Understanding what your stakeholders want
As customers, employees and other stakeholders increasingly care about what companies stand for, how are you demonstrating your organisation’s purpose and values?
CEOs know the landscape has changed dramatically and continues to do so. That’s simply part and parcel of doing business today. They understand they have to be aware of, and effectively manage, a much broader group of stakeholders than their predecessors ever had to contend with.
Mobile connectivity and social media have not only given people more say when it comes to what and how they like to receive goods or services or how they like to work, but it’s also given them access to much more information. This includes a greater amount of information concerning work practices, strategic partners, investments and the impact the company has more broadly. Technology is unequivocally the number one tool CEOs are using to assess and deliver on these changing customer and stakeholder expectations.
Being responsive is key to CEOs building trust – which they know is something that will be fundamental to their long-term viability. Communicating on strategy and purpose is something that CEOs in Australia acknowledge they could do better, and would help trust efforts. But responding to expectations comes at a cost. There’s also a conflict between stakeholders’ interest and financial performance expectations from investors that CEOs have to balance.
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