Despite the pandemic and the looming economic recession, the digital sector has been thriving over the past few years.
In fact, even with everything going on, the UK market is forecast to achieve an annual CAGR of 22.2% (Source: Grand View Research).
The Growth of the Digital Sector in 2022
Truthfully, the market has seen ongoing and steadfast demand since the start of COVID-19, reaching a local value of £24 billion in the last few months.
This has granted the digital industry more influence and power than ever before. It’s astronomical to think what potential this could bring.
As the number of…
investors
customers
competitors
cash
employees
Entering the sector continues to rise every single day, there’s change on the horizon.
4 Digital Sector Changes that Will Take Place in 2023
As digital businesses start to fight for funding and customers, situations are bound to arise that’ll influence the sector forever.
These trends will prove dominant over the next 12 months, delivering a host of benefits that could be worth pursuing.
1. The Strive for Efficiency
To stay competitive in an oversaturated market, leaders are going to have to look within.
Rather than trying to stay up-to-date with what their competitors are doing (like years previous), there will be a heavy focus on the analysis of organisational processes.
With the help of data and intelligent minds, improvements will have to be made where possible to give firms the “leg up” they so desperately need.
Costs will be cut (significantly reducing waste), employees will be trained (leading to strong learning and development), and software will be onboarded (further driving technology adoption).
2. Employees Become the Priority
In an effort to retain their qualified staff members, another change will have to be made.
As employees continue to recognise the value they have to offer, businesses are quickly getting up to speed. No longer will infrequent pay reviews be acceptable, or minimum benefits be celebrated. It’ll be imperative for digital leaders to listen to their workforce and accommodate their needs.
In time, this should mean that more funds are allocated specifically towards human resources and recruitment - increasing employee wellbeing and ensuring ongoing loyalty.
3. The War for Added Value
Although it will be imperative for digital businesses to maintain an internal focus, that doesn’t mean they can turn away from the market entirely.
After all, more and more competitors are going to keep joining the market throughout 2023… so existing companies will have to assess their current products and services.
Start-ups will be working harder than ever in intriguing customers and potentially converting sales.
If you’re at the head of an organisation, you should spend some time identifying where you can go the extra mile for your stakeholders. It’ll be worth it in the long-run.
4. The Green Shift
Across the world, consumers are holding businesses responsible for making ethical decisions.
The digital sector is no exception.
For years, reports have revealed a demand for sustainable IT hardware and services. The creation of these could start to take place in 2023.
In the coming months, every choice you make should be guided by your social responsibility.
To maintain good relationships with your stakeholders, you’ll have to start to keep track of the work you do to make the world a better place and follow through on your promises.
How to Prepare Yourself for the Digital Sector Changes
Whether you’ve spent years in the digital industry or are just starting out, there’s one key ingredient to your firm’s ability to adapt to the changes taking place.
Employees.
Even if you have a big budget and clear goals for the future, it’ll be impossible to remain flexible and agile without the work of a dedicated and loyal team.
Therefore, you should concentrate your efforts on retaining and recruiting staff for the year to come. This way, you’ll be able to face whatever comes your way and make the most of every opportunity.
Working with Forward Role
For help expanding your horizons and driving change in your industry through intelligent recruitment, contact us.
At Forward Role, you’ll find genuine Marketing, Digital and Tech experts who care passionately about delivering for our clients and candidates.
If you're a Client, you can expect exceptional delivery and communication as a matter of course.
If you're a Candidate, we'll treat you the way we'd like to be treated when making an important life decision like moving jobs.
