It is an old adage that no human being is an island, as each one of us is shaped by the many people and events around us. This statement could not have been truer about the present business environment where political, economic and societal changes are impacting companies more than ever before, rendering them vulnerable to uncontrollable factors. Thus, the concept of delivering maximum shareholder value in the least possible time frame is now untenable, replaced by an adherence to benefit the complex adaptive systems around. Research performed by the Man Power Group has confirmed that up to two-fifths of all millennials surveyed, claimed that they wanted to contribute towards the betterment of society rather than simply seek monetary benefits themselves. The pursuit of narrow goals has led to a mistrust on businesses in general, worker disengagement and rising inequality between the haves and have-nots. Companies can modify the corporate strategy documents to focus on a broader agenda, by beginning with defining the purpose and social goal of the company. Instead of near-term growth, companies must focus on establishing futuristic vitality. Clearly defined metrics must be made use of, to numerically gauge holistic performances. Specific management training programmes must be adopted to ensure retraining of employees in accordance to new paradigms such as artificial intelligence or the data sciences. Entrepreneurial business ecosystems need to be encouraged within the organization. The new narrative must focus on globalization and technology in such a way that all stakeholders feel inspired.

Source:https://www.bcg.com/publications/2018/humanization-corporation.aspx?linkId=48050527

Uploaded Date:01 March 2018