Right off the bat, you’d probably think that the combination of data, technology, and people would help your business grow. It makes sense, right?
According to a new report from Accenture, while CEOs see this trifecta as “essential” to growth, global organizations aren’t so quick to unlock its value. In fact, the professional services company found that only 5% of large, global organizations are doing so. These companies, as a result, can gain a “top-line productivity premium of 11% — the ultimate driver of profitability and revenue growth.”
Of particular importance to making this happen are Chief Human Resource Officers — CHROs. The report — titled ‘The CHRO as a growth executive’ — shows that the above 11% productivity premium slips to just 4% when data and tech solutions are implemented, but companies fail to put people at the centre.
And CEOs are on board. Of those surveyed, 89% said that CHROs should play “a key role in ensuring long-term profitable growth.” At the same time, just 45% of CEOs said they are creating an environment where CHROs are able to unlock the value of the data-tech-people combo.
As Accenture chief leadership and HU officer Ellyn Shook explained, “when they recognize that people are central to their business, these CEOs cultivate the connections, skills and environment for CHROs to lead across the C-suite to drive business growth and exceptional human experiences.”
The report shows that CHROs with proper skills, connections, and the above CEO-fostered environment, are almost two times more likely to leverage the winning trifecta. What are the critical skills that “High-Res CHROs” (as Accenture has labeled them), have? As the report outlines:
- Systems thinking
- Financial acumen
- Leadership
- Technology and data
- Strategic talent development
- Business acumen
