How To Secure The Right Candidate On Your Terms In 2021
Established recruiters have somehow presided over decades of innovation across multiple sectors, without ever really taking inspiration from their clients. They’ve remained committed to an overpriced and inefficient model at the expense of speed, flexibility and quality. But businesses are losing patience. Fortunately, a service-driven revolution is already underway to redefine C-level executive placement. In this short paper you will discover:
- Why businesses should demand more from recruiters
- How technology can streamline outdated processes
- The importance of transparent pricing and flexibility
- How differentiators combine to become truly disruptive.
Who should read this paper?
This paper is specially created for C-level executives managing businesses anywhere in the world.
The importance of having a professionally and socially diverse board cannot be overstated in today’s corporate world. However, despite the benefits of diversity in the C-suite, equal representation of gender, race, religion, age, sexual orientation and disability in corporate boardrooms is still a long way off. To make a case for why organizations should be more committed to increasing representation at board-level, in this blog, we will take a look at the benefits of a diverse board to understand what organizations stand to gain when they prioritize diversity in corporate governance.
The benefit of different perspectives
Different genders, ages, ethnicities, cultures, disabilities, sexualities can each bring different perspectives and multiple insights to the table from their different personal life experiences. A diverse board with executives capable of communicating diverse opinions will provide an ample opportunity for robust discussions, well-rounded decision-making and more innovative solutions.
Productive board discussions require diverse and varied perspectives that would disrupt the status quo, and it would be difficult to get different views if every board member shared similar social and professional backgrounds. Moreover, if all board directors were always on the same page, why would there be a need for a board at all?
When there is diversity at board-level, then it is very likely such diversity is going to be reflected throughout all departments in the organization. Essentially, companies with substantial representation of minority groups in top positions are more likely to hire and promote employees in these groups. This type of representation does not only attract top talent to the company, it also lends the idea of a diverse corporation which puts the corporations in a good light in the eyes of shareholders, investors, customers, regulators, the media and other entities.
Also, diversity in boardrooms, be it in gender, sexuality, ethnicity, etc., means a board of directors from diverse backgrounds who set the stage for tackling ideas from different angles and multiple perspectives. Such a company would be better informed with decision-making when it comes to handling issues that represent the diversity that exists within their workplaces and the societies they operate in.
Shareholders want it
Unsurprisingly, shareholders in many listed companies are demanding for more representation in senior level management including but not limited to diversity of gender, race, age and expertise. The 2017 Board Diversity Survey by Deloitte revealed that 95% of the respondents were in support of more diversity in the workforce.
The demand for more diversity in boardrooms by shareholders has been no doubt spurred by the fast-changing global economy which necessitates corporations to have as much representation as possible on their boards. Moreover, a board that lacks diversity would be less likely to accurately understand and therefore tackle the needs of their, most likely, diverse audiences. Diversity at board level will enable corporations to become more sensitive to those who live and work in the real world to some extent and that’s what shareholders want.
Companies with diverse boards perform better
Several studies have shown a correlation between business performance and diversity in corporate governance. Boards are better equipped to perform at their very best when professional, social and cultural diversity which promotes diversity of thought and perspectives are abundant on the board table. A 2015 report from McKinsey & Company, and a 2016 report from the Peterson Institute for International Economics both showed that companies with more diversity in corporate governance achieved better profits than others.
A more recent 2018 report from McKinsey & Company only further strengthens the need for diversity as the analysis demonstrated companies with gender, cultural and ethnic diversity in C-suite were 43% more likely to see better-than-average profits. Thus, a diverse board can give corporations a competitive edge in their respective industries that will help them improve performance and increase profits.
The benefits of having a socially and professionally diverse board are too valuable to ignore. In addition to the fact that diversity projects an impression of an inclusive company, the varied life and professional experience that those from different walks of life bring to a board are crucial to making decisions that represent every person that comes into contact with your organization.
Does your board lack diversity? CEO Worldwide can help! We can connect you with a selection of vetted Non-Exclusive Directors relevant to your business within days – take a look at our 9,400+ vetted NEDs now.
For a lot of companies, Corporate Social Responsibility and Sustainable Development remain relatively vague concepts. They speak about it, they think of it, but they are very few to set up a true strategy.
Much wonders which can be their interest to take a turn towards a responsible and durable company.
A recent study published by YouGov and Barclays brings a new element in response: it brings in money.
This study raises that, according to 57% of the companies, the key to encourage business to invest more in the durability matters lives in subsidies and a tax exemption. What to make of this report? One can regret that this result put forward the sempiternal request for financial advantages. But the fact remains it is time of (re)thinking business, by taking into consideration the current stakes of our society. And thus, to set up mechanisms which would incite the business world to take the path of CSR.
For employee retention (and then, for money too)
Moreover, 78% of the employees affirm it: the CSR is an important part of the life of the company.
And the figures also illustrate the effect CSR initiatives have on employee retention. A total of 67% of employed UAE residents interviewed say they are more likely to continue working for companies that allow them to volunteer more during working hours.
