NEW YORK, Sept. 9, 2020 /PRNewswire/ -- While most
recognize that work is undergoing dramatic upheaval – accelerated
on two fronts by the pandemic and increasingly urgent calls for
diversity in the workplace – how the workforce is managed and
compensated has not kept pace. A new report released today from
WomenCorporateDirectors Foundation (WCD) and Pearl Meyer warns of the risks associated with
this disconnect and offers a roadmap for boards to help
organizations transform their approach to human capital
management.
![WomenCorporateDirectors - A Foundation Inspiring Visionary Boards Worldwide. WCD is a unique global network serving the most powerful and influential community of women corporate directors. WomenCorporateDirectors - A Foundation Inspiring Visionary Boards Worldwide. WCD is a unique global network serving the most powerful and influential community of women corporate directors.](https://mma.prnewswire.com/media/456527/WomenCorporateDirectors_Logo.jpg)
"Work Has Changed: How Boards Navigate Disruption and Drive
Human Capital Transformation" is the latest report from the
WCD Thought Leadership Commission and Pearl
Meyer. Researched and written with the input of 24
commissioners from leading public corporate boards and
governance-focused industry and academia, it will be highlighted
today at the WCD Visionary Awards, part of this week's WCD 2020
Virtual Global Institute. Pearl
Meyer will lead a panel discussion with several
commissioners at 10am ET,
September 10, 2020.
"Directors are recognizing that addressing workplace shifts and
human capital transformation must become a priority to ensure the
long-term sustainability of the organization," says Susan C. Keating, CEO of WCD. "Boards have a
fiduciary duty to tackle the heightened risk of employee
disengagement and unproductivity. This report gives boards a
roadmap when thinking about how to approach their human capital and
leadership needs over the months and years ahead."
"Three key areas have been identified where boards and
management can work together to bring needed change: employee
engagement, organizational structure and process, and leadership,"
said David Swinford,
president and CEO of Pearl Meyer.
"Now more than ever, we need transformative leaders who can engage
a highly diverse workforce in new ways. The compensation committee,
with its increasing responsibility for leadership development in
addition to rewards and incentives, has a significant role to play
in this evolution."
Several issues are reframed as transformational opportunities,
and each has specific actions for both boards and management teams
to undertake:
- The Changing and Disengaged Workforce: Organizations are
asked to create a sense of purpose and help balance work/life
demands, build an environment of continuous learning, and actively
forecast the workforce skills and characteristics for the
future.
- Outdated Organizational Structure and Processes:
Near-term solutions include actively moving away from
command-and-control style models toward a more collaborative
environment, leveraging the push for flexibility to create a
fit-for-purpose workforce, and selectively and strategically deploy
technology that builds efficiency.
- A Stagnant Leadership Profile: Directors and senior
managers can renew their commitment to succession planning and
leadership development, looking long-term beyond just the C-suite
and cultivating a diverse executive talent pool with unique
experiences, skills, and attributes necessary to enact business
strategy.
The report importantly notes the role of the workforce – that
employee expectations of the companies they work for have become
stronger and employees have much greater influence. "Boards are
thinking about how to respond to these expectations from the
long-term perspective," said Keating. "How do we turn employees'
input into sustainable changes?"
"We've outlined some urgent things for directors and management
teams to address," said Swinford. "A silver lining in this
especially unusual and uncertain time is the opportunity as leaders
to reset our approach to talent management and meet the
moment."
For more information, please contact Suzanne Oaks Brownstein or Trang Mar of Temin and Company at
news@teminandco.com or 212.588.8788.
About WomenCorporateDirectors Education and Development
Foundation, Inc.
The WomenCorporateDirectors Education
and Development Foundation, Inc. (WCD) is the only global
membership organization and community of women corporate
directors. A 501(c)(3) not-for-profit organization, the WCD
Foundation has 76 chapters around the world. The aggregate market
capitalization of public companies on whose boards WCD Foundation
members serve is over $8 trillion. In addition, WCD Foundation
members serve on numerous boards of large private and family-run
companies globally. For more information visit
www.womencorporatedirectors.org or follow us on Twitter
@WomenCorpDirs, #WCDboards, #WCDGlobal2020.
About Pearl
Meyer
Pearl Meyer
is the leading advisor to boards and senior management on the
alignment of executive compensation with business and leadership
strategy, making pay programs a powerful catalyst for value
creation and competitive advantage. Pearl
Meyer's global clients stand at the forefront of their
industries and range from emerging high-growth, not-for-profit, and
private companies to the Fortune 500 and FTSE 350. The firm has
offices in Atlanta, Baltimore, Boston, Charlotte, Chicago, Houston, London, Los
Angeles, New York,
Raleigh, and San Jose.
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SOURCE WomenCorporateDirectors Education and Development
Foundation, Inc.