Last month, the BBC asked whether growing tech firms into 'unicorns' was the answer to securing the future of business in Wales? Given that Cardiff has been recognised by Tech Nation as being a future hotspot for digital and financial tech companies, what needs to happen to help tech businesses thrive?
As ever, the answer lies in having the right people. Prof Jones-Evans, Professor of Entrepreneurship at the University of South Wales, said that “attracting sufficient capital and skills was a big issue” for Wales and that an immigration strategy targeted at attracting “digitally skilled individuals” is needed:
“That's what every investor and every entrepreneur in this field says. We need the talent."
Where is the digitally skilled talent that will help grow the tech sector in Wales? How can these individuals be attracted to Wales? What other economies are competing for this talent? At both the micro (business) and macro (Wales-wide) level, insight into the external labour market is invaluable in strategic decision making about talent.
Addressing the skills gap
We know there is a skills gap, not just in digital talent, but a nationwide skills shortage across industries. The Open University’s 2018 Business Barometer found that 91% of organisations in the UK struggled to find workers with the right skills over the past 12 months and put the cost of this gap as £6.3 billion lost by UK businesses.
The CBI-Pearson Education & Skills survey 2018 found that the biggest anticipated area of growth is in employers looking to recruit at the higher end of the skills spectrum with 79% of businesses expecting to grow their number of higher skilled employees and 73% anticipating needing more people with leadership and management skills. However, 66% are not confident there will be enough people available with the necessary skills to fill their high-skilled jobs.
Until recently there were very few options for businesses looking to address this gap
All these options had drawbacks. A management consultancy could take weeks to produce a report that provided only a snapshot in time rather than a dynamic real-time picture. This option, and building an in-house team are too costly for many businesses. So often, they did nothing!
Creating a new market through disruption
We created Stratigens to disrupt the way we think, behave, do business, and learn about human capital. As a new-market disruptor we wanted to create a completely new value network and appeal to businesses that would have previously gone without this insight.
“Disruptors create a market where none existed. Put simply, they find a way to turn non-consumers into consumers” (HBR, Disruptive Innovation)
Here are three ways we’re disrupting the market and helping businesses through our innovative business model:
All too often, leadership teams make a strategic business decision and then leave HR to fit the people piece around it. Stratigens means businesses can become a people-first organisation. Find out about talent first and use this data to make an informed decision about strategy.
Stratigens allows you to access thousands of data sources and to create a report that would typically take six weeks through a management consultancy, in six seconds. Stratigens data is in real-time rather than only a snapshot in time.
We help businesses get an understanding of the current skills population and what will help to attract talent to a city or region in the future. A macro level talent strategy improves global competitiveness – Singapore is a successful example and Stratigens provides the data to inform this level of decision-making.
Back to digital tech growth in Wales
Insight into the external human capital market is the starting point for growth – at an organisational, regional or national level. We’re proud to be a Wales-based tech start-up ourselves, helping companies nationally and globally to answer their talent questions through tech.