Firms urged to embrace technology to survive tough times
From left: Dr Vimal Shah, co-founder and chairman Bidco Group, Kris Senanu, chairman Smith and Berkeley, Brenda Mbathi, CEO Trific SEZ, and Martin Mugambi, CEO Citibank Kenya, during a panel discussion at the annual KEPSA CEO Platinum Breakfast event in Nairobi.
What you need to know:
- Vimal Shah emphasised the need for organisations to redefine their workforce strategies.
- Brenda Mbathi emphasised the importance of future-proofing human capital strategies in the digital age.
Business leaders have been urged to embrace digital tools and innovative ways of conducting operations, in order to survive the tough economy that has made it difficult for companies to achieve profitability.
According to the latest data from the Kenya National Bureau of Statistics (KNBS), Kenya’s economic growth slowed to four per cent in the third quarter of 2024, from six per cent reported in the same period in 2023.
This slowdown, attributed to issues such as inflationary pressures and currency instability, have contributed to a decline in consumer purchasing power, which in turn has resulted in lower sales for businesses.
“For the private sector to thrive amid these challenges, enhancing workforce productivity through digital tools and innovation has become a strategic need,” said KEPSA Chairperson Jaswinder Bedi.
Workforce productivity
Bedi was speaking at a roundtable organized by SeamlessHR, in partnership with the Kenya Private Sector Alliance (KEPSA) that convened over 100 chief executive officers and managing directors.
The meeting, themed ‘Unleashing growth amid continued economic uncertainty’, explored how HR technology and digital automation can drive workforce productivity and secure competitive advantage.
“As the private sector, we must rethink how we are attracting, managing, and enhancing productivity. Technology gives us the tools to build inclusive, efficient and globally competitive organizations,” Bedi said.
Dr Vimal Shah, co-founder and chairman, Bidco Group, emphasised the need for organisations to redefine their workforce strategies in order to grow sustainably, in an unpredictable economic climate.
“Volatile competitive environments will always exist, but we need to have a long-term strategy that can take up the short-term cost pressure as we continue to innovate and grow,” said Dr Shah.
Optimise human capital
His words were echoed by Brenda Mbathi, CEO, TRIFIC SEZ, who emphasised the importance of future-proofing human capital strategies in the digital age.
“Our future will be shaped by how we optimise human capital and enhance the competitive advantages we see in our market to serve local, regional, and international customers,” said Mbathi.
Irfan Keshavjee, Chairman of the Advisory Board of SeamlessHR, urged businesses to prioritize continuous learning, employee engagement, and digital automation, to remain on a path of sustainable growth.
“Businesses that fail to digitise their people operations will fall behind. AI is helping us operationalize a lot of the mundane tasks that are required daily, enhancing our operations and helping our workforce to be more agile, competitive, and productive,” said Keshavjee.