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Among the challenges listed in recent research were attracting the right talent, and retaining staff, with 36% of respondents citing each respectively.
Leaders globally are placing priority on anticipating the future of the business, but many still face critical challenges when it comes to planning.
According to new global research by Harvard Business Review Analytic Services, commissioned by SAP, the biggest challenge identified by respondents was slow decision-making. Notably, while 38% of APAC respondents cited it, the problem is even more pronounced for non-APAC respondents (47%).
In APAC, this was followed by challenges in attracting the right talent, and retaining staff (36% respectively). Many APAC companies also pointed out a hierarchical disconnect in their planning, with one-third (32%) citing lower-level employees not being involved in planning as a core problem.
Cathy Ward, Chief Operating Officer, SAP Asia Pacific and Japan, observed: "Executives in APAC are much more encouraged (80%) and rewarded (55%) to have a proactive mindset about the future than most other roles. But while leaders are integral to building a future-ready business, they cannot do it alone.
"That’s why one of the most important steps a leader can take as they move towards becoming what we call the chief anticipation officer is creating a culture of collaborative planning and forward-thinking mindset across the organisation."
Leaders see the need to invest in organisational culture to plan for different futures
Undoubtedly, the right organisational culture – one that is nurtured and maintained – plays an even bigger role than many would think, in success in planning for the future. Globally, more than half (57%) of respondents said that creating a culture that embraces change is an important organisational factor in anticipating the future – the most-selected response.
That said, the research affirmed that building such a culture requires a focus on talent acquisition, engagement, and upskilling. Organisations are placing high importance on the ability to attract new talent with needed skills (globally at 59%), aligning employee skill sets with the right roles and responsibilities (59%), and the ability to upskill current employees (56%).
As for who is directly involved in planning for the future, the research found that one role predominates: the CEO, mentioned by 82% of respondents. Zooming in to APAC, other key roles listed include:
- the chief operating officer (COO) (71%),
- the CFO (60%), and
- heads of business units (55%).
For non-APAC respondents, the next most-mentioned roles are:
- the CFO (62%),
- the COO (58%), and
- the chief technology officer (52%).
Individual contributors were mentioned by only 10% of respondents overall, the research added.
Overall, it was highlighted that to prepare their companies for the future, executives have to address and transform many parts of the business. They must ensure that the workforce has the skills required to meet new challenges, invest in new talent to fill any gaps, and create a culture that encourages employees to focus on the future.
Importantly, leaders should also consider how technology can support their future-planning efforts, including by enabling better collaboration or helping leaders watch for indicators of coming disruption.
The research involved a total of 442 global organisations across APAC, North America, and Europe.
Image / Shutterstock
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