Take Survey
MEDIA, JOBS & RESOURCES for the COMMON GOOD
NEWS  |  Careers, General, Leadership, Research

Business Talent Prioritise Social Values


Wednesday, 10th February 2016 at 8:46 am
Staff Reporter
Eight out of 10 Australian CEOs have acknowledged in a new report that their top talent want to work with companies with social values that align with their own. The PwC 2016 Annual Global CEO

Wednesday, 10th February 2016
at 8:46 am
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Business Talent Prioritise Social Values
Wednesday, 10th February 2016 at 8:46 am

Eight out of 10 Australian CEOs have acknowledged in a new report that their top talent want to work with companies with social values that align with their own.

The PwC 2016 Annual Global CEO Report found that Australia’s economy is readjusting after the mining boom, China’s economy is slowing, and the speed of technological change and a huge leap in cyber-attacks means volatility is the everyday norm.

“We’re seeing Australian CEOs respond by focussing on cost-cutting measures and reducing headcount. While there’s merit in this, the focus should be on productivity, innovation and R&D, as these will lead to the long-term sustainable growth Australia needs,” the report said.

“The stakeholder pool is broadening and with it comes challenges of who, and how, companies can effectively communicate organisational values and purpose to. It’s no longer just financial investors or regulators that are essential stakeholders, rather customers, industry competitors and local communities who seem to yield significant impact on organisational strategies.”

On the talent side, the report found that 78 per cent of Australian CEOs said that their top talent wanted to work with organisations that share their social values.

At the same time, only 20 per cent of CEOs said investors were seeking ethical investments. However it was predicted that this rate would rise over time, with one-third of CEOs saying it will be important in five years.

The report said CEOs know that keeping the trust of their customers and stakeholders is fundamental to their organisation’s long-term viability “but trust, it appears, is slowly eroding”.

“Two years ago 40 per cent of Australia’s CEOs were concerned about the lack of trust in business. That number has now jumped to 57 per cent,” the report said.

“CEOs are aiming to rebuild trust by doing a better job of meeting the widening expectations being placed on them. For example, one-third say they have changed their organisation’s purpose in the last three years to take account of the broader impact they have on society.

“But they recognise there’s more to do: more than half say that business should be doing more to communicate organisation purpose and value for stakeholders.”

The report said business leaders were also looking to deepen their organisation’s purpose into the future.

“A significant number of Australia’s CEOs say that the organisations who will be successful in five years time will prioritise long-term over short-term profitability (92 per cent), address wider stakeholder needs (86 per cent), report on financial and non-nancial matters (80 per cent) and put corporate responsibility at the core of everything they do (73 per cent),” the report said.

“Despite the strong incentives to do so, there are major barriers CEOs must face in order to respond to changing customer and stakeholder needs.”

Almost half are concerned about the additional cost to their business, and one-third cite conflict between stakeholder interests and financial performance expectations and more than one-quarter of Australia’s CEOs believe they don’t have the right capabilities to meet expectations.

The 2016 report discussed key issues across the CEO agenda including growth, transformation, measuring success and managing stakeholders. It considered the role that government has to play, in particular tax reform and helping secure a skilled and adaptable workforce with a focus on science, technology, engineering and maths (STEM).

 




Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers?

Get in touch at news@probonoaustralia.com.au

Tags : PwC,

 Print

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Write a Reply or Comment

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

Education Could be Bolstered by NFP-Business Collaboration

Luke Michael

Tuesday, 6th February 2018 at 5:16 pm

Majority of NFPs Are Not Believed to be Well-Run, According to New Survey

Luke Michael

Tuesday, 12th September 2017 at 4:14 pm

Survey Questions “Well-Run” Not for Profits

Wendy Williams

Thursday, 30th March 2017 at 4:37 pm

CEOs Show Scepticism Over Globalisation Benefits

Ellie Cooper

Tuesday, 17th January 2017 at 1:44 pm

POPULAR

NDIS Service Providers Cautious Over Complex Needs Pricing Shake-Up

Maggie Coggan

Monday, 10th December 2018 at 5:11 pm

Australians With Disability Twice as Likely to be Evicted Without Cause

Luke Michael

Wednesday, 5th December 2018 at 5:29 pm

Tech-for-good Companies Merge to Extend Impact

Maggie Coggan

Thursday, 29th November 2018 at 8:34 am

Putting Disability and Leadership in the Same Sentence

Maggie Coggan

Monday, 3rd December 2018 at 8:56 am

Take Survey
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!