Deloitte study says only 31% of companies feel prepared for artificial intelligence

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This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Three out of four executives consider artificial intelligence (AI) as a critical issue for their business, but only three out of ten (31%) feel prepared to face the challenge that artificial intelligence (AI), robotics and automation pose, according to the study of Global Trends of Human Capital 2018 conducted by Deloitte, making it the largest survey of the sector globally. Companies must also face new challenges reflected in the report, such as protecting employees’ data, improving their career plan and welfare, and alleviating the lack of leadership in society.

While only 31% of companies feel ready to take advantage of the opportunity that the AI ​​or robotics offer, 42% of the companies surveyed trust, however, to be able to utilize these technologies in a period of three to five years. The sixth edition of the report, in which more than 11,000 executives of companies and leaders of Human Resources participated, also indicates that four out of ten companies believe that automation will have a great impact on jobs; in fact, 61% of companies are already working on the redesign of jobs around these areas.

As artificial intelligence and other cutting-edge technologies are established in the workplace, companies see the need to reconcile them with the skills and abilities provided by employees. As pointed out by Joan Pere Salom, partner in charge of Deloitte’s Human Capital Consulting area: “People continue to be a critical component in companies. In opposition to what people commonly believe, instead of eliminating jobs, cognitive technologies will serve to create social, interpretive and service-oriented jobs, and skills such as creativity or critical thinking will gain importance.” Thus, the ability to solve complex problems, the ability to manage resources and social skills are the skills most valued by Spanish managers and, in their opinion, their demand will grow in the coming years.

“The key is for companies to reconsider their work structure to maximize the value of both employees and robots,” says Salom.

However, despite understanding the importance of these capabilities, almost half of respondents (49%) say they do not have a plan to promote them within their company.

People analytics, a priority for managers

Deloitte also examines in their study the importance of data analytics within the company to capture and retain talent, together with the growing concern for the protection of information as cutting-edge technology is established. Although this question is qualified as “important” or “very important” for 84% of respondents, only 10% feel really prepared to deal with the challenge that “people analytics” represents. With 64% of companies globally that claim to be already managing their legal obligation related to the information of their employees, only 22% claim to have an adequate process to protect this data.

From career plan to experience as an employee

Another challenge identified in the report is the break with the traditional career model: in Spain, 80% of managers say that the career plan within their organization is not based on the hierarchy of more traditional companies, compared to 72% of managers globally.

In the global framework, almost half of the respondents (47%) attach great importance to building new skills and career plans, however, more than 54% deny having programs to develop the skills of the future, and only 18 % consider that it is offering its employees opportunities to develop them on their own.

On the other hand, 60% of managers believe that programs to improve employee welfare increase productivity and improve financial results and talent retention, but only 3% of companies believe that their compensation programs are really effective when it comes to motivating talent.

Furthermore, in the field of labor relations, the Deloitte report points out the importance of having policies to manage the different categories of workers – although only 16% say they have them established within their company. The study highlights the need for constant collaboration between “C-level executives” – the most important senior executives of a company – and their teams. Thus, the results of the study conclude that those companies where managers work habitually and directly in projects and joint initiatives with their teams are more likely to grow up to 10% more than those companies whose leaders operate in isolation. However, on a global scale, only 47% of respondents say they have worked together and occasionally with the senior managers of their company. In Spain, the data is more positive: 80% of respondents say they have collaborated in specific initiatives or projects with senior executives of their company at some time, although they deal with their functions in a totally independent manner.

Regarding the different ages that work together in a company, the study reveals that the age of an employee over 55 is seen as something advantageous only by 18% on a global scale, while in Spain, 24% of the respondents consider an advantage to have workers who have more experience.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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Acerca de Lucas Vargas:

  • Empezó en Grupo ZAP como el VP de Sales y en 2016 cuando la empresa tenía 60 empleados. Fue nombrado COO de VivaReal tomando el mando de Brian Requarth el Co-Fundador. VivaReal lanzó en Colombia y se trasladó a Brasil. En 2017 se hizo CEO del Grupo ZAP.
  • Ha trabajado en Mexico en PWC y en el Banco Santander
  • Tiene un Master de Business Administration de Harvard
  • En noviembre este año después de la fusión de OLX Brasil y Grupo ZAP fue nombrado el CEO del OLX Business Unit. Lidera la empresa junto con Andries Oudshoorn y Marcos Leite
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Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.