CEO Insights for What's Ahead | 8.2.23
Companies are struggling to get workers back into the office, with 73 percent of surveyed organizations reporting this as a top challenge. That’s according to a new survey from The Conference Board Human Capital Center.
Getting workers back to the office: Because of this pushback from workers, 68 percent of organizations are considering or implementing talent strategies to increase on-site work. Strategies include team building and celebratory events, flexible days/hours, and relaxed casual dress codes.
Yes, but: The push for on-site work may be hindering efforts to retain workers. 71 percent of respondents from organizations that are mandating on-site work reported difficulty retaining workers.
What we’re saying: “To attract and retain talent, the C-suite will need to develop policies that balance workplace flexibility with the cultural and social benefits of on-site work,” said Robin Erickson PhD , Vice President of Human Capital, The Conference Board. “While every organization is different, hybrid work is the likely solution in many instances. And, as these survey results make clear, offering hybrid work is a critical tool in the toolkit for attracting and retaining workers, especially amid a strong labor market that continues to defy expectations.”
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Will AI be the solution to chronic labor shortages and muted productivity—or put millions of people out of work around the globe? The short answer is that it depends upon the job.
Which occupations are at risk? Occupations with the greatest exposure to AI involve programming, reading comprehension, writing, active listening, mathematics, and speaking.
Which workers are safest? Occupations less likely to be replaced by AI require science, learning strategies, critical thinking, monitoring, and active learning.
1 billion workers impacted: Worldwide, potentially 31 to 44 percent of the formal workforce (or 770 million to 1.1 billion people) are at risk of having their jobs impacted by AI—either augmented or eliminated.
How CEOs should respond: The effects of AI on the labor force may take years to be realized. Still, the key is proactive communication—and solid plans for upskilling, retraining, and repurposing employees.
According to a new report from The Conference Board ESG Center, companies are most concerned about #ESGbacklash from policymakers, the media, employees, investors, business partners, and consumers over the next two years.
While only 11 percent of companies are changing the substance of their #ESG programs, 63 percent are focusing more on the link between their ESG goals and the core business strategy, while 48 percent are changing their terminology to use terms such as “sustainability.”
The path forward: While adjusting terminology may make sense, companies should not back away from the discussion of environmental and social responsibility. An abrupt shift can create the perception that the firm is either succumbing to political pressure or was not genuinely committed in the first place. Instead, companies should tie their commitments to the firm’s tradition of responsibly creating shareholder value.
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The possibilities of implementing AI in your business are tantalizing, and you are probably already exploring them. However, it can be complicated, and it is easy to get lost in the details of the technology.
The vision of AI: Occasionally, it is worth seeking inspiration from another industry or sector—a service that The Conference Board has been providing for well over 100 years—and refreshing the vision for AI in your company. This tangential prompting can lead to what some evolutionary biologists call “adjacent possibilities.”
AI inspiration: A rich seam of rapid inspiration comes from one of our Senior Fellows in Europe, Christian Kromme. His latest video explores how AI generative design is transforming the world of engineering, architecture, 3D personalized manufacturing, and other sectors. It might prompt an interesting line of thinking about the ways in which AI can transform your business.
QUOTABLE: Reaching Net Zero
“To reach a global goal…you have to have a global commitment. Everyone needs to be on board. Obviously…You have got to get the largest emitters on board, which is why working with China on global climate issues is of critical importance…But as a global goal, especially among the emerging economies, we must ensure that they are developing economies that are not based on high levels of carbon energy sources.”
— Dr. Lori Esposito Murray , President of the Committee for Economic Development , the public policy center of The Conference Board (CED). She joined CEO Perspectives to discuss CED’s insights and recommendations for the US to attain its goal of reaching net-zero greenhouse gas emissions by 2050.
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