The skills required of executives to successfully compete are changing faster than ever before. Not only has technology affected every department and how they operate, but the role of business’ in society is evolving as well. The C-suite skills of the future are highlighted in Deloitte’s 2018 Global Human Capital Trends report, The Rise of the Social Enterprise.
The traditional career path is no longer relevant for today’s workforce. 47% of those surveyed said that they are looking at acquiring new skills and taking different approaches to their career. With technology a key factor across departments, analytics is a key concern for executives. 63% realize the need for complex problem-solving, 55% for cognitive abilities, and 52% for social skills.
Executives have also realized they need to look beyond professional development for employees and address employee’s personal needs as well. 61% of respondents said that well-being improves productivity and bottom-line results, while 60% stated it improved retention, and 43% said it reinforced their company mission. Unfortunately, only 3% of companies believe they have a structure in place to deliver on this. In the new “social enterprise”, the c-suite will need to determine how to incent and reward employees in ways that is meaningful to them as people.
“Personalized incentives and well-being strategies are key differentiators in talent acquisition and retention, particularly in a tight labor market,” said Erica Volini, principal, Deloitte Consulting LLP, U.S. human capital leader… “Once-a-year reviews and bonuses are table-stakes in today’s enterprises. Expanding rewards and well-being strategies is critical for the C-suite if they want to attract and retain the right individuals.”
Volini added, “This year’s report is a wake-up call for organizations to look beyond their own four walls and reimagine their broader roles in society. Integrating the C-suite to build a more social enterprise will be a differentiator for businesses to attract the right talent, drive customer loyalty and sustain long-term growth.”
An increase in political awareness and expectations of transparency have shown a spotlight on business’ role in society. Companies are considered a driver of change for their employees, their community, and their customers. 77% of respondents said citizenship is important for their company’s brand identity and mission. This is driven by millennials’ belief in corporate responsibility as a force for positive social impact.
“Corporate citizenship is now a CEO-level strategy and critical to a company’s bottom line,” said Josh Bersin, principal, Deloitte Consulting LLP, and founder and editor-in-chief of Bersin. “It’s not about check-the-box CSR initiatives, but integrating citizenship, fairness, inclusion, and purpose as core values across work practices. Customers and employees alike are holding companies to higher standards than ever before and rewarding companies who demonstrate socially-conscious behavior with unwavering loyalty.”
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