The COVID-19 pandemic has hit boardrooms worldwide and Board engagement in workforce strategy is no longer an option; it's the new oversight. Companies need to build resilience, and the Board is critical to holding leadership accountable for shaping a workforce strategy that will help guide the business through volatility, uncertainty and complexity.
Accenture's Modern Board 2020 Survey reveals that Boards answering the call are excelling across five key dimensions.
1) Mindset - Elevation of workforce topics and shared accountability with the C-suite. Modern Boards are 1.7x more likely to hold the broader C-suite accountable for workforce strategy.
2) Mission - Responsiveness to social issues that have an impact on the workforce. Modern Boards are nearly 1.9x more likely to be responsiveness to inclusion and diversity issues and 2x more likely to report diversity and wellbeing metrics.
3) Metrics - Great Boards have expansive workforce metrics and act on data to inform decisions that benefit the business.
4) Muscle - Confidence in management's strength and ability to execute workforce strategies. These leading Boards make active and strategic use of the HRD, interacting with them individually, and many (86 percent) engage the HRD to provide actionable feedback at least quarterly.
5) Makeup - Modern Boards have strong diversity across many facets and are 1.4x committed to diversity in the boardroom and are more global in nature.
UKI HR Strategy & Consulting Lead