Research Exposes the Business Acumen Capabilities Most Critical to Successful Strategy Execution
Constrained by talent shortages and mismatches in the external market, organizations today recognize internal capability development as essential to effective strategy execution going forward.
Based on a global survey of over three hundred executives, senior leaders and managers conducted by The Economist Intelligence Unit, “Skills Mismatch” explores the relationship between business acumen and strategy execution. Leaders across industries and around the globe overwhelmingly agree that insufficient business skills limit an organization’s ability to realize strategic priorities.
The report reveals the business acumen capabilities most critical at various levels of an organization, evaluates the common skill gaps, and details the capability development approaches that organizations can implement to bridge gaps and achieve success.
- Talent Crunch: Companies recognize the external skills shortage as a major obstacle inhibiting effective strategy execution.
- Business Acumen Matters: Insufficient business acumen significantly limits an organization’s ability to realize strategic goals.
- High vs. Low Performing Companies: High performing companies are less constrained by a business skill gap, taking the proactive actions to build the required competencies.
- Managers vs. Senior Leaders: Business skills are stratified at different levels of an organization’s hierarchy.
- Bridging the Skills Gap: In building business skills, companies are focused on either acquiring talent or implementing internal development initiatives. These strategies do not prove equally impactful.
- Business Simulations on the Rise: Customized business simulations are projected to grow at a far faster rate than all other formal learning methods.