- Nearly half (48%) of corporate directors lack confidence in their boards' abilities to move their companies forward in the current era of technological disruption, according to a new survey by Corporate Board Member and Ernst & Young, LLP.
- Only 46% of directors reported feeling "very attuned" to potential disruption on their organization and industry, compared to 69% who reported that their management was very attuned.
- Eighty-three percent of directors said they would support potentially disruptive, innovative projects that offered long-term value, even if they created additional risks and might not deliver short-term returns; 58% said implementation, talent and unintended risks were the biggest challenges to adopting emerging technologies.
HR professionals, like many of the surveyed corporate directors, feel uncertain about their ability to help their organizations undergo digital transformation. A recent report found that while more than 90% of HR executives feel that technology will fundamentally change their enterprises' operations, including HR functions, less than half believe they have the resources to make it happen.
The first step toward change is creating a true digital culture at work. Without this mindset shift, promoting the value and use of new digital tools may generate conflict rather than innovation among employees. Mercer has advised cultivating a "lab" mindset at work to survive and thrive in the age of disruption. This involves encouraging experimentation, design thinking and thoughtful risk taking while simultaneously creating a climate of continuous learning. Additionally, given the five-generation workforce, individualized training may be needed to get everyone up to speed and ready to embrace tech.
Mercer's research found that, in thriving companies, growth and development matter most to workers, followed by equal access to opportunities and equal pay. It also concluded that employees who are able to be themselves at work, and feel energized, are much more invested in their jobs.