For investor confidence (and then, for money too)
The investors are not outdone: 83% of them wish to invest in socially responsible projects. Over the last two years, SRI investing has grown by more than 22% to $3.74 trillion in total managed assets, suggesting that investors are investing with their heart, as well as their head. In fact, about $1 of every $9 under professional management in the U.S. can be classified as an SRI investment.
For values – with a little assistance – and reputation (and then, for money too)
In any case, a CSR implication is, above all, the reflection of the values of the entrepreneur. In particular in SME. Indeed, the size and the branch elements to be considered. And it appears that assistances at the regional level can encourage the structures to be implied; but this, in a precise field.
Besides, the environment is often the front door as regards CSR. Many companies start with waste management and the fight against the wasting. Whatever the size of their company, the leaders – even if they are not converted to humanism – are increasingly sensitive to the strategic issues and operational which their implication CSR represents.
Their reputation is at stake.
New research released by YouGov shows that organizations in the UK are discovering multiple benefits from the trend of focusing on reputation.
A new European consensus for the development was signed in 2017. The CSR is presented there like one of the best tools for the installation of a new economic paradigm. The platform of commitment CSR and sustainable development presents the ranking of the most advanced countries in this field via a study completed by Institute RESPECO (attached to Word Forum) for a Responsible Economy:
We can see that CSR is especially present in Europe. The first non-European country can be found in the 24th place (Australia).
To consider half of the world (and then, for money too)
As a French woman, I could be delighted by this «good performance”. But we are many to notice how much the way to go is still long. In particular as regards equality man-women…
In the 100 larger European companies, the executive committees are still composed of 89% of men. However, we all know what the benefits of co-education are from now on. On the basis of this report, the Observatory of co-education (OMix) (think tank of the Institute of the responsible capitalism, l’Institut du capitalisme responsable,) sponsored by the chief executive officer of Sodexo Michel Landel, have worked on the subject. Seven large companies -Crossroads, Crédit Mutuel, Arkéa, Engie, Legrand, Sanofi, Sodexo and Suez – have cogitated with 17 to put forward six measures.
And we need at least six of them because women continue to be vastly underrepresented at every level. For women of color, it’s even worse. Only about one in five senior leaders is a woman, and one in twenty-five is a woman of color.
Progress isn’t just slow—it’s stalled. And we know why.
And it’s a pity because mixing in the boards improves performance: companies perform better when they have at least one female executive on the board, a study of companies in the UK, US and India shows.
To conclude, let us hand over to Viviane de Beaufort (French professor at the Law and Environment department at ESSEC and founder of Women ESSECEXEC Programs): “France cannot do without half of its talents (cf the number of graduate women). Lastly, as much my work as testimonies of large leaders attest that women fist-time trained, qualified, duly selected discuss the strategy, the risks, the governance, the model with a new eye”.
Come on guys: be courageous, commit yourselves in Corporate Social Responsibility and Sustainable Development! Risks are low: it is proved that you will only be more efficient!
Click here to view Michele’s Short Bio
Our second global report on Women in Business and Management offers new insights into how gender diversity at the top improves organizational performance.
Women are better educated and more active in the labour force than ever, and are increasingly working in managerial roles.
Written by Shantha Martin
I keep going back to innovation…and I am sure you’ll be wondering, WHY??
It is simply so, because if it wasn’t for innovation, we wouldn’t have progressed thus far,…..for innovation keeps coming back,…..each time in a new avatar, hence for me to talk about innovation is neither stale,…..nor a stale-mate,…..instead it’s a state we are in,……a state of evolution and progress,….
In school we were taught, so many things,…..the languages, the mathematics, the sciences, the histories, the geographies,…..and thereafter it was our lives that took over, ever so constantly teaching us,…..every moment, every day,…..and in this mire we are constantly reminded that we have to survive, for life is a struggle,…..and we are all in the business of survival,…..and the law of “The survival of the fittest”, holds true for us as well,…….and to survive in our businesses we must innovate,…..constantly ever so,…..never stale,…..never a stale-mate !!!
Looking at the logic of logistics, we realize that the strengths an army drew in the WW II, was through its logistical competence,…….the Industrial revolution took over thereafter,……economies opened up unto one another towards the creation of a globalised environment, especially in terms of trade and commerce.
Soon supply chain brought in an edifice of scientific management in logistics which saved time and money, and catered to the needs of Individuals and Organisations. The advent of Telecommunication, followed by The Information Technology and Faster and efficient transport systems saw us propelled beyond our orbits towards a world that would change very fast,….and now we are here within a constant flux of our business environments wherein innovation is the only panacea for survival.
“Innovation begins at the intersection of invention and insight,” notes Patricia Pepper, director of strategy and innovation for IBM Integrated Supply Chain
While many companies talk innovation, what’s truly important is achieving the results of that innovation, according to the standards of your clients, internal employees, and suppliers.
While evaluating the importance of innovation we must ask ourselves that, will pursuing a strategy of incremental improvement through innovation allow us to meet our business objectives, and can we avoid having our products and services become commodities?
