3 Minutė; -tės; -čių skaitymo 2020-12-16
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How monitoring can help boards better respond to shifting trends

Autorius Randall Tavierne

Global EY Private Assurance Leader

Global leader helping entrepreneurs and private companies realize their ambitions. Frequent speaker on the high-growth market.

3 Minutė; -tės; -čių skaitymo 2020-12-16
Related topics Private Business

Private boards need to be aware of the latest trends to help them to drive long term growth and remain competitive.

In brief
  • The EY Megatrends report provides private boards with valuable insights to help them to reframe their future.
  • By understanding four key trends, businesses can better prepare for a post-pandemic world.

The key to driving long-term value in today’s economic climate is to remain competitive and relevant. To do that, private boards need to stay on top of the latest trends so they are armed with the knowledge they need to look forward and reframe the future. To help boards chart this new course, the EY Megatrends report provides them with valuable insights so that they don’t miss the next big thing.

So what exactly is on the horizon that private boards need to keep in view? The report focuses on eight megatrends; however, the EY Global Center for Board Matters has narrowed down the four trends that have the most impact and applicability for boards across all industries, locations and models.

1. Decarbonization

Society’s dissatisfaction with how governments are addressing climate issues has been growing for some time. Wanting more done in this area, individuals and organizations are turning to businesses to make an impact. Moving forward, boards must work with the C-suite to ensure that climate-related considerations are included in ongoing decision-making processes. These actions not only aid society and build trust with consumers, they also are attractive to investors and potential new talent, which helps drive long-term growth.

2. Behavioral economy

Human behavior is now a commodity. As such, businesses need to delve into how consumers are making decisions, what types of consumers are emerging, and what new consumer segments are being created. And with research revealing that consumers are more likely to purchase from companies that are practicing CSR, businesses need to make sure they are focusing on purpose as much as profits.

3. Future of thinking

The push for technological transformation was powerful before COVID-19 hit and since then it has only amplified. Technology is changing how we think and work. While it can streamline processes and boost production, it is also creating challenges with respect to trust – both from consumers and employees. Boards and the C-suite need to find a balance between technologies that enable talent to move on to higher-value activities, while simultaneously preserving human centricity. Organizations must also mitigate cyber risks, which include such  things as disinformation, phishing and malware.

4. Work and life unbounded

The lines between work, leisure and learning are blurring. The pandemic has blurred these boundaries even further, highlighting the importance of the workforce and its well-being. Boards must prioritize the needs and desires of the organization’s best asset: its people. The focus should be on the work environment, health and safety, job satisfaction, benefits and productivity. 

Santrauka

The four trends that have the most impact and applicability for boards across all industries are decarbonization, behavioural economy, future of thinking, and work and life unbounded.

Apie šį straipsnį

Autorius Randall Tavierne

Global EY Private Assurance Leader

Global leader helping entrepreneurs and private companies realize their ambitions. Frequent speaker on the high-growth market.

Related topics Private Business
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