the process of firming up a strategy to invest and update their tech.
“With the right technology, firms can refine practices and empower fee-earners to achieve more. There’s never been a more crucial time for law practitioners to think about their working practices to ensure they are offering their teams the best technology to do their jobs, wherever they’re based.”
ADP published the national employment report for February. Private sector jobs increased by 242,000, and annual pay was up 7.2%. In the product sector, jobs in construction fell by 16,000. However, on average, the sector gained 52,000 jobs. In the services sector, jobs rose by 190,000, with Leaireu and Hospitality rising by 83,000. However, professional/business services fell by 35,000.
Nela Richardson, Chief Economist of ADP, commented, “There is a tradeoff in the labor market right now. We’re seeing robust hiring, which is good for the economy and workers, but pay growth is still quite elevated. The modest slowdown in pay increases, on its own, is unlikely to drive down inflation rapidly in the near term.”
Clevertouch marketing published its 2023 State of Martech report. The report was created in partnership with Southampton University Business School. The interactive report provides a summary of each section within the report.
It includes a foreword and introduction followed by:
- An executive summary
- At a glance, which reveals how MarTech has changed over the last year
- Sustainability and the case for long-term thinking. Marketers buy tools yet never use them. The argument is that investments should be used
- The data treasure trove, from having too much data in 2022, now marketers do not have enough
- Invest, invest, invest, more about investing in tools, processes and especially people.
Other highlights include a look at campaigns and customer centricity, the benefits of combining marketing and Sales and a deeper look at Martech platforms.
New research by Infosys shows that only 7% of companies have the correct combination of culture and operating structure to boost growth from digital technologies. Digital Radar: The Next Digital Frontier surveyed 2,700 business executives across the US, UK, France, Germany, Australia, New Zealand, China, and India. It found that companies that make decisions based on high-quality, transparent data and build a culture of responsible risk-taking are more likely to deliver profitable growth in today’s tough macroeconomic conditions.
- The report identified three differentiators to drive success
- Live data: High-quality data that is available quickly and is available across the organisation
- Product-centricity: Where teams are organised around product offerings rather than business functions
Responsible risk-taking culture: Innovation helps create new products, retain employees, and increase profit. Other research has shown that failure should not be penalised.
Mohit Joshi, President of Infosys, commented, “We are at a time when businesses and consumers are facing change, tough macro-economic headwinds, and a challenging competitive environment. Leaders must see this period as an opportunity to think differently, unlock new structures and ways of working to drive much needed innovation and growth. Yet, in practice, very few businesses are accomplishing this. The opportunity lies in the hands of the C-suite to develop a 21st century enterprise that builds resilience, agility, and growth into their operating models.”
Research from Orgvue looked at the impact of snap decisions on enterprises. 93% of business leaders say they’ve made decisions with cost-cutting in mind, of which 38% regretted those decisions. Where these earlier decisions have an impact later is:
- The loss of talent – 24%
- Reduction in employee engagement -24%
- Reduction in operational efficiency and productivity – 21%
With the seemingly constant disruption businesses face, the challenge is that organisations struggle to find the right data at the right time to inform their decisions. 55% of respondents in the Vanson Bourne survey are pessimistic about the future of their organisation.
Oliver Shaw, Orgvue’s Chief Executive Officer, said, “Businesses have to react and adapt more quickly than ever before. With recession and continued economic uncertainty on the horizon, the need for businesses to plan and equip themselves with the right tools and data insights to make fast decisions has never been more important. This is partly because many organizations no longer have a choice about whether or not to make cost cutting decisions, and moving too quickly without the right information and planning risks damaging the business.
“It’s important that leaders pause to reflect on and respond to changing conditions throughout the year. Twelve-month planning cycles are a thing of the past and businesses should use all the tools at their disposal to avoid rash decisions.”
Prophix shared new data from its 2023 Finance Leaders Survey, which queried more than 700 global senior-level finance professionals across multiple industries, including business/professional services, education, healthcare/senior living, construction, manufacturing, and real estate.
Key findings include:
- 60% of organizations were performing above, or well above, their financial targets from 2022. However, looking forward, there are challenges, including inflation (21%), rising energy prices (14%), fears of recession (11%), talent issues (9%), and rising interest rates (9%).
- To address these challenges, finance leaders are looking at technology innovation with automation and AI essential in the future. 41% said the transformation was the top goal of automation. 65% said they plan to be more than halfway automated by the end of this year. The report also looked at attitudes to agility and investment in technology.
Alok Ajmera, CEO of Prophix, said, “Current economic conditions present an opportunity for finance leaders across industries to capitalize on business opportunities by bridging the gap between ambition and reality,” continuing he said, “Our data affirms an upward trend we’ve seen over the last few years, and we’re now finally starting to see the evolution of digital transformation in finance take form as more organizations prioritize innovation, automation, and agility. Increased investments in advanced financial performance capabilities, including AI and data analytics, empower finance leaders with more strategic decision-making, giving them a clearer vision for driving their businesses forward.”
Research from the XM Institute at Qualtrics highlights the growing strategic importance of HR. 74% of HR leaders said their teams are more involved in their company’s strategic planning now than they were before COVID. 72% say their company’s senior executives are now more focused on the employee experience than before the pandemic.
Dr Cecelia Herbert, Principal Catalyst and Dr of Organizational Psychology at XM Institute, said, “The disruption of the past few years drove home how critical HR and People leaders are for keeping a business running. They provide the stability and support that employees need in times of uncertainty.
“In 2023, HR leaders and organizational executives appear to have a renewed focus on strategic employee experience management, in an effort to adapt to rapid change and realize the value that comes from becoming a more human-centric enterprise.”
Qualtrics also published its 2023 Employee Experience Trends Report. It found that respondents who identify as men consistently say they have more positive work experiences than women.
Dr Cecelia Herbert, Principal Catalyst at Qualtrics XM Institute, commented, “While many senior leaders are making real efforts to build more diverse, equitable and inclusive organizations, to be successful, they must be intentional in understanding the experiences of different employee segments, especially those who are marginalized or underrepresented. This should be given the same focus as other strategic priorities, because diverse teams that engage with a fair and inclusive culture are the key to a company’s competitive advantage. When leaders listen to these employees, and take action based on their insights, they can begin to craft a future where both employees and organizations can thrive.”
The report identified the most impactful drivers of employee experiences that help leaders focus their efforts to create equitable workplaces.