If you're confused about what's going on at work and where you're headed, you're not alone. A recent poll reveals that employers are not doing a great job of communicating their strategy to employees and they know they're falling short -- 80 percent of the business leaders surveyed recognize they're not doing their best to communicate.
The survey, conducted for SuccessFactors, Inc. and Accenture, showed that many leaders feel things are changing so rapidly it's hard for them to keep up, let alone plan ahead and communicate everything with their employees. Major factors of change that were cited include global power shifting from West to East, the emergence of new competitors, an aging work force, a growing skills gap, and social-media connectivity.
The research showed just where bosses are going wrong in keeping employees happy, well informed and on the right track:
- Organizations are failing to monitor, motivate and retain employees. Only 17 percent of organizations know all of its top performing employees and are looking to develop them for future roles.
- Two-thirds of organizations have a pay-for-performance policy, but of those, only one in five always ensures that rewards are accurately aligned to contribution.
- Organizations agree there is a need to execute strategy, yet only 20 percent of companies claim to communicate strategy very well internally. Only 18 percent say they are very good at converting corporate strategy into priorities and goals. Just 15 percent are very good at aligning employee activities to corporate strategy.
"Achieving business success in the next economy is more than simply being on the right course or redefining a new strategy. These are merely minimum requirements," said Erik Berggren, vice president of customer results and global research for SuccessFactors. "Specifically, what matters most are the people who will execute the strategy -- many of whom CEOs and senior management will never meet. It is essential for business leaders to align their team's work with the overall business strategy and it is clear that most don't know how to do this effectively."
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