3. Take the road to sustainable development
The United Nations has set ambitious goals for sustainable development — zero hunger, good health and well-being, clean water, sanitation and energy, climate action — and chemicals companies have a large and profitable role to play, through co-created solutions with end users.
For instance, possible strategies in this area include investing in R&D to develop high-yield fertilizers and agricultural growth enablers, low-cost solar cells and fuel batteries, bio-based feedstock, enhanced water treatment and purification technologies.
4. Prioritize talent and culture to drive growth
To develop an agile workforce, companies cannot overlook the importance of soft skills, such as leadership, communication, innovation and digital capabilities. Such skills complement sector expertise and technical know-how to facilitate the deployment of latest technology in their operations.
Globally preferred employers have a lot to teach the sector on how to develop a culture of innovation, growth and employee well-being. It’s crucial for chemicals players to offer holistic reimbursements beyond monetary benefits and adequate growth opportunities, and efforts should be made to strengthen a company’s brand in the marketplace.
The chemical industry of tomorrow is taking shape today. And the companies that build on these trends now are positioning themselves to thrive in the marketplace of the future.