Corporate boards are likely to play a larger role in decisions on staffing and workplace culture than they have in the past. As companies begin implementing their growth plans for the next 10 years, boards will be held more accountable for making sure the skills and capabilities of a company’s workforce meet the needs of business strategy.
During a recent McKinsey podcast, Frithjof Lund, global leader of McKinsey’s board services work, Hugo Bague, non-executive director at Jones Lang LaSalle, and Mary Meaney, senior partner and former co-leader of McKinsey’s Global Organization Practice, discussed the board’s impact on talent and culture. The panel agreed that more responsibility for talent and culture is shifting to the board, but noted that directors must maintain an advisory role and allow the CEO and management team to execute any talent strategy or culture shift.
“The board can be enormously powerful in the questions they ask or fail to ask and what they put or don’t put on the agenda,” said Bague. Expanding on how boards could utilize their power, Meaney further said that, the board needs to hold the senior management team to account to make sure that they are fully addressing talent, culture, and purpose, because strategy is relatively easy to replicate and capital is very easy to access in today’s world. Your talent and culture is what that gives you a real source of competitive advantage.
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