Collaboration, agility, transparency, innovation, and productivity are the five key challenges facing global companies over the next five years, according to data based on more than five million employees worldwide by global management consultancy Hay Group. However, the Hay Group research found that engagement and enablement levels in many global businesses haven’t improved since 2000.
“The business environment is rapidly changing. Our research shows that many companies don’t currently have the right strategies in place to respond to the challenges this brings through arguably their most critical asset – their people,” says Mark Royal, senior principal at Hay Group.
“Firms rated highest for engaging and enabling their staff to achieve four and a half times the revenue growth of their lowest scoring counterparts and see up to 54% improvement on staff retention. People are the lynchpin to sustaining performance in this rapidly changing world, and organizations need to wake up to this. The successful organizations will be those that realize their employees are a unique asset and can help them meet the challenges both now, and as they intensify in the future,” he remarks.
Keeping up with change and making the right decisions will require new levels of collaboration. "Big collaboration" will mean bringing together teams, functions, organizations, and even competitors to reach solutions.
But despite 80% of organizations globally placing team-working amongst their strengths, Hay Group’s research reveals that close to half of employees (44%) say their teams are not adequately supported by counterparts elsewhere in the business.