The Top Three Problems Keeping Business Leaders Up At Night

The Problems Keeping Business Leaders Up At Night

Economic uncertainty, talent retention and political polarization are top- of-mind for business leaders. It seems the only thing certain about business is uncertainty. Today’s leaders have to prepare for the best, worst and in-between scenarios.

In a recent study, CEOs cited workforce development, business strategy and HR financial impact as top concerns. Patrick Wright, department chair and Thomas C. Vandiver, bicentennial chair at the USC Darla Moore School of Business, conducts a survey of Fortune 500 CHROs every year, interviews CEOs about the challenges they face, and shares his findings in the report Executive Succession. In an interview with me, Patrick shared some of these findings, chief among them:

  • Developing strategic workforce plans topped the list of CEO challenges, with 41% indicating this process needs improvement and 7% indicating it needs vast improvement.
  • Influencing the development of business strategy was a priority, with 24% stating it needs improvement and 3% saying it needs vast improvement.
  • Understanding the financial impact of HR processes was listed, with 22% noting it needs improvement and 2% asserting needs vast improvement.

For executives wanting to better develop their workforces, business strategies and HR processes, consider these approaches:

  1. Inclusive succession planning
  2. Diversity, equity and inclusion (DEI) strategic planning
  3. Inclusion assessments

Inclusive Succession Planning

Succession planning processes have not changed as significantly as the workforce has over the last few decades. With increased diversity in the workforce, it is important that leaders pivot succession-planning processes to ensure they’re truly inclusive. Often, decision makers are made up of the dominant group (i.e., white men). The challenge with that is humans tend to have affinity biases and support people who they perceive to be like them (a.k.a., other white men). With more diversity due to younger employees of different races, gender identities, ethnicities and abilities, it’s important that succession planning encompasses the historically marginalized groups more proactively………

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At Next Pivot Point we have lots of resources to help you facilitate successful diversity and inclusion initiatives. Schedule some time with our team today to discuss where to start or how to do better. You can also check out: