While recovering from the economic crisis that lasted for almost a decade, Greece is trying to catch up with the technological change that has been accelerating in the rest of the world during the country’s austerity years.
Before the years of recession, digital transformation was a niche topic for most countries, but today firms in the digital economy are racking up record profits way more than Europe’s global leaders in manufacturing.
Where does Greece stand in a world of accelerating technological change?
In terms of Tertiary Attainment, age group 30-34, Greece reached a record high of 44.88%, in December 2022. Furthermore, according to the latest available data published by OECD Greece holds the sixth-highest number of “STEM” (Science, Technology, Engineering, and Mathematics) graduates in the world. However, despite good figures, only 2,5% of the country’s graduates are working in ICT (Information & Communication Technologies), placing the country in the lowest position in the EU (Eurostat 2022).
What is holding Greece back?
Greece’s long tradition of talent exportation which only worsened during the years of recession, the country’s labor taxes which are among the highest in the OECD, according to The World Bank Organization, and the educational system, which does not seem to offer the vocational guidance and support to Greek students (OECD-PISA Mathematics Performance) who want to thrive in technology, are some of the reasons.
Recent research by Deloitte, on behalf of the Hellenic ICT Business Association (SEPE), showed that to meet the challenge of the digital transformation by 2030, the Greek IT market needs 300,000 executives – 15.000-16.000 specialists per year, way more than the 8.000-8.500 available today, which calls for immediate action in order to fill the gap between tech-labor demand and supply.
Time for some serious reforms
On the positive side, Greece’s digital transformation performance has been improving. Both the public and private sector started upgrading and exploiting further digital infrastructure, technology, and human resources. Greece’s recovery and resilience plan, “Greece 2.0”, supports the digital transition with investments and reforms in the areas of digitalisation of public administration and private sector companies, in connectivity, and in digital skills. Investments related to education, training and skills represent more than 10% of the plan.
Building a ready workforce is also high on the agenda of many CIOs (Chief Information Officers) and CHRO (Chief Human Resources Officers) who are focusing on reskilling and upskilling employees. A ManpowerGroup’s Hiring Intentions Survey shows that 53% of IT employers choose reskilling and 51% upskilling their current workforce to address the shortage of skilled staff.
ManpowerGroup’s guide presents 9 useful suggestions on upskilling and reskilling workers and preparing companies for the next phase of digital transformation:
- Establish strategic planning of human resources for digital transformation
- Enhance employee engagement through upskilling/reskilling
- Track, promote and leverage incentives
- Solve the “obsolete technology” problem through reskilling
- Retrain employees for the automated future
- Utilize business know-how from all available human resources
- Use Reskilling as a path to excellence in cyber security
- Create choices and transparency for employees
- Collaborate to scale
Greece is progressing, but there is a long way ahead before addressing all challenges that come with its transformation. A smooth transition will require a coordinated effort involving government, private sector stakeholders, educational institutions, and civil society. By proactively identifying and strategizing solutions, Greece could develop a strong digital workforce that will help the country navigate its digital transformation successfully, avoiding a new stagnation in the country’s economy.
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