What defines workforce transformation? According to Deloitte, it is optimising the workforce with an understanding of workforce transformation strategies and ensuring holistic change. KPMG defines it as building a talent strategy that allows for people and business to embrace new ways of working and new technologies. PwC says it’s the power of the people, reimagined. But perhaps the best clarity comes from an article by MIT Sloan Management School – digital transformation can potentially leave out a vital component to success, the employee.

People are the real digital oil, ensuring that organisations squeeze every last drop of value from their transformation investments and achieving measurable results. The MIT Center for Information Systems Research found that companies that invest in people and their experiences are more likely to outperform the competition, delivering 19% more revenue growth and 15% more profit. Deloitte’s Workforce Ecosystems, a report examining the findings from the Future of the Workforce Global Executive Study and Research Project, takes the concept a step further. In this report, researchers looked at the composition of the workforce and how organisations can best transform and engage with disparate workers across multiple geographies. According to the research, around 87% of executives consider their workforce to encompass more than just their employees, considering external contributors to be a part of their team.