Regional Audit Committee Networks, August 2022
Most board members agree that a company’s greatest asset is its people. The pandemic has thrust people, talent, and leadership into the forefront of large public company boards’ concerns. One director summed up this trend: “It used to be in board meetings that the talent management discussion was the one to get postponed. Now, it’s the first thing anyone wants to talk about.” Leadership in c-suite is a big part of this story. But now, boards are also laser focused on talent issues deeper in their organizations.
With a substantial uptick in employee turnover, companies and their boards are thinking critically and creatively about how to attract and retain employees while maintaining their corporate culture. Although economic forces may soon cause changes in the labor market, boards are likely to maintain their attentiveness to talent.
In the spring of 2022, Tapestry Networks convened four in-person and two virtual discussions with the audit committee chairs of more than 50 large US public companies. The following subject matter experts participated in some of those discussions:
- Heidi Capozzi, Executive Vice President and Global Chief People Officer, McDonald’s
- Melanie Hughes, Former Chief Human Resources Officer, Moody’s
- Susan Podlogar, Executive Vice President and Chief Human Resources Officer, MetLife
- Judith Scimone, Chief Talent Officer and Human Resources Lead for US Business and Global Functions, MetLife
This ViewPoints synthesizes insights on two key themes that emerged in the meetings:
- Strong, adaptable leadership matters more than ever
- Companies are embracing new ways to develop and retain the workforce