The latest Fortune/Deloitte CEO Survey has revealed that an overwhelming majority of CEOs unanimously agree that diversity, equity & inclusion (DE&I) and employee wellbeing are their strategic priorities right now.
The second instalment of the survey interviewed CEOs from more than 15 industries on how the Covid-19 pandemic is redefining their role as leaders. The resulting research reveals that DE&I initiatives is now a huge priority for CEOs.
Approximately 96% CEOs assert that DE&I has become a “personal strategic priority” for them. The majority have also confirmed that they will be prioritising and investing in DE&I initiatives in practically every area of their business. These findings reaffirm CEO belief for the need to reinforce DE&I to stamp out inequality in the workplace, (as reported).
DE&I INVESTMENT
According to the survey, around 90% of CEOS said they will be investing more in talent recruitment, development, advancement and retention in a bid to improve DE&I. Approximately 72% reported more investment in DE&I data and metric transparency. Another 72% said they will focus on internal DE&I policies and processes. Additionally, 68% plan more community engagement/philanthropy to demonstrate their commitment to DE&I.
In terms of creating more diverse leadership teams, 57% said they would invest in creating diverse executive leadership teams and 51% plan to focus on diverse board composition. Creating diverse supplier relations is a priority for around 43% of CEOs. However, investing in DE&I branding/ marketing is only important to 21% of corporate leaders.
MENTAL HEALTH & WELLBEING
The survey also revealed CEO priorities shifting towards mental health. Corporate leaders are worried about the mental health challenges created by the pandemic. Approximately 90% of CEOs said they have taken action to support staff mental health and wellbeing over the last six months. However, what remains to be seen is whether these actions were effective, sufficient and how they’ll evolve, notes the study.
The survey also found that CEOs are surprised at the speed at which their firms have adapted to a virtual environment. In fact, the majority confirmed that employee productivity and innovation has not declined. In some cases, they’ve actually increased.
REMOTE WORK FUTURE
Additionally, CEOs expect a third of their workforce to be working remotely even in January 2022, and 76% expect their companies to need less office space in the future. This trend signals a new look at how and where people do their work. Interestingly, the one industry that is expecting to need more office space is power, utilities and renewables (29%).
RETURN TO GROWTH
On a positive note, two out of three CEOs believe that their employees and revenues will return to pre-crisis levels by June 2021. Almost half of CEOs say their revenue and employee levels never declined or have already returned to pre-pandemic levels. Most expect revenue rebounds to outpace those of employment.
CEOs see other opportunities as well. According to the report, the pandemic actually helped to fast-track digital initiatives that were set to begin or already underway. In fact, 85% of CEOs agreed that the pandemic has significantly accelerated digital transformation – up from 77% in June 2020.
For more on this report, click here. The third and final part of the survey will be published in January 2021.
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