way you operate that might be causing issues.” Another area of discussion was talent and how


responsible employers are upskilling and reskilling in the face of cost pressures. “Talent sourcing and development is one of the


most difficult and important things organisations can do to create an advantage for themselves. You have to look at your skills profile across the board. While many organisations really leverage the build, buy and borrow strategy – which are all important – it’s critical that they amplify the ‘build’. Why? Because it’s the most sustainable and cost-effective of the three.” In addition to closing the skills gap, you’re also


providing a clear employee benefit and enhancing their mobility within the organisation, added Emafo. It’s clear that complete alignment of both employee


and employer needs will take some work and effort in a challenging climate, but the panel was confident that solutions do exist where both sides can win, and prosper. “There is a tendency to approach things that have


THE WAY FORWARD FOR EMPLOYERS On the flip side, employers are feeling the pinch too. Will companies have to sacrifice financial performance and productivity to invest in employee health and wellbeing? Sichien doesn’t think so. In fact, spending money on


health and wellbeing has been a sound investment in her experience. “According to a Deloitte report, companies investing


in employee mental health will get back five times what they put in. But the important thing is that these initiatives need to be embedded in your corporate strategy and culture so the ROI comes fully back. It can’t be just an HR tool or one-off grassroots idea. It has to run right through the company. At Philips, we unfortunately had to let go of a few people recently, but we made sure we kept fully invested in mental health and training people to be mental health champions, including leadership, and it’s really paying off.” That support has to run right up to people leaving


the company too, said Sichien, as employees really take notice of that. John Ferguson, practice lead for new globalisation


at Economist Impact tried to redress the balance and understand the potential workload for organisations in delivering these wellbeing initiatives, particularly if they are small. Others debated the importance of companies approaching benefits in the right way. “Wellbeing initiatives are excellent and it’s better to


have them than not,” added Ravasi, but he warned that it can sometimes be because organisations are afraid to treat the cause. “For instance, employee sickness in the workplace


is often a result of feeling overworked, under- resourced, having excessive expectations, or being unprepared. There is often a root cause, like the culture or business model. It may be cheaper or easier to treat a symptom instead of the more difficult profound and radical thing to change the business. This is not what always happens, but it’s definitely worth organisations asking if there is anything in the


NUMBER CRUNCH


67% 59%


The number of people who say that inflation is making it too expensive to stay healthy


The number of employees who say they wish they had more support from their employer to live a healthier life


* Statistics from the latest ‘Cigna Healthcare 2023 report: Setting a course for global vitality‘


impact as a fashion or trend, and then forget about it. If organisations follow that they will disappoint on their purpose,” said Ravasi. “It takes intention when organisations are reflecting on matters of purpose. You have to understand what exactly you’re happy to sacrifice and what you want to prioritise.” Ravasi also touched on the increasing need for companies to exercise authenticity and be true to their word before developing bold employee initiatives, statements or decisions. “Ultimately, all these words we use like consistency,


honesty, transparency, authenticity, communication, are all elements of a bigger word – and that’s trust,” concluded Sherry. “That trust all starts with companies sharing their


values and expectations and understanding what matters to their employees by asking the right questions, and listening to them.”


37


GLOBAL LEADERSHIP


TALENT MANAGEMENT


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