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The mismatch between tech talent supply and demand could cost the global economy USD 8.5tn in lost annual revenue by 2030. Thus, the urgency to build a future-ready workforce has never been greater, writes Andy MacLean, Global Head of HR for Technology & Operations and Functions, Standard Chartered.
Much has been written about the widening tech skills gap and how this is hindering organisations from fully adopting emerging technologies like artificial intelligence. Industry research regularly indicates that business leaders are deeply concerned about employees failing to keep pace with rapid technological advancements. A staggering 70% of CEOs cite global labour and skills shortages as the top challenge to their business strategy, according to Standard Chartered’s 2023 Resetting Globalisation report.
The demand for tech talent is surging, with tech, data analytics, engineering, and cybersecurity topping the list. The mismatch between talent supply and demand is troubling—four in five employers globally reported difficulty finding the talent they need in 2023, the highest level in 17 years. This skills gap could cost the global economy USD 8.5tn in lost annual revenue by 2030. The urgency to build a future-ready workforce has never been greater.
As technology advances at breakneck speed, the race is on to equip employees with the skills necessary to thrive in this digital age.
Ensuring learning & development is fit for purpose
Some business leaders might think the solution lies in external hiring, but it has become increasingly clear that we cannot simply hire our way out of a skills shortage. The key lies in upskilling and reskilling our existing workforce—and ensuring that internal learning & development (L&D) programmes are fit for purpose.
A recent Skillsoft survey of 2,500 full-time employees from the US, UK, Germany, and India found that 74% of workers with AI/ML skills gaps rated their organisation’s AI training programmes as "average to poor". The primary obstacles? A lack of time, inadequate learning formats, and insufficient leadership support. They want a blended learning approach that includes online, on-demand courses, experiential learning opportunities, and live, instructor-led training.
At Standard Chartered, this multi-modal approach has come to life through our SC Axess Academy – a multi-location learning programme designed to develop tech skills among our colleagues. Through Axess, we focus on continuous learning, striking a balance between building in-house expertise and external talent acquisition. The Academy thrives on collaborative and social learning, with regular hackathons, tech talks, and community-driven initiatives that allow employees to solve real-world business challenges together.
Since its inception, Axess Academy has hosted over 329 tech talks, engaging more than 85,000 participants globally. In addition, close to 1,000 graduate hires have benefitted from specially curated campus induction bootcamps.
Another key factor in ensuring an L&D curriculum is fit for purpose is close alignment with business objectives and client needs. The programmes must be designed to meet real-world needs, reviewed, and vetted by subject matter experts to ensure relevance. At Axess Academy, our team of 24 engineers with a combined industry experience of over 150 years leads the programme, leveraging their expertise in areas such as AI and cloud computing. Our vision of a skills-based organisation is supported through a robust course catalogue of 158 instructor-led training, 50 digital courses and 6 cohort programmes available to engineers at various skill and experience levels.
As we continue to invest in providing our people with greater access to skills development and career opportunities, we recently launched our Operations Academy – our new hub for upskilling and cross skilling employees to build workforce fungibility and industry marketability in this dynamic environment.
Skills-based approach to talent management
A powerful complement to L&D is embracing a skills-based approach to talent management. As employees acquire new technical skills, it’s essential to provide agile and flexible career pathways that break free from a rigid career ladder model. The traditional ladder assumes all employees share the same goals and follow a linear path, which no longer reflects today’s diverse workforce.
A career lattice, on the other hand, reimagines career progression. It allows for vertical, horizontal, and diagonal moves – this dynamic model provides greater flexibility and empowers individuals to navigate their careers in ways that align with their evolving aspirations and newly acquired tech skills.
Our internal Talent Marketplace is an example of this skills-based approach in action. Using machine learning and AI, the platform matches employees with short-term projects and learning opportunities that align with their skills and career aspirations. It allows employees to "test the waters" by trying new roles or gaining experience in different areas of the bank. Since its launch, the Talent Marketplace has unlocked over USD 8.5mn in productivity, with nearly half of our workforce registered and actively participating in cross-functional projects.
The Talent Marketplace has proven to be a game-changer for both employees and the Bank. It helps redistribute work, enables team members to develop new skills, and provides exposure to different areas of the business. This platform supports internal mobility, offering employees practical ways to explore new opportunities without leaving the organisation.
To stay ahead, the banking sector must continue to evolve as new technologies emerge and client expectations shift. For organisations to stay competitive, they must ensure they are investing heavily and effectively in upskilling and reskilling initiatives that promote a culture of lifelong learning.
The talent we build today will shape our success tomorrow. As we move forward, we remain committed to becoming a skills-based organisation where talent is deployed based on expertise rather than traditional job roles.
By embracing this approach, we believe that we can unlock the potential of our workforce and create a more agile, resilient, and future-ready bank.
Photo: Provided (Featuring Andy MacLean)
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