How to harness tech’s acceleration

As each new wave of digitalisation sweeps across the world’s economy presenting complex challenges, Helen Lamprell of AVEVA examines what qualities tech leaders must cultivate to succeed

The European Union is driving the global digital policy agenda with the aim to be an international leader in both innovation and technology ethics. And the new cross-border AI Act is already influencing the global agenda more than any other digital policy file since GDPR. Meanwhile, the UK government is aiming to be a “science and technology superpower”, creating a pro-innovation regulatory regime alongside targeted support is to key science and technology sectors.  

Such policies are already taking effect. As of October 2023, over 330 unicorns resided in Europe, compared to just 77 in 2017, according to research from Dealroom. Figures from the European Commission also showed over 9 million people in the EU were employed in the IT sector in 2022, representing nearly 5% of the workforce. With technology constantly expanding, this figure is likely to increase. At the heart of these ambitions are people, a new workforce empowered and inspired by digital tools to think and act differently. Be it to conserve resources, to collaborate more deeply or to change how industries and even governments operate.

In this context, it’s no surprise that the ability to secure and nurture tech talent is increasingly seen as an economic leading indicator in an ever more competitive global market. Yet, the challenge is how both Europe and the UK can continue to grow, attract and retain top tech talent. Given the expanding impact of technology on all aspects of the world’s economy and society, what are the qualities we need to cultivate in our tech workforce and in its leadership, beyond the hard tech skills, to succeed in this new, digitally enabled world?

Nurturing talent, driving growth 

According to a KPMG study of employees across Europe, the majority (55%) of respondents aged 25-34 consider a company’s ESG commitment important when job searching. Furthermore, a recent YouGov survey of UK adults shows that two-thirds of employees say workplace DEI (diversity, equity and inclusion) is important when job hunting. These stats speak for themselves.

For tech companies everywhere – including at AVEVA – this means putting our money where our mouth is. It’s about committing to net zero goals and making diversity and inclusion one of the core foundation stones of culture, alongside the ongoing intellectual curiosity to keep innovating and moving forward. Goal-setting alone isn’t enough, organisations need to take measurable action to ensure they can meet these. Quantifiable metrics are essential to retaining stakeholder trust along every step of the way. To attract talent and drive growth, today’s businesses need to put ESG at the heart of the business, embedding these values into everything they do. 

Building an ethical code: The dual dilemma of today’s technology leader 

This commitment to change must come from the top; therefore, leading a technology company these days demands a multifaceted skillset. Beyond core responsibilities, today’s tech leader must cultivate a people-centric culture, attract, and develop diverse talent who thrive in a data-driven environment, and stay ahead of a fast-evolving technology curve. A tech leader has a responsibility to themselves, their organisation, and their stakeholders to remain relevant and inclusive, and ensure their technology is deployed within a robust ethical framework. 

The surge in AI capability is driving an ever-keener focus on trust and ethics amongst tech leaders. As AI systems are increasingly integrated into digital products and services, today’s leaders are faced with new responsibilities. This requires tech leaders not only to understand how they are deploying AI at a technical level, but also the implications for their customers and the broader market in deploying these AI tools. The promise of AI in accelerating progress in healthcare, decarbonisation or education, for example, will only be delivered if customers and society at large can trust the tools that are coming onto the market. 

Trust is the currency of the AI era, yet Edelman’s 2024 Trust Barometer reveals that when it comes to AI, 43% of respondents would reject innovations related to the technology due to mistrust in how they are being managed – both by the government and corporations. This puts the core principles of transparency, security, and accountability at the heart of product development, marketing, and customer relationships as never before. 

I would also argue that it also requires industry leaders to engage in a broader debate with partners in the technology value chain, with their customers, with regulators and industry peers, to establish practical, internationally interoperable industry standards to underpin these principles and
emerging regulation.

Responsibility at the vanguard of change

It’s a uniquely demanding and rewarding moment to be leading in the technology industry. From innovation to ethics, generational shifts to inclusion, the way that we shape our industry has the power to reshape society. That’s a huge responsibility in the hands of those shaping companies at the leading edge of change.

Throughout the rest of the year, I look forward to rich and tangible conversations on how we can bridge the gap between aspiration and reality to ensure the long-term success of the UK, European and global tech industry. 

About the author
Helen Lamprell is General Counsel at AVEVA, a global leader in industrial software.