Recent research condensed for busy talent development executives
Becoming data-driven requires culture change
According to NewVantage Partners's 10th annual Data and AI Leadership Executive Survey, initiatives are becoming more established and investments are paying off. Unfortunately, most companies are still struggling to realize a data-driven culture.
The 2022 survey of 94 Fortune 1000 or leading organizations indicates that 97 percent are investing in data initiatives and almost three-quarters have appointed chief data or analytics officers, but less than half report their companies are competing on data and analytics.
- One-quarter report having created a data-driven organization.
- Nine in 10 executives point to culture as the greatest impediment to becoming a data-driven organization, compared to 8 percent citing technology limitations.
- Forty-four percent of companies say they have well-established policies and practices in place governing data and artificial intelligence ethics and responsible data use.
"It is likely that as companies mature in their data capabilities and data leadership, they are also becoming more self-critical and realistic in their internal assessments, recognizing that there is much work that lies ahead."
—Randy Bean, CEO of NewVantage Partners, and Thomas H. Davenport, senior fellow for NewVantage Partners
Learn more about the Data and AI Leadership Executive Survey
Disconnect in organizations' commitment and action on DEI
Using its employee experience survey data, compiled from more than 2,100 companies and more than 1.1 million employees, Culture Amp explored the current state of diversity, equity, and inclusion initiatives. The good news: Three-quarters of companies say they support senior leadership for DEI initiatives. However, only one-third say they have enough resources to support the efforts.
- Only half have a DEI mission statement or strategic diversity plan.
- Four in 10 report conducting at least one survey focused primarily on DEI.
- Fifty-six percent report that they share DEI metrics at senior executive meetings, but only one-third share DEI metrics with all leaders, including department managers.
"Greater investment in DEI data collection, employee recognition, formal mentorship, and clarity of advancement processes will better equip companies to achieve the sea change they say they're seeking."
—Aubrey Blanche, senior director of equitable design, product, and people for Culture Amp
CEOs seek hybrid work best practices
One-third of global CEOs and half of US CEOs plan to have 40 percent or more of their workforces remote after the pandemic subsides. Although many C-suite leaders believe a hybrid work model will increase productivity and innovation, others are concerned it will come at the cost of culture and a heightened competition for talent.
The Conference Board's 23rd annual survey, C-Suite Outlook 2022: Reset and Reimagine, reflects the perspectives of more than 900 CEOs and nearly 700 C-suite executives.
- Forty percent of CEOs globally expect that a remote work model will lead to improvements in worker productivity and increases in innovation capacity.
- Half of CEOs globally believe remote work will lead to a weaker corporate culture.
- Eighty-five percent of CEOs and C-suite executives say a high-performing hybrid work model demands more focus on effective internal communication and management skills for team leaders and executives.
"At a time when not all staff are in the office, taking and communicating these steps can be all the more challenging, but absolutely critical to maintaining an inclusive culture that allows for productivity and engagement."
—Rebecca Ray, executive vice president of human capital for the Conference Board
Talent and culture top board agendas
What's top of mind for organizations' board of directors? When asked to pick their top three challenges, respondents to Corporate Board Member's annual survey of some 400 US public companies, conducted in partnership with Diligent Institute, say talent is their number 2 challenge. That's up from 10th place last year.
Culture is another issue troubling boards of directors. It's worth noting that culture has moved up in ranking each year, landing in third place for 2022.
- Forty-two percent say attracting and retaining talent will bear the greatest influence on their success in 2022.
- One-third say culture is one of the most difficult challenges for a board to oversee.
- Only 12 percent say they're fully confident in the reliability of the tools and resources at their disposal to oversee culture.
"Talent is a new contender topping the list of issues keeping directors up at night. Talent issues—lack of skilled labor, shifting of work policies, Covid-related mandates, rising wages, etc.—are affecting companies' ability to execute on growth strategies amid strong pent-up demand."
—Melanie C. Nolen, director of research for Chief Executive Group
Read more from CTDO magazine: Essential talent development content for C-suite leaders.