Two-Thirds of Corporate Executives Say Lack of Business Skills Inhibits Strategy Execution

STAMFORD, Conn.–(BUSINESS WIRE)–BTS, a world leading strategy implementation consulting firm, is pleased to announce the release of a research report entitled Skills Mismatch: Business Acumen and Strategy Execution. Based on a survey of over 300 senior corporate leaders conducted by The Economist Intelligence Unit, the report explores the relationship between […]

STAMFORD, Conn.–(BUSINESS WIRE)–BTS, a world leading strategy implementation consulting
firm, is pleased to announce the release of a research report entitled Skills
Mismatch: Business Acumen and Strategy Execution
. Based on a survey
of over 300 senior corporate leaders conducted by The Economist
Intelligence Unit, the report explores the relationship between business
acumen and strategy
execution, the critical skills required at various levels of
leadership, and the trends in business acumen development.

The research revealed that a vast majority of surveyed senior leaders
believe that a lack of business acumen inhibits their organization’s
ability to realize strategic goals. Challenged to develop critical
business skills, companies have traditionally focused on building skills
on the job, but are now turning to innovative, experiential learning
methods that reduce risk and accelerate results.

Key research findings include:

  • External skill shortages were considered to have a greater impact on
    execution than global competition, regulatory constraints, political
    uncertainty and technological changes.
  • Two-thirds of senior leaders agreed that a lack of business skills
    limits their organization’s ability to realize strategic goals to a
    strong extent. However, high-performing organizations, in terms of
    revenue growth, are less constrained by a skills gap than
    low-performing organizations.
  • Considered minimally effective by survey respondents, on-the-job
    experience, the common approach to developing business skills, is
    expected to decline by nearly 40 percent over the next five years. In
    comparison, learning and development initiatives designed to build
    business acumen are expected to grow 47 percent, based on a composite
    score.
  • Eleven percent of senior leaders say business
    simulations are used within their organization today, and 26
    percent anticipate their use in 5 years’ time— a 140 percent increase.
    Meanwhile, expert-led lectures are perceived as ineffective and are
    expected to decline by 32 percent.

“Leading companies recognize strategy execution as a critical challenge.
This study confirms that many organizations are constrained by a
business acumen skills gap,” said Rommin Adl, EVP BTS. “To bridge this
gap, business simulations and experiential learning are becoming
increasingly widespread, outpacing other formal learning approaches to
business skill development. More and more companies are taking notice
and investing in this area because they recognize that it is a powerful
way to generate better results, faster.”

Based on a global survey designed and conducted by the Economist
Intelligence Unit, the research report incorporates responses from 336
corporate senior leaders across a diverse range of geographies, 16
industries and 13 business functions.

Download
the full report.

About BTS Group

BTS is a world leading strategy implementation firm that accelerates
execution by building the alignment, mindset and capability needed to
deliver superior business impact. The company leverages customized
business simulations and experiential learning initiatives to help
clients achieve better results, faster.

For more information, please visit www.bts.com.

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