This timely survey concludes that it is time to take control, due to a required change in the existing mindset within many organizations. The survey included 1,330 interviews with CEOs in 68 countries. The traditional approaches to engagement, performance, reward and people issues are becoming less relevant in today’s changing environment.
Observations from the survey include the following:
- CEOs in Africa are very confident about growth in 2013, although availability of skills is a problem.
- A coherent talent strategy, building on the employer brand, should be embedded in the organization’s DNA.
- Key growth areas for operations: Latin America, South East Asia, Middle East, South Asia and Africa.
- 77% of CEOs will alter their approach to talent management, and 23% were planning a significant change.
- Existing people strategy is not fit for purpose.
- Employees should feel involved in the business as a key pillar of engagement, although 66% of staff were not actively encouraged to be involved in decision-making.
- Today’s business leaders need to cope with crisis, understand risk and be comfortable with change.
- Rebuilding trust with employees by creating the right culture and behaviors is a fundamental pillar for shaping the business.
The survey provides valuable insight into today’s leadership challenge for developing, and retaining, superior talent.
The tax function is unique, as it necessitates collaboration with all functions and levels within an organization. Additionally, it should be viewed as a talent source for current and potential leaders, knowledge, creativity, planning expertise, governance and Best Practices. However, individuals not connected to the tax function are often unaware of these valuable attributes that form a valuable resource for others to learn from. Providing mentor opportunities provide the following benefits for Best Practices in Tax Leadership:
- Forming additional alliances throughout the organization to achieve a win-win relationship.
- Providing a valuable asset for recruiting talent.
- Increasing awareness of tax risks and roles locally, regionally and globally.
- Forming a catalyst for Mentor Programs within other functions.
- Teaching the art of conducting collaborative meetings and achieving buy-in for cross-functional programs.
- Developing a strong foundation for future leadership roles.
- Learning the importance of, and distinguishing, legal entity and operating structures.
- Proactive and interactive leadership training for Tax Team members.
- Recognition as a Leadership Center of Excellence.
- Expansion of tax and risk awareness into non-financial functions of the company.
Providing a Tax Leadership Mentor Program will yield a multitude of benefits while increasing awareness and perception of Tax as a highly valued Center of Excellence for current and future leaders. Partner with Talent Management and Organizational Development to make it happen!