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Commercial Excellence > Seismic Shifts & Megatrends > Flashcards

Seismic Shifts & Megatrends Flashcards

1
Q

List the six megatrends

A 
Heightened risk landscape
Accelerating digital living
Health and wealth protection gap
Rise of stakeholder capitalism
New business and work models
Shifting economic interests
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2
Q

Heightened Risk Landscape: Description

A

In today’s global environment, we face highly unexpected and interdependent risks, which can create opportunities as well as threats. Those risks could be macroeconomic, geopolitical, technological, or health-related, and their intensity and speed leave companies, industries, and societies vulnerable. We will face risk, but how severe will the risks be and from where will they arise? Interdependencies have escalated the threat.

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3
Q

Heightened Risk Landscape: Where do risks manifest?

A 
The real economy
Capital markets
Regulatory change
Public health
Environmental management
Operations resilience
Geopolitical stability
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4
Q

Heightened Risk Landscape: Impact on company leadership

A

Questioned relevance of BoD
Demands for better reporting and response plans
Tighter scrutiny of opportunities for organic and inorganic growth
Capital expenditure will be scrutinized to preserve a capital buffer

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5
Q

Heightened Risk Landscape: Buyer - CEO and BoD

A

Deliver profit and growth amid uncertainty. Can include outsourcing non-strategic functions to stable third parties. Looking to move risk off of balance sheets while still caring about employee outcomes.
Buyer needs expert partners who can execute best practices flawlessly to decrease uncompensated risk on the balance sheet.

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6
Q

Heightened Risk Landscape: Buyer - CHRO

A

Needs a resilient talent model that balances permanent employees and contingent labour pools (factoring in multiple generations). Focus on worker well-being and performance in the face of risks. Compounded with managing rik associated with DEI and potential brand damage associated with insufficient support for areas like mental health.

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7
Q

Heightened Risk Landscape: Health Buyer

A

Must address caps in access to care and coverage that have become evident during the pandemic, while maintaining a seamless, positive experience for plan members. Concerned with unequal impact of risk on individuals and communities, including healthcare inequities, companies must protect the most vulnerable.

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8
Q

Heightened Risk Landscape: Impact on individual and family level

A

At individual level, varying social structures and cultural patterns create risks for people and families. Greater reliance on pension and retirement programs as opposed to family-based support (incl inter-generational wealth transfer).
Note, impact differs by race, gender and LGBTQ+ and those groups have less of a safety net.

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9
Q

Heightened Risk Landscape: Probing question examples

A

Are you adapting your benefits plans to meet your employees’ unmet personal needs? What are you doing to enhance governance of benefit plans?
How are you managing social risks in an era of geopolitical instability? Are there reputational or brand risks?
How are you becoming more agile and nimble? What business processes and practices allow you to react to risks more quickly?

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10
Q

__% of executives plan to redesign their organizations in the coming year to make them fit for tomorrow - with vertical cuts into departments and functions followed by delaying and moving to a matrixed structure being priorities.

A

98%

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11
Q

New Business and Work Models: Description

A

Many organizations are adopting new revenue and business models to: manage risk from today’s unprecedented volatility and respond to customer, partner, and employee demands for cost, convenience and flexibility.

Increase in M&As, including big tech mergers, are shaping a new agenda that includes transformative platforms, partnerships, and new industries (not just products).
Ripple effect: Not just manage a workforce but develop new workforce strategies that create additional value.

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12
Q

New Business and Work Models: How are companies approaching talent

A

Through skills-based talent management. That can include talent-sharing strategies and platforms, and developing partnerships with companies releasing workers whose skills map to roles needed in sustaining businesses.

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13
Q

New Business and Work Models: K shaped recovery definition

A

Certain industries and individuals pull out of a recession, while others stagnate
Essentially splits the economy in two, with divisions occurring across class, racial, geographic, or industry lines
Exposes pre-existing divisions and disparities in wealth, and can exacerbate tem

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14
Q

New Business and Work Models: K shaped recovery impact

A

Need to move at the pace of change, which offers significant advantage on the commercial and talent fronts by allowing companies to quickly and agilely adapt to emerging risks and opportunities.
Must support continuous delivery of service and experience as well as lateral decision making for speed and inclusion

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15
Q

New Business and Work Models: Impact of generational changes on where and how people want to work

A

Some industries put under more pressure to adopt new models as differences in generational aspiration make some industries more attractive than others (e.g. Oil & gas and tobacco could be less attractive).
With rise in flexible working strategies, labour force can shift as to where, when, and how work gets done.
Forcing companies to look at ‘unified compensation’ (e.g. McKinsey) vs location-differentiated models.

