Corporate governance standards seem to shift every single year. There are new topics to think about and problems need to be approached in different ways. Take a look at the corporate governance topics that you should be discussing this year. This information should help to frame your conversations moving forward.
The Importance of Human Capital
Human capital is more important than ever, and corporations should work on determining who the next person in line is for big jobs. If you look at the CEO turnover rate in recent years, you’ll see that people are having to step down like never before. It’s best for a corporation to know who they want to promote next so that decisions can be made quickly. Investing in human capital and ensuring that you have people trained up to advance their careers is beneficial.
How Millennials Care about Organizational Development and Value Training
Millennials represent a very large percentage of customers and they also make up a sizable chunk of the workforce. This is why corporations need to understand that millennials value companies that invest in them. This means that companies that focus on providing training options will be able to attract more young professionals. Discuss how your company can focus on providing organizational development and value training for young professionals.
The Need for Corporate Purpose Evaluation
Determining the purpose of your corporation is crucial. It’s smart for companies to take the time to discuss the overall purpose of the corporation and how it can better serve its constituents. This could involve topics such as how the business can be run ethically while positioning itself for the future. Many corporations are now discussing hot-button topics such as sustainability and the challenges of the coming decades.
How Boards Need to Prepare for Digital Transformation
Digital transformation is a very big topic and it’s going to play a huge role in the future. It’s important for boards to discuss how things are going when it comes to digital transformation. Preparing for change will allow companies to make the best decisions. You should try to discuss what you can do to improve your company’s customer experience and how you can implement new things such as voice enablement and IoT.