Today, companies are under constant pressure to be both innovative and competitive: they need to focus on costs, customer service and on compliance, but at the same time they are becoming more inundated with maintenance of legacy platforms. Last but not least, everything has to be delivered under huge time pressure and often within tight budgets.
- Competitive job market
- Difficult to predict ROI, challenging competitors
- Looking for a remedy
- Pros of having an IT partner
- What to choose?
Given the global shortage of IT skills, how can one reconcile all of these demands with an increasingly challenging and expensive labor market?
After you discover and hire staff, how do you keep them motivated and engaged?
a crowded work market
Statistics show that firms are not truly benefiting from the current job market. In the next twelve months, over one in five UK workers say they plan to change employment in search of higher compensation and more job satisfaction.
According to PwC, this is the moment when employees begin to “assert their power”; applicants have higher expectations and want their employers to be inclusive, flexible, and pay more.
Companies acknowledge that 76% of recruiters say that attracting excellent applicants is their main difficulty.
ROI is hard to forecast, and competition is fierce
The difficulties continue after this. We all know that trying to determine the exact ROI of any software project is guesswork, yet many CIOs feel growing pressure to explain large expenditures and IT spends when ROI on their initiatives is hazy.
You need the appropriate IT professionals with experience in the projects you are about to work on in order to make it as precise as possible and utilize it to persuade the board about the necessity for an additional budget. So once more, everything depends on finding the proper individuals, which is a precious resource. Retention is challenging.
With innovation in mind, several businesses—including those in the financial services sector—have attempted to merge their roles as banks and software houses. However, the difficulty in proving ROI from these initiatives and the complexity of the projects they were going to launch proved to be too much of a challenge.
The process of digital transformation is complicated, and there is a lot of pressure to offer more with less resources. This pressure frequently results in conflicts of interest and drives businesses to focus on their core competencies.
looking for a solution
To keep employees feeling valued and earning more money, businesses must find a way to provide people fascinating work and career advancement, and CIOs must manage their pressures and meet their obligations. KPIs for internal stakeholders and the board.
One option is to hire new personnel who can handle all of your HR issues. However, they come at a fixed cost, take time to hire and educate, and ultimately face off against thousands of innovative FinTech firms. Internal HR recruiting teams are always in competition with other businesses that provide appealing chances for professional advancement and advantages, such as limitless holidays and the flexibility of working from home, etc.
Utilizing outside HR companies is an alternative strategy. They might provide you competent workers, but they might not adapt to your culture and working style right away, and they might charge you a lot of money. They also have competing priorities, which you might not be aware of.
but which can be to your detriment.
But there are still other choices. A partnership with an IT partner is another option. When required, they will provide you with access to the talent pool you need to create hybrid teams around a core of team members who are already hired, which is essential for continuity and consistency.
advantages of working with an IT partner
Such a strategy has several advantages, including the ability to put your goals first while taking use of your IT partner’s years of experience, expertise, and specialized knowledge.
When the project is over, you don’t need to be concerned about hiring new staff members or giving them new duties. This increases your adaptability and capacity for swift adjustment.
Additionally, you avoid dealing with the full ROI nightmare because a seasoned IT partner is equipped to forecast ROI. You also have more time to spend on your key team members, giving them a sense of worth and care.
Additionally, a collaboration in IT entails much more than just outsourcing. You may develop a top-notch, effective, and practical IT strategy with IT partners who have company Analysts and Technical Experts on staff to help you reach your company objectives. The features that are picked for a product may also be created with the needs of the customer in mind.
Companies may concentrate more on delivering the increased earnings and dividends that their shareholders demand from them while remaining competitive and adhering to their budgets and deadlines by working with an IT partner to establish strategic alliances.
What do you want?
Nobody knows your company’s demands and difficulties like you do. You need capable individuals you can rely on whether you are managing a high-level digital transformation or merely concentrating on your daily business. There are other ways to ensure that they are on board as well.
WHO THE AUTHOR IS
Managing Director of Ribbit Consulting is Antony Bream.
He is a UK managing and sales director with extensive international experience who has spent the last 30 years working at the board and “C” level in the manufacturing, media, publishing, technology, legal, and financial services. His areas of expertise include marketing, business development, and the sale of sophisticated, enterprise-wide software and expert service solutions, both on-premises and as SaaS.