83 per cent of companies are planning to re-train their workforce to use emerging technologies like GenAI, according to new research from HSBC.

The study, which surveyed 2,900 business leaders across eight markets globally, also found that 86 per cent of firms are looking at how these technologies can help to advance employee skillsets.

A further 82 per cent said that they are investing in new talent in response to rapid advances in technology.

“The fourth industrial revolution will transform businesses as new technology and ever-increasing levels of automation are integrated into the workplace,” said HSBC global head of commercial banking Barry O’Byrne. “What our Digital Horizons report makes clear is that successful businesses will not see a diminished role for human skillsets."

O'Byrne continued: "To remain competitive, businesses will need to harness new technology to empower teams to perform better, more efficiently and more creatively. This agility will require new ways of thinking and working, and different capabilities.”

Additionally, the report found that collaboration will be fundamental to business success over the next 10 years, with a large majority - 85 per cent - agreeing that more collaboration within their organisation will drive growth. A further 84 per cent said that collaboration with other players in their sector would also support growth.

Most businesses - 82 per cent - also agree that collaboration outside their own sector is key to success in this area.

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