The vast majority of C-suite executives are not working together, according to a new report by one of the world’s largest management consultancies.
In its study, The Rise of the Social Enterprise, Deloitte says that 73 per cent of respondents said C-suite is not working together. This is despite what Deloitte says is the need for increased collaboration on human capital challenges.
The research is part of Deloitte’s annual Global Human Capital Trends report, in which the consultancy examines the increasing expectations of the individual and the “breathless pace” at which technology is shaping organisations’ human capital priorities.
Erica Volini, principal, Deloitte Consulting, US human capital leader, says: “As society grapples with daunting demographic, technological and social challenges, people want business leaders to fill the gap, but our research shows they have a long way to go.
“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.”
More than 11,000 human resources professionals and business leaders provided their insights for Deloitte’s report, which makes it the largest survey of its kind, according to the company.
One of the other key findings was that millennials have high expectations of corporate social responsibility, with 76 percent regarding business as a force for positive social impact.
The concept of “corporate citizenship” was also analysed by Deloitte. Josh Bersin, principal, Deloitte Consulting, says: “Corporate citizenship is now a CEO-level strategy and critical to a company’s bottom line.
“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 behaviour with unwavering loyalty.”
An important issue many companies face no matter what their size is employee retention, and here Deloitte found that investing in the employees’ individual development is important.
Volini says: “Personalised incentives and well-being strategies are key differentiators in talent acquisition and retention, particularly in a tight labour market.
“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.”