08 Jun The bold organization
The Bold Organization – innovate, lead, attract
As rapid technological advancements and an uncertain economy shape the business landscape, America’s top executives continue to have a high level of confidence that their organizations can compete. However, America’s top executives also report doubts on how to transform their businesses effectively for future success. The Deloitte Business Confidence Report 2016: The bold organization – innovate, lead, attract identified three core areas at the crossroads of transformation and confidence:
- Innovation and its relationship with technology
- The need for bold leadership
- The increasing pressure to find, develop, and keep the right talent
Innovation: The C-Suite’s narrow approach
Business leaders continue to prioritize innovation. However, it’s clear that businesses are not yet investing in solutions to overcome the top issues constraining their innovation.
Almost half of executives admit they are not investing properly
Confidence is not the only ingredient needed to drive innovation. American’s top leaders agree on the top three innovation-focused barriers to growth:
- The rapid pace at which technology changes
- The need for new and different skills
- The lack of investments in products or processes
While executives can identify their top business challenges, they are less adept at prioritizing solutions to meet these challenges. Innovation investments are often misdirected, not distributed across the company, or isolated to specific areas.
Talent “brain drain” looming
New technologies and new ways of working are creating a skills gap that many companies are unprepared to meet. Almost half of executives admit they are not investing properly in solving this issue due to the speed at which technology and markets change. Fast-changing, more demanding technologies are shifting the talent emphasis from “tech 2.0” skills, such as collaboration and the ability to work remotely, toward new capabilities, such as adaptability and technology expertise.
Below you can see the Infographic and read the full Confidence Report by Deloitte US’s CEO Janet Foutty.