GLOBAL LEADERSHIP
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hallenges around talent recruitment and retention, the role of women in the boardroom, the importance of social equality, and ways to support good mental health at work, are all issues for global and UK companies.
When you also consider the changing role of managers, who now need to engage, relate and communicate with staff in a much more open and personal way than ever before, these issues all add up to a recipe for massive change.
PROFIT AND PURPOSE Business leaders predict that as business is actively working to answer some of the biggest challenges and issues – how to adapt to new technology and cope with the worldwide skills shortage – it will also need to demonstrate that it can be a force for good. It needs to represent a positive purpose in society. Indeed, director-general of the CBI, Dame Carolyn Fairbairn,
said at the CBI’s annual conference in London that while business is about profit, it is also “about so much more”. She added, “We have to demonstrate that profit comes with purpose.” She has also emphasised how the coming years will require companies to reskill their whole workforce, saying that an estimated nine out of ten people will need to be retrained or reskilled over the next ten years and that this was “a gargantuan task”. In key areas, business can show that it is improving the lives of
people and making a positive impact on society. For example, when it comes to climate change, business can deliver the innovations that the economy needs, Dame Fairbairn says. Another important area of innovation is technology, where
huge advances have been made. But with that comes responsibility, says Baroness Lane-Fox, chair of Doteveryone and co-founder of
Lastminute.com. She told the recent CBI conference that she hoped “inclusive technology that benefits everyone in society” can be developed in the future. She also believes that social media companies needed to think about where their responsibilities lie going forward. Technology has changed the way we work, shop and
communicate with each other and it has also had a disruptive effect on traditional business models. “As technology frees up the traditional 9-5 office set up, our choice of profession and way of working becomes a defining factor in our lives,” says Chas Moloney, marketing director at Ricoh UK. “Having the right culture in place can
instil a sense of belonging, subsequently driving employee performance, creativity and overall happiness in the workplace,” he says. But with the rapid pace of digital transformation, organisations must recognise the need to evolve and concentrate on their people processes, to ensure a positive culture with a lasting impact.
Right: Dame Carolyn Fairbairn,
director-general of the CBI, speaking at the annual conference
if it wants to stay attractive to this generation and give them a sense of value and of empowerment, he says. The tech industry is booming in the UK, with fintech a
particularly successful part of that story. However, employers have to look to Europe and beyond to find the right talent. They are also beginning to see the value in recruiting from a much wider UK talent pool in order to reflect fully the diversity of modern UK culture. “Tech will need 500,000 skilled workers by 2022,” says Cindy Rose, CEO, Microsoft UK. “We need to be open to talent wherever in the world it comes from.” In order to find the staff who could fill these emerging roles,
FINDING THE TALENT OF THE FUTURE Recruiting and retaining the right talent is one of the biggest challenges that business currently faces. Two of the industries feeling that most keenly are the tech and creative industries, which have already been forced to look outside their traditional recruitment areas in order to find fresh talent. “Millennials have a different value set and mindset,” explains
Mr Moloney. “The challenge for employers is that 85 per cent of Gen Z want to start their own business. When they are employed, they want to feel that they are part of the business.” People with an entrepreneurial mindset are going to spend less time working for organisations. Business has got to change
“WHILE BUSINESS IS ABOUT PROFIT, IT IS ALSO ABOUT SO MUCH MORE.”
Dame Carolyn Fairbairn, director–general of the CBI
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