If they do become commoditized, the ability to price effectively will decrease, and so will the profitability.
Supply chain innovation is important for companies of all sizes. It means looking at the way a company applies its assets, operating resources, and capabilities to develop new ways to satisfy customer needs. Companies should measure the value of innovations by how well they help meet customer demands.
While few companies are implementing breakthrough or “leapfrog” innovations, nearly every company today is looking to innovate in some way or the other.
Some key areas of activity upon which innovation in logistics have taken place involve the following:
This involves putting in place the necessary technology, people, and global operating models keeping in view global demand, alongside a global supply chain process to cater to that demand.
Collaborating: Collaborating with trading partners.
Instead of operating within one’s own boundaries, we must look beyond our boundaries, collaborating with our trading partners so as to collapse the time between sales and replenishment. This holds especially true for a Supply Chain orientation.
Breaking down silos and integrating functions to develop creative solutions.
To transform through innovation we need to have a strong desire for internal and external collaboration. This transformation should cut across departments and areas of focus within a company and it should also link the extended enterprise, such as key suppliers, customers, and channels.
Innovation isn’t only about new technology; instead innovation should be an integral part of the entire operation.
Apart from product innovation we need to talk about value process innovation and execution innovation.
The seeds of innovation can be sown by any member from within the organisation, or from outside the organisation. We as managers should enable ourselves to derive from these through creative imagination and develop a portfolio of feasible innovation approaches, work upon each idea through a strategic orientation, plan and provide the required resources, such that Innovation can be executed in the best possible way and its outcome can be measured vis-à-vis the defined benchmarks.
A creation of a centralized repository of best practices in Innovation will be most desirable at an Organisational Culture level.
Needless to say that many organisations which are driven hard by technology, have come a long way in streamlining an automated process, which reduces errors and saves time along with real time visibility of cargo movement, however through this we have somewhere lost out on the human front, and ironically it is the human touch which relates to service; in this direction our communication needs to be impeccable, such that we can coordinate in the most efficient and amicable way – understanding the needs of each other!
We should be prepared to advice our innovators on how to take ideas to the next level, in terms of assembling a team, developing a plan, and securing a patent (If need be.)
The most critical step in innovation is to measure that we have indeed delivered the desired results, in terms of Customer Satisfaction, and our own Profitability.
HOW FAR HAVE WE COME IN OUR JOURNEY IN INNOVATION
1. We have been working towards being an Integrated Logistics Solutions provider.
Note: A Solutions provider is a service provider who innovates.
2. Product Innovation – We offer multi products – LCL, FCL, AIR , Project cargo , warehousing , inland , over border , end to end offering (A question we need to ask – “Are we getting Commoditized here ?”
3. Collaborative Supply Chain Innovation and Specialization – Focusing on Industry Vertical – NGO / Automotive and Pharma
4. Network and Route Innovation – With our presence in the main gateways we are providing logistic solutions to our clients to use the corridors of Mombasa, Dares Salaam, Beira , Durban
5. Making Inroads into the Frontier Economies – First Mover advantage needs to be coupled with Innovation, such that we stay a differentiated Solutions Provider, in our quest to command market leadership, through Brand Value.
6. We have invested in technology – we have launched a warehouse management program in Morocco to cater to the global names and we plan to extend this to Egygt , Tunisia , Algeria and other locations as well.
———, AND WHERE DO WE NEED TO GO FROM HERE
We need to imbibe an Innovative Culture at our regional levels (Some Innovations may work at regional levels and not at global level, while some may fit into a global scenario, however the Collaboration and Integration needs to be global)
We need to invest in developing “Innovation Think Tanks” involving Fresh Management graduates especially, to compile and collate data,……so as to create an “Innovation Portfolio”
We at the helm of Management can guide and derive from the ‘PORTFOLIO’ thus created and work upon its Strategic viability, and Implementability.
We also need to have the Benchmarks in place, so as to measure the results of our Implementation.
And all this while we need to be nimble, and keep ourselves ahead of change,……in other words we need be not just the Change Leaders,……but we need to become Innovation Leaders !!
I would like to sum up my thoughts by saying, “Our customers will come to us with their problems, and we need to be the solution to their problem…and this is what Innovation means to me”
I would like to know your thoughts, such that together we can Adapt, Collaborate, Integrate into an organization which believes that Innovation is at its Heart…
This paper aims to probe the minds of Elected Women Representatives (EWRs) , the harbingers of change in rural political governance in India. It explores the interrelationships between their own thoughts, emotions, and behaviours, as well as those of their families, Village Council (VC) members, and villagers.
The Project of law on French boards gives an occasion to exchange some views on women’s quotas but moreover to give ideas on ways to improve corporate governance on boards.
The reasons for the study:
– Gender diversity on Boards should be a vehicle for change and provide greater Business efficiency…
– Women should be able to bring their ‘added value’ to places of power, including in the “Workplace” and BOARDS!