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16
Q

New Business and Work Models: Buyer - CEO

A

Concerned business isn’t flexible enough to identify new business opportunities or skilled enough to execute them. Companies must have the capability to support speedy innovation, after years of accelerating change. Strategic priorities can rapidly shift, and long term projects accelerated.

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17
Q

New Business and Work Models: Buyer - CHRO

A

Know that new business models mean new workforce models. New partnerships and platforms mean different approaches to acquiring, retaining and developing talent and more holistic approaches to the employee lifecycle. As business models become more agile, talent ecosystems must follow suit.

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18
Q

New Business and Work Models: Impact on the individual

A

Employees need to adapt and learn any new skills required to support the model. With the half-life of skills earned in college dropping to 18 months, and average careers spanning 60 years or more, employees in every generation will be required to embrace skill building throughout their careers

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19
Q

New Business and Work Models: Probing Questions

A

How confident are you that your organization can pivot to successful new business models?
What role does digital transformation plan in your company’s business model innovation?
How do you strategically plan a business transformation with flexibility, adaptability and creativity?

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20
Q

__% of executives believe freelancers and gig workers will significantly replace full time employment across the next five years

A

77%

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21
Q

Accelerating digital living: Description

A

Technological advances in robotics, AI, machine learning, augmented and virtual reality, and other digital platforms are being deployed at breakneck speed. Digital-first/digital-only strategies are becoming the norm, and are impacting both customer and employee experiences.
Digital innovation has the potential to transform entire industries, and we have already seen an acceleration of adoption of platform solutions. While there are significant optimization upsides, the expectation of instant adoption is testing people’s and companies’ capacity to cope and adapt.

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22
Q

Accelerating digital living: Impact on employee expectations

A

Employees expect consumer-grade experiences in their work and workflows, pressing companies to consider implementing process automation, providing digital benefits enablement, and supporting distanced collaborations across work teams, business units, vendor partners, consumers and societies.

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23
Q

Accelerating digital living: Negative impacts

A

Always on mindset, which challenges people’s ability to cope and adapt, raising social and mental health issues. Privacy and cynicism about technology rises.

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24
Q

Accelerating digital living: Tensions within buyer hubs

A

Buyers and users of digital technologies have tension. Companies must ensure users are satisfied with digital enhancements, but buyers must understand the strategic importance and value of all digital transformations. As some labour and tasks are replaced by technology, some labour will be tech-enhanced and require significant reskilling and behaviour change.

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25
Q

Accelerating digital living: Buyer - CEO

A

Concerned with digital-transformation readiness - both with regards to the platforms themselves and capabilities needed to deploy them.
Emergence of always-on and workstyle and lifestyle, in addition to an abundance of data collection, means CEOs need to focus on wellbeing risks to employees and cyber risk.

26
Q

Accelerating digital living: Buyer - CHRO

A

Tech tsunami demands upskilling-reskilling and future-forward posture for recruiting and skills-based talent management. CHROs are driving digitization strategy to maintain an engaged and productive virtual workforce, while recognizing the need to digitally reinvent their business.
Important to reinforce ‘duty of care’ angle, as HR seeks to “be there” for employees during difficult conditions amidst complex transformations.

27
Q

Accelerating digital living: health buyers

A

Seeking to provide digital health services in a post-pandemic setting, while providing engaging employee experiences safely and at scale. Considering innovative ways to expand access to care while increasing value delivered to both employees and the company. Digital approaches are a primary means of offering innovative offerings as part of a holistic benefits strategy.

28
Q

Accelerating digital living: Impact of this change on individuals

A

Differentiator in terms of adoption and organizational adaptabilty. Companies must overcome the digital divide to ensure that gender and racial gaps do not endure as digital living accelerates. Data must eliminate bias in digitized processes and platforms.

29
Q

Accelerating digital living: Mid-market companies

A

Need more integration with limited budget spend - one that shows early successes and points towards deeper possibilities in the short, intermediate, and long-term. Legacy systems may need a makeover towards cloud based strategies.

30
Q

Accelerating digital living: Probing question examples

A

How are you leveraging digital platforms to enable work-from-anywhere strategies?
How does your digital strategy affect your employee value proposition?
How are you helping your employees cope and adapt with all these technologies?

