Our research series shares the latest insights and points of view, to help organisations address unique challenges and make decisions with confidence.
Evolving EVP: meeting business and workforce change
Business transformation needs HR transformation
How can organisations align their talent and reward strategies to their corporate purpose? In our latest research report, in partnership with the Reward & Employee Benefits Association (REBA), we explore how an organisations purpose and their ways of doing business are changing, revealing the impact this is having on the type of talent they need and their reward and benefits strategies.
The Covid-19 pandemic demonstrated to business why the CHRO and their HR professionals are essential to the sustainability and future profitability of their operations. And given the current economic climate, acute skills shortages, sustainability commitments and the cost-of-living crisis are just some of the challenges that are on the radar for CHROs and reward professionals.
Sustainability is driving business change
In this report, we explore how organisations are linking sustainability to their business and HR strategies, changing their products or services to meet sustainability objectives, and linking sustainability with their employee value proposition.
Organisations are focusing on sustainability more than ever before. Around the world, individuals are developing a greater interest in and understanding of how corporates can meet their current business needs without compromising future generations’ economic, environmental and social welfare. Meanwhile, investors are applying non-financial metrics to their objective assessments, redefining shareholder value.
Technology change is business change
The global pandemic has accelerated the digital and technological changes that have emerged during the ongoing Fourth Industrial Revolution. Organisations are focused on embracing change, evolving their businesses through digitalisation, technology and data analytics. To achieve these goals sustainably and effectively, they must acquire new, high-demand skills and nurture those who demonstrate them.
In this report, we explore how businesses are transitioning to a future that sees humans, technology and machines increasingly working side by side. Our report highlights the innovation and creativity such dynamic collaboration can foster. It also emphasises the care and investment needed when it comes to the people element of this collaboration to ensure the workforce is fully engaged and prepared for change, not harmed by it.
Aligning corporate culture to human values
Organisations are increasingly aware of the need to ensure their culture, values and purpose aligns with environmental, social and governance (ESG) expectations. Stakeholders, including customers, employees, investors and the media expect businesses to live their values, clearly demonstrating that policies, practices and employee experience match the image presented externally.
To become part of the fabric of business, values such as sustainability and diversity, equality & inclusion (DEI) need leadership buy-in.
In this report, we found that responsible business practices (78%), along with workforce related values such as DEI (78%) and employee wellbeing (73%) appear to be well recognised at board level. However, despite legislative and societal pressure, ESG factors such as climate change and environmental issues are less so, with only 58% citing this as a high priority.
People risk: why the need for change is urgent
Perhaps the lasting legacy of the pandemic will be a better world of work, where long-expected changes have arrived at speed. Organisations moved and adapted quickly, largely because of the creativity, productivity and collegiality of employees. Capitalising on this engagement is crucial for business success, while turning focus away from people will lead to devastating business risk.
In our first report in the series, in partnership with the Reward & Employee Benefits Association (REBA), data shows that even as organisations reshape, focus on values such as diversity and inclusivity, as well as environmental targets and purpose have shot up Board agendas, driven by employees, customers, local communities and investors.