A time of transformation: public and social sector study 2023
12/06/2023 The public and social sector is in a time of transformation. Expectations of organisations in the sector are higher than ever while financial constraints and regulatory burdens are increasing. To understand some of the challenges leaders in this sector face and the steps they are taking to tackle them, we surveyed more than 100 public sector executives in five countries.
Our research reveals:
- Despite the challenges of 2022, including ongoing inflation and economic instability, 92% of leaders reported an increase in budget for 2022 vs 2021 and 85% expected their organisations budget to increase in the next financial year. The C-suite are also relatively confident their organisation is prepared for the trends in the coming year, including managing public health challenges and new models of work.
- Technology is a key focus, with respondents identifying transforming their company’s IT as their number one strategic priority for the coming three to five years. Leaders plan to invest time, money and resources to achieve this: digitising internal operations and improving efficiency are the top two areas of planned investment growth in the coming 12 months.
- Transforming services is high on agendas, with a third of leaders saying entering a new product or service category is a key strategic priority. Leaders seem to recognise the need to continually evolve and transform for their business to thrive: nearly three quarters say they plan to increase investment of time, money and resources in new products, services or markets in the year ahead.
- Talent is another area attracting leaders’ attention. In a sector where candidates often need an intrinsic motivation to apply, such as contributing to society or helping citizens, having the right talent is vital. As a result, a third of leaders consider a new or revised talent attraction and retention strategy a strategic priority.
With leaders striving for enhanced efficiency, focusing resources on new technology and services and ensuring their organisation can attract the best talent, the public sector is clearly now in a time of transformation.
