A year of transformative growth – 2022
The sudden and drastic attack of the epidemic Covid-19 threw our world into a panic reaction of immediate isolation and shutdown during the year 2020. It was chaotic and confusing for most companies with only essential workers keeping the machinery of life operating. Though hundreds of thousands succumbed to Covid-19’s devastating sweep across nations, scientists labored around the clock throughout 2021 to bring the epidemic into check. Deaths and infections slowed toward the end of those first two years as vaccines limited mortality rates while new medical technologies as well as urgently needed innovations picked up the pace of transformation to redirect modern norms toward promising enterprises. The year 2022 dawned with transformative growth that launched new work on a path forward.
Stacy Janiak,[1] (CGO), published an insightful article in Deloitte’s BrandVoice, 2022: A Year of Transformative Growth. She cited Fortune and Deloitte CEO Surveys as pointing out that –
…talent issues remain a top executive priority, and emphasizing a human-centered approach to well-being and transparent leadership is a key competitive strategy for talent retention and attraction.
The context of this statement is in her explanation of what has been happening to the C-suite roles of businesses that have morphed into more than 50 different roles as listed in 50 Shades of CxO [2]. Even Janiak’s role at Deloitte is unique to her: Chief Growth Officer. She underlines the need for merging the forces of collective unity in a company to bring about transformation.
In 2022, it will likely be critical to use the collective power and expertise of the expanded C-suite to maximize business growth as part of one unified business strategy.
Deloitte itself has initiated new C-suites like Chief Purpose Office and Chief Diversity Officer to “emphasize the need to take a more holistic look at business and how it exists within a societal context.” These new roles unite and integrate purpose across the whole enterprise.
Janiak further explains why purpose-driven strategies impact a company down to the bottom line.
Deloitte’s research shows that having a purpose-driven strategy creates long-term value and competitive advantage, and that high-purpose brands can double market value four times more quickly, with companies that meet shareholder expectations achieving 6.4% higher returns on equity. Businesses can see the most success and growth when they merge strategies that align both purpose and profit.
Her expectation for 2022 is that “organizations will invest in purpose commitments to build trust with stakeholders and expand competitive advantage.” Employees are looking for well-being benefits, available flexibility, and honest transparency in their leaders, which assure workforce retention and engagement.
Deloitte with Gartner published The Digital Workplace Reimagined that foretold “70% of digital workplace transactions will be automated by 2025” and “one-quarter of meetings will have virtual assistants by 2024.” They fear this will invite hackers who will find new ways into new data systems. “Growth-focused organizations must invest in strong cybersecurity to prevent catastrophic risks.”
Take-away: Janiak cautions that “it’s up to business leaders to ensure they deliver on promises and maintain cohesivity across all functions to stay on the path of growth.”
Sources:
[1] Janiak, Stacy, (2022); https://www.forbes.com/sites/deloitte/2022/02/04/2022-a-year-of-transformative-growth/?sh=121c0c314fd3
[2] C-suite roles: https://cxoreach.com/blogs/50-Shades-of-CxO.php
