Hybrid model crucial for Cypriot companies seeking to attract talent

The hybrid working model is here to stay and may offer an advantage for Cypriot businesses competing for domestic and international talent, Kyndryl Cyprus general manager Marios Kapiris said on Wednesday.

The above comment was part of a larger analysis piece looking into how the digital transition is inextricably linked with the future success of all organisations, both in terms of how they operate and how they interact with their customers.

Kapiris noted that 2023 emerges as yet another year of significant challenges for both the domestic and global economies.

“However, despite any challenges, the penetration of technology and the utilisation of the solutions it offers will certainly continue to be a priority for businesses of all sizes in Cyprus, as the recognition of the resulting advantages is now universal,” he said.

“The digital transformation is intertwined with the present and future of all organisations, as virtually all types of services are inextricably linked to technology and largely rely on it,” he added, noting that most companies now want to primarily interact with their customers through digital channels.

The Kyndryl Cyprus general manager also noted the foundations have now been laid to make the most of a number of technologies, including the near-instant analysis and utilisation of information, transitioning to the cloud, cybersecurity, as well as artificial intelligence.

Moreover, the diffusion of these technologies, he explained, will also contribute to the further development of existing talent, as well as help to usher in new talent.

“At the operational level of companies, many of the habits brought by the pandemic seem to be here to stay, with one of them being the hybrid work model,” Kapiris noted.

“Businesses should ensure that employees’ multi-channel work environment allows them to work uninterrupted, enjoying an optimal work experience and maintaining or even improving the work culture of each organisation,” he added.

Kapiris further explained that with Cyprus continuing to embrace its new role as a destination for international companies, with the resulting demand for new workers from abroad, combined with the increased competition for the island’s best talent, the digital experience a business offers its employees can be crucial in staying ahead of the pack.

Another trend that flourished during the peak of the Covid-19 pandemic was businesses’ adoption of cloud technologies, allowing them to adapt more easily to a novel situation and take advantage of any emerging opportunities.

“With growth expected to be weak in 2023, the adoption and utilisation of cloud technologies, starting more likely from a hybrid model, might be the best solution for businesses looking for flexibility and adaptability,” Kapiris said.

Kapiris also touched on the issue of cybersecurity and business resilience. With the
Cypriot economy’s technological evolution, any advantages also come with security issues.

He explained that based on available research, 88 per cent of companies worldwide now consider cybersecurity issues as a significant business risk that concerns the highest levels of an enterprise, rather than just a technology risk that IT departments deal with.

“It is much more likely that a company will be subject to a cyber attack than to fall victim to a natural disaster, although the constant burden on the environment has increased these risks as well,” Kapiris said.

“So, in 2023, protection against any cyber threats will be just as important as any technological upgrade,” he added.

Meanwhile, Kapiris also highlighted the issue of recording, analysing and exploiting data, something which he considers to be an important factor for businesses to consider in 2023.

“The correct and meaningful use of information is constantly gaining ground in various sectors of the economy and the existence of strong foundations and practices is now essential,” he said.

“If the evaluation and utilisation of the available data is not being carried out in an appropriate manner, then customers will perceive the business in a problematic way,” he added.

Especially in Cyprus, he further elaborated, where for most businesses the use of data is at an early stage, further investment in good practices will provide a significant comparative advantage over the competition.

Additionally, he explained that 2023 may be a milestone year for the exploitation of the advantages offered by artificial intelligence.

“We believe that large financial organisations and regulated companies will be the first to include it in their operating model as artificial intelligence can offer important solutions in matters of trust, risk analysis, ethics, security and transparency,” he stated.

Finally, Kapiris referenced the role of 5G and the Edge methodology, which refers to taking action on data as near to the source as possible, noting that these will also be decisive as they unfold a series of advantages for businesses.

These include real-time data analytics, personalised promotions, something retail businesses will particularly benefit from, as well as process and supply chain optimisation, among others.

“5G and Edge can be the key to creating an entirely new customer experience, starting even with the customer themself,” he concluded.