Just 23 percent of senior executives in North America are very confident in having the right board talent; skills are needed in innovation/business transformation, sustainability and operations
WASHINGTON, D.C. / TORONTO, 27 September, 2023 – Boyden, a premier global leadership and talent advisory firm, reports on its annual global executive talent research with regional analysis on North America. Findings show senior executives in the region are the least confident worldwide in their organization’s growth potential and in having the right board talent to align with strategy.
The global study, Exploring Adaptivity through Strategy and Talent, reveals perspectives on risk among CEOs, boards and other senior leaders, alongside executive talent trends, priorities and investment.
Just 30 percent of respondents in North America are very confident in their organization’s growth potential to 2025, compared with 57 percent in Asia-Pacific, 50 percent in Latin America and 36 percent in Europe. Only 23 percent of respondents in North America are very confident in having the right board talent to align with strategy, compared with 35 percent in Asia-Pacific, 43 percent in Latin America and 26 percent in Europe.
In today’s complex environment, leadership teams are seeking greater input from the board; Boyden’s research shows skills in (i) innovation/business transformation, (ii) sustainability and (iii) operations are top priority at board level.
“With HSB, we certainly see a change in relationship with the board,” says Barbara Bellissimo, Board Director, HSB and commentator on the research. “The organization wants more than fiduciary fulfilment; outside directors have expertise and the executive wants to engage with it. Boards can alert the executive, have deeper questioning, dialogue and discussion”.
As organizations increasingly look to the board for greater input, those in North America risk falling behind global peers; only 32 per cent are extremely likely or likely to invest in a board assessment by Q3 2024, compared with 67 percent in Asia-Pacific.
Karen Kosiba Edwards, Managing Partner, United States, comments, “Boards, much like the companies they oversee, require engaged, current and diverse talent to stay competitive. Without a strategy to assess and rejuvenate the board's composition, this valuable source of innovation, inquisitiveness and wisdom may underperform. Having top talent in the boardroom raises everyone’s game”.
Additional findings reveal:
- (i) Human capital, (ii) customer expectations and (iii) innovation are the top three growth drivers to 2025
- 52 percent of respondents expect to invest in leadership development for high potentials; 47 percent expect to hire new leadership talent by early 2024
- The top priority for strengthening skills at executive level is sustainability; 27 percent of respondents have no designated sustainability lead
- 51 percent of respondents think their organization is investing sufficiently in sustainability
- 52 percent of respondents expect recruitment challenges, specifically: a shrinking talent pool, difficulty with cultural fit or fluency and competing with bigger brands
- 35 percent of respondents identify competing for the right talent as the top driver of structural change
Read the full report: North American Regional Analysis 2023: Exploring adaptivity through strategy and talent
About the Research
This research was conducted in Q2 2023 among senior executives worldwide. More than 240 responses were captured in North America where respondents are 22 percent board/president/CEOs; 15 percent SVP, division or country heads; and 63 percent functional leaders.
About Boyden
Boyden is a premier leadership and talent advisory firm with more than 70 offices in over 45 countries. Our global reach enables us to serve client needs anywhere they conduct business. We connect great companies with great leaders through executive search, interim management and leadership consulting solutions. Boyden is ranked amongst the top companies on Forbes’ Americas Best Executive Recruiting Firms for 2023. For further information, visit www.boyden.com.
Contacts:
Chris Swee, Boyden
Chief Marketing Officer
E: cswee@boyden.com
Joanna Goncalves, Boyden
Global Senior Director of Marketing
E: jgoncalves@boyden.com