31
Q

Energized employees are __ more likely to have digital tools to support their training and development

A

3x

32
Q

Shifting economic interests: Overview

A

Balance of power is moving from traditionally dominant industries to emerging markets, which are maturing into self-sufficient economies. Globalization and cross-border trade are colliding with agendas that seek to protect national industries from foreign competition.
Additionally, systemic risks such as pandemics and climate change affect economies disparately.

33
Q

Shifting economic interests: Contributing factors

A

Rising distrust among and within nations
Discord within supranational organizations
Shifting economic theory away from neoliberal
Changing roles and policies of central banks (zero lower bound, UBI, job guarantees)
Sustained low interest rate environment

34
Q

Shifting economic interests: Impact of maturity in emerging markets

A

Transitioned from producers of goods and trading hubs for other markets to economic centers in their own right. This maturity is shifting influence on everything from currencies to tariffs and from healthcare policy to production standards.
Simultaneously, the traditional finance system finds itself occasionally bypassed by new digital currencies and exchange systems.

35
Q

Shifting economic interests: Buyer - CEO

A

Access to resources and makets can no longer be taken for granted
Multinationals are reconsidering what it means to be a global organization, and are focusing on increasing competition across newly emerging, strengthening, and diverse regional systems.

36
Q

Shifting economic interests: Buyer - middle and lower managers

A

With multiple shifts occurring simultaneously, functions, business units, and teams must adjust to interdependent layered transformations and demand adjustments to existing models.
Access to, and deployment of, resources across regions, and the development of diverse workforces suggest that managers change their approach - finding effective ways to support adaptive workforce strategies, inform approaches to emerging social challenges, and direct attention to newly articulated risks.

37
Q

Shifting economic interests: Buyer - CHRO

A

Pandemic forced companies to rapidly adapt to flexible and WFH arrangements. Now, CHROs need to create talent strategies that reflect the reality of a global ecosystem with intensifying local dimensions. Must be adept at hiring, developing, and retaining an increasingly diverse workforce.
Shifting to digital offers HR the opportunity to identify new talent pools in other geographies to accelerate growth.
Need to adjust mobility, succession, and career pathing strategies accordingly.

38
Q

Shifting economic interests: Demographic impact - global middle class

A

Emergence of global middle class creates opportunities for greater consumption across regions while increasing the importance of cultural knowledge to satisfy customer needs. Growing importance of client/customer experience design and deployment of deep listening approaches to sense and respond to opportunities in diverse communities.

39
Q

Shifting economic interests: Demographic impact - ageing workforce

A

Need to adapt workforce models, operational structures and business models to engage and develop appropriate skills for an increasingly digitized economy and workplace, all while investing in new consumer markets. Skills-based talent mobility strategies that appeal to globally distributed employees with the right skillsets and leaning mindsets.

40
Q

Shifting economic interests: Demographics - shifting focus on two employee profiles

A

Shift toward well-skilled younger employees and agile, always-learning, seasoned workers. If this shift intensifies risks, companies may hire fewer people, and new grads may find fewer opportunities and greater pressure on financial sustainability. This has the potential to create blocked career paths, as more retirement-age workers choose to continue working.
May see a shift towards redesigned roles for seasoned workers and redirected career paths that offer maximum flexibility.

41
Q

Shifting economic interests: Probing questions

A

How are partnership opportunities evolving due to strengthening emerging markets?
Are you finding expanded customer opportunities abroad or in emerging markets?

42
Q

Health and Wealth Protection Gap: Overview

A

Deficiencies and inadequacies in health and wealth wellbeing like primary care, mental health, and savings strain current and future workforces. When large portions of people are held-back financially and physically, the implications are for reaching for societal prosperity as a whole.

43
Q

Health and Wealth Protection Gap: Examples of gaps

A 
Prevention
Primary care
Mental health
Access to retirement benefits
Debt management
Savings
44
Q

Health and Wealth Protection Gap: Protection gap definition

A

Differences between financed and actual economic losses or liabilities

45
Q

Health and Wealth Protection Gap: challenges with scalable benefit solutions

A

Challenges of intensifying disparities between groups
Greater demands for corporate justice clashing with the reality of uneven impact across gender, races and generations
Comprehensive solutions that work efficiently for the organization are not evenly deployed across employee segments

46
Q

Health and Wealth Protection Gap: Impact on employers

A

Companies must balance value and cost, adapt programs for business units, and ensure no one is left behind.
Employers are expected to provide additional benefits and create more secure and prosperous futures for employees

47
Q

Health and Wealth Protection Gap: Wealth protection gap causes

A

Wage stagnation
Poverty
Lack of access to retirement vehicles or employer-supported plans

48
Q

Health and Wealth Protection Gap: Shared challenges between health and wealth gaps

A

Policy frameworks which widen or impede closure of gaps
Barriers and engrained habits which make it difficult to invest in risk reductions
Income/financial fragility - increasing savings or insurance penetration requires consumers and businesses with adequate earnings, and disposable income available.

