Changing expectations of key talent force CEOs to changeStaff writer ▼ |
Corporate values Focusing on societal value
CEOs increasingly believe that the very best talent will only join and stay with organisations that have strong values.
CEOs are now so conscious of this that 69% of the 1,409 CEOs interviewed by PwC say their organisation’s purpose is focused on societal value – and 24% changed their purpose in the last three years to make it so.
Led by the Millennial generation, people want to support and work for organisations they can trust.
They are looking for more responsible and ethical goods, services, brands, companies and employers – and CEOs are looking to provide it. 75% of CEOs are making changes to values, ethics and codes of conduct in response to wider stakeholder expectations.
Another key magnet for attracting key talent is the right people strategy. 67% of CEOs think that in five years, rather than going for the biggest pay check, talent will prefer to work for organisations with social values that match their own and they are making changes to their talent strategy accordingly.
But while CEOs know it’s imperative that they get talent strategy right and they have excellent strategic intentions, they’re struggling to translate these intentions into tangible steps.
For instance, 72% worry about the availability of key skills, but just 30% are focused on upgrading the skills and adaptability of their people.
And despite CEOs agreeing that technology is important in responding to stakeholder expectations, only 4% of CEOs recognise the value of predictive people analytics in their talent strategy. ■
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