The Deloitte Global Boardroom Program recently released the findings of its survey, “Time to rethink talent in the boardroom,” uncovering a noticeable gap between business leaders' perceptions of their boards' understanding of workforce issues and the adequacy of workforce-related discussions.
The survey revealed that although 89 percent of leaders felt their boards were well-informed about workforce matters, only 36 percent believed the discussions sufficiently addressed their organizations' needs.
This survey, which compiled responses from nearly 500 directors and C-suite executives from over 50 countries, highlighted the urgent need for boards to engage more proactively in talent-related discussions. The survey shows that as organizations navigate complex challenges, including geopolitical uncertainties, technological innovation, and increasing demands for climate action and diversity, talent management emerges as a pivotal factor in building resilient, diverse teams.
Anna Marks, Deloitte Global Chair, stressed talent's critical role in ensuring organizations' future sustainability. "Boards need to maintain a focus on talent to help build workplaces that will support talented, healthy, and resilient teams moving forward," Marks said.
Leaders identified several talent management priorities, such as aligning workforce investments with strategic goals, enhancing workforce benefits through technology, and fostering organizational belonging. Skills and talent availability stood out as a significant risk for 78 percent of respondents, underscoring the global talent shortage and the pressing need for workforce upskilling amidst the rapid advancements in AI.
In response, leaders prioritize creating engaging work, career advancement opportunities, flexible working conditions, and a strong focus on corporate purpose and culture. Competitive compensation and environmental sustainability initiatives also ranked high as strategies to attract and retain top talent.
The survey findings call for boards to intensify their attention on talent strategies, necessitating a more deliberate approach to setting talent agendas. "Boards must increase their focus on talent issues," Marks urged/
For further insights and strategic guidance based on the survey findings, Deloitte has made additional information available on its website.