To operate successfully worldwide, the role of employees, customers, and societies has been considered equally important as compared to the shareholders. The Deloitte study showed that the most pressing social challenges apart from a skill shortage are climate change and environmental sustainability.
As per CXOs from Germany, 56 percent is for supply chain digitization topic and 41 percent for change and environmental sustainability where it clearly shows that the former got a higher priority. According to Thomas Döbler, German Energy, Resources & Industrial Leader, climate protection and energy system transformation is going to achieve a significantly higher priority and the engagement is going to be deeper by the end of 2020 in Germany. He stated that for many companies it is an uncharted territory that requires huge intensity. As per the report, social responsibility is a subject which it seems is considered weak for many German CXOs.
Around 96 percent of German C-level managers have taken the responsibility of corporate management for customer data protection and 95 percent have included a diverse culture where voices from diversity are hard to decide whereas the global ratio is 62 percent and 58 percent respectively.
Concerning Industry 4.0 skills, German companies see themselves as prepared well and ready to make the present employees well-equipped and fit for the new requirements. The importance and the value of the corporate culture of lifelong learning has been recognized as an important aspect by many CXOs over the worldwide stated by the current Deloitte Study 2020. As the Industry 4.0 got its big place in the future, 59 percent are intending to invest more to understand the skills better suited for companies in Industry 4.0. Among the total German CXOs. 82 percent of them agreed employee training is a priority and understanding Industry 4.0 skills is considered important by 92 percent of the total in Germany.
Industry 4.0 transition enabled to improve the process by the use of new technologies, productivity is increased and innovation-driven even then, many managers just see the technology as a progressive tool with a mean to be secured against disruption resulting into losing competitive advantage whereas 23 percent want to have become the disrupted solution with their companies themselves.