Boards can help guide the C-suite on this path by strategically thinking about human capital. Together, they can address talent issues - recruitment, upskilling, re-skilling, and how and where work is getting done - head-on. To stay competitive, it is imperative that leaders assess talent’s current needs and wants and take appropriate actions to meet them. The remuneration, perks and benefits desired will vary by generational cohorts, so this is not a simple task. But, it is one that can make all the difference when it comes to corporate culture. And, it is that culture that can make or break a company’s overall value.
In this challenging environment, a generous helping of empathy and appreciation can have a huge impact on how talent feels about the company. Acknowledging the stressors of working from home while multi-tasking family issues and the need to feel safe in the workplace should be top of mind. Actions that focus on employees’ mental and physical well-being must be built into strategy. And they can be of all shapes and sizes. Even small thank-you and shout-out for doing a good job can go a long way in enhancing morale, which can boost productivity.
Top talent in today’s market have plenty of choices of where they want to plant their feet. Working closely with the C-suite, particularly the CHROs, boards can help take stock of, and in, talent. Only by truly valuing talent will companies build a workforce and culture that will drive long-term value for the business.