Question

A Conference Board study found that CEOs identified the top global challenges they face as (1) improving human capital within their organizations, (2) improving operational excellence, and (3) enhancing innovation. Suggest three strategies that a company might undertake to meet each of these challenges. Then research and identify a company that has responded effectively to one of the global challenges and briefly explain how. Make sure your answer begins with an introduction and ends with a conclusion.

Answer 1

CEOs around the world face a common set of challenges irrespective of the size of their operations and irrespective of their geographic presence. These challenges pertain to human capital of the organization, achieving operational excellence, and improving the level of innovation at the organization.

These challenges can be met in a systematic and tangible manner and organizations have to undertake and implement strategies for this. The three strategies with regards to improving human capital are:

1. Provide employee training and development
2. Raise the level of employee engagement
3. Improve leadership development programs

The three strategies with regards to improving operational excellence are:

1. Align the organization’s strategy, objectives, and capabilities.
2. Redesign the business processes as and when necessary.
3. Improve organizational agility and flexibility.

The three strategies with regards to enhancement of innovation are:

1. Develop a culture of innovation and promote and reward risk taking within the organization.
2. Find key talent for innovation and then engage and incentivize these talents.
3. Put in place a user-centric approach to innovation.

To conclude we can say that even though all organizations, at some stage of their existence, do face challenges with regards to its human capital, operational excellence and innovation, these challenges can easily be dealt with in a systematic and tangible manner if the CEOs and senior management develop proper strategies and implement them in order to meet these challenges head on. These strategies will better prepare the organization to meet these challenges and to improve its underlying operating factors and conditions in the long run.