If you’re looking to build your own network, look no further than a business with a business model built around your own company.
In a new report from Deloitte, businesses with a networked workforce have an extra boost to their bottom line, thanks to the networked businesses that are in their midst.
Businesses with a workforce of 15 or more can expect an extra $1,200 in revenue per worker, or $5.90 per day, the report found.
Networked workforce growth is growing faster than ever, with companies in Australia expected to add more than 1 million new jobs in 2019.
The biggest gains will come in manufacturing and construction, but it’s also the start of the next wave of growth for retail and hospitality.
The research is based on Deloittles 2017 Australia Employer Survey, which surveyed more than 3,500 employers across a wide range of industries, including retail, hospitality, healthcare, and public administration.
According to Deloittle, businesses are increasingly turning to technology to support their growth.
“Technology is the biggest driver of networked productivity growth in the industry,” says CEO David Rolfe.
It’s no secret that many Australian businesses have been working on new ways to grow their workforce. “
These tools and technologies are increasingly being deployed across a range of industry verticals including retail and services, where the number of customers who are willing to pay a premium for their services and services are growing at an accelerated rate.”
It’s no secret that many Australian businesses have been working on new ways to grow their workforce.
However, as the world becomes more connected, the potential for a disruption in the business model of these companies could come to a head.
“The number of people that work for multinationals and multinational corporations is growing by leaps and bounds,” says Rolf, “but that growth is still not enough for many small businesses to be able to sustain their own businesses.”
Deloitte’s report highlights a number of trends that are shaping the workplace landscape, with the most significant one being the growth in online productivity and digital collaboration.
In 2019, the average Australian workforce employed approximately 4.3 people per household.
The report found that there is a big potential for this growth to increase over the next five years, with an increase of 4.1 million Australian jobs.
However, it’s not all good news for small businesses.
“With the increasing reliance on digital technology for business processes and communications, it will be crucial for small business to ensure they have the appropriate technology, software, and networked tools in place to help their workforce continue to grow and innovate,” says Dr Sarah Wilson, Deloiser’s Senior Manager of Research.
Delowitte’s survey also found that businesses are also increasingly using software and other technology to create and manage digital portfolios.
“Digital portfolio management (DPM) is becoming increasingly important as the value of digital portfolios becomes increasingly evident and can be an effective tool for the organisation to track their portfolio, manage their cash flow and reduce risk,” Dr Wilson says.
“Companies are increasingly looking to utilise the digital tools in their business to manage the information and data in their digital portfolio and are increasingly considering the value that can be added by using a portfolio management tool for a business.”
Digital portfolio managers are increasingly a focus for small employers as well.
According to the report, the number one reason why businesses are not getting the level of investment in digital assets that they should is that there are too few companies offering them.
“For small businesses, the amount of capital that is being invested in digital is a small fraction of the total amount of money that they need to invest,” Dr Rolf says.
This is not to say that companies are not investing in digital asset management.
It’s just that the amount is not enough to help them do so.
“Some small business owners may be reluctant to invest in the digital assets themselves, given the low return rates,” Dr Watson says.
The problem is that while digital asset managers are an option, they are not the only way to create a digital portfolio.
DPMs such as Trello are also a great option for small companies, but this is not a good option for businesses that require more than one person to manage their digital assets.
When you look at the data from Delowitte, you can see that companies with a large networked team have a much higher chance of securing an investment in an online portfolio management platform.
The average Australian company that has employees across 15 or fewer is a $13.4 billion company, which is up by almost two-thirds in just the last two years.