49
Q

Health and Wealth Protection Gap: Buyer - CEO

A

Feeling pressure to address gaps within their companies and in the communities they serve.
Face demands for mission-driven business purpose and pursuit of social justice.
Have opportunity to offer “safety nets” where governments and their agencies fall short, but struggle with reluctance to open up exposure to potential future cost and risk escalation.

50
Q

Health and Wealth Protection Gap: Buyer - CHRO

A

Rethinking benefits to address systemic gaps in total compensation, provide healthcare offerings that meet diverse employee needs, and offer non-traditional benefits such as caregiving. Calls for social justice demand that talent leaders offer company programs and practices that overcome gaps while creating a culture of caring and wellbeing for employees and communities.

51
Q

Health and Wealth Protection Gap: individual considerations

A

Some plans can design for the “average” employee, while disadvantaging minority groups across race, gender and age. Countries with younger populations are leapfrogging mature economies weighed down by more mature demographics. Access to retirement plans remains one of the most critical determinants of whether, how, and with what comfort individuals will be able to retire.

52
Q

Health and Wealth Protection Gap: Mid-market organizations

A

Facing demands to expand the social safety net by providing enhanced healthcare and retirement plans for employees (and sometimes contingent workers). In countries with broad social safety nets, mid-market orgs see requests for employer-sponsored options and additional retirement investment opportunities.

53
Q

Health and Wealth Protection Gap: Probing questions

A

How do you identify which employee populations are in need of health and wealth protection?
What actions are you taking to close the health and wealth protection gaps within your organization?
What do you think are the greatest inequalities in your workforce?

54
Q

Retirees will outlive their income by ________. and ____ will fare worse than ___.

A

Retirees will outlive their income by a decade. and women will fare worse than men.

55
Q

Rise of stakeholder capitalism: Overview

A

Organizations realize the importance of acknowledging the expectations of multiple groups, including shareholders, employees, customers and the community - a new wisdom which affects transformation plans and investment strategies. Note, actions must match words as greenwashing can damage brands.
Organizations that demonstrate sincere integrity in their commitment to their purpose, people and planet will have the power to reset the social and welfare agenda while meeting stakeholder expectations.

56
Q

Rise of stakeholder capitalism: Where does Mercer see the impact of rising stakeholder capitalism in our work

A

Governance in setting minimum standards for health and benefit programs
Creating and fostering a diverse and inclusive workforce
How investors need to consider ESG factors in their portfolios

57
Q

Rise of stakeholder capitalism: Buyer - CEO

A

Increasingly including sustainable development, equity and social contribution goals in their business strategy as well as tying them to board compensation. Part of this comes from genuine concern, but also commercial foresight as individuals expect executives to steward a better, healthier, more inclusive way of working and living.

58
Q

Rise of stakeholder capitalism: Buyer - CHRO

A

Pivoting towards leading with empathy, which means considering diverse perspectives across multi-stakeholder groups and communities and developing people strategies that are optimally inclusive.
Employees want to work for companies that treats people fairly and balances their people agenda with their focus on profitability. An effective and equitable human capital management strategy can position a company as an empathetic and desirable employer brand.

59
Q

Rise of stakeholder capitalism: Buyer - middle managers

A

Proximity to employees, and having an effective listening approach, allows them to translate the emerging needs and desires of workers and communities into multi-stakeholder agenda items for the C-suite.

60
Q

Rise of stakeholder capitalism: Demographic considerations

A

Younger workforce leads the way on the shift toward stakeholder capitalism with broad perspectives and deep alignment with sustainability, circular economy and social equity.
Older employees look for organizations willing to reskill and upskill them in light of digital transformation, and is following the lead of younger generations in actively voicing their own commitments to values and equity.

61
Q

Rise of stakeholder capitalism: Probing questions

A

How are you and your leaders listening to various stakeholder groups?
Do you have an ESG scorecard? If so, what does it look like?
How are you addressing under-representation in leadership?

Commercial Excellence (4 decks)

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