Dive Brief:
- A greater emphasis on workforce development correlates with better financial results, according to a new report.
- In addition, high-performing companies are more likely to offer flexible schedules (57% v 26%), and competitive compensation (86% v. 38%), the report states.
- Executives at high-growth companies also are significantly more likely to say that workforce issues drive strategy at the board level (64 percent versus 49 percent).
Dive Insight:
Workforce2020, a recent global study from Oxford Economics with support from SAP, uncovered some key characteristics of high-performing companies regarding their use of talent to drive bottom-line growth. For example, the survey states, executives at higher-growth companies tend to be more forward-looking and better prepared to adapt to changing workforce trends by paying greater attention to the demographic shifts shaping the workplace. High-performing companies also recruit and keep the best talent, reward based on merit, not tenure, prioritize workforce issues at the C-level, take training and mentoring seriously and recognize the value of data.
"The results demonstrate a clear division between those who are positioning their companies for the future of work and those who are not," said Edward Cone, managing editor of thought leadership, Oxford Economics. "We hope that these findings highlight that talent issues matter – and companies who are falling behind now cannot afford to do so any more."
