Latest news with #Accenture
Forbes
18 hours ago
- Business
- Forbes
Time For More GenAI? Companies Are Less Resilient Than Ever
Uncertainty keeping things off-balance Extreme technology disruption, uncertain economic prospects, and severe geopolitical shocks – how can we keep moving forward in an age of such uncertainties? It takes a great deal of resilience to keep adapting and dodging these disruptive bullets, or as is known in the financial sector, 'black swans' that seemingly pop out of nowhere to give everyone migraines. But there is less resilience today than there was before the Covid crisis a few years back. There are a number of changes needed to get resiliency back, a new Accenture report suggests, and generative AI and agentic AI figure prominently as key considerations. Though technology adoption has reached historic levels in recent years, things keep slipping, and the consultancy urges doubling down on adoption of AI-based tools and platforms. Accenture's 'Resilience Index' spans more than 1,600 companies from around the world, capturing their percentile position within their industry peer sets. Measures include strengths associated with commercial, people, operational, sustainability, and technology. The co-authors, led by Accenture's Muqsit Ashraf, pinpointed a relatively small sampling or organizations, about 15%, that can be defined as 'resilient,' and the traits they have in common. Resilience is more than traditional risk management, the report states. It's 'a company's ability to withstand and adapt to uncertainty and volatility, and to emerge stronger by building the capabilities needed for long-term, profitable growth.' Highly resilient companies are growing revenue six percentage points faster than their less-resilient peers and have profit margins that are eight percentage points higher. Ashraf and his colleagues deliver bad news on this front. Despite massive migrations to digital capabilities, and now, artificial intelligence and connected networks, "many organizations are even less resilient. 'Resilience is fracturing,' they state. 'The divide between strong and weak organizations is widening, with the latter falling further behind. On the Resilience Index, the performance gap has expanded by 17 percentage points.' Resilience is also spotty at best, the report also shows. Even the top performers in Accenture's survey boosted their technology resilience by three percent, but cut investment in people resilience by seven percent compared to pre-pandemic levels. 'Too many companies remain anchored to outdated playbooks,' the Accenture team states. 'The capabilities that now define resilience – agentic AI, AI-workforce integration and operational optionality – were barely on the radar five years ago.' The path to resiliency includes rethinking approaches to both technology and people. 'In technology, resilience now demands far more than simply maintaining robust IT systems,' Ashraf and his colleagues state. "It requires the deep integration of genAI capabilities into core business processes, the adoption of agentic architectures that enable autonomous decision making and a shift from reactive digital upgrades to proactive digital transformation." Importantly, it's more about technology alone, as it takes highly motivated people working with this technology to achieve greater resiliency. 'Resilience is no longer defined by human adaptability alone,' they state. 'It is about how effectively human and AI agents can collaborate within dynamic, augmented systems.' The Accenture team did not explore whether resilience was achievable through contingent or gig workforces that could reduce the boom-bust cycles and demoralizing effects of layoffs. But they do urge throwing away the traditional workforce models and adopt "talent strategies that enable human-AI teaming, support continuous learning in machine-augmented environments and empower employees to work alongside intelligent agents," the Accenture team continues. The ability to harness and scale machine intelligence through human-AI collaboration is emerging as a defining trait of resilient, high-performing organizations."
Newsweek
20 hours ago
- Business
- Newsweek
How Leading Consulting Firms Address the Rising Challenge of Burnout
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Across the country, employee engagement is at all-time lows as people deal with labor market, socioeconomic and geopolitical instability. During this time, managers have been tasked with keeping people happy while balancing executive interests in productivity, office attendance and avoiding corporate activism. In the field of management consulting, where client demands and working hours can be grueling, companies like EY, PwC and Accenture are addressing these challenges by boosting their support for employees' well-being. All three firms were named to Newsweek's America's Greatest Workplaces list earlier this month. "Well-being is unique to every person. That's why, at EY, we take a holistic approach—prioritizing physical, mental, financial and social wellness," Kim McConnell, director of EY Assist, told Newsweek via email, adding that personalized benefits plus focus on team building and measuring progress are keys to the company's strategy. Burnout has been noted as a rising issue since the pandemic-driven lockdowns of 2020. Google searches for "work burnout" and "burnout symptoms" reached all-time highs in the middle of 2022 and have remained high. Both terms have spiked again in the middle of this year, with "work burnout" reaching a new all-time high. Researchers have identified cultures of silence, "invisible work," and a lack of inclusion as sources of burnout. "Well-being isn't a one-time effort but an ongoing commitment to making it part of our everyday experience," Kim Jones, talent strategy and people experience leader at PwC, told Newsweek via email. "We're creating intentional space for our people to recharge and refocus, empowering them to thrive in a sustainable way. We're also providing our people with resources and learning opportunities, such as time for upskilling and volunteering." Recently launched initiatives at PwC include Rock Your Block, weekly uninterrupted time where internal meetings are not allowed, and My Milestone Rewards, which allows people to choose the health and well-being benefits that they would like most. The company invested $22 million in the rewards program. Accenture's well-being strategy focuses on the "three Rs"—recognition, recovery and renewal—as Dr. Tamarah Duperval-Brownlee, the company's chief health officer and a former practicing physician, explained in an interview with Morning Brew last year. Accenture's benefits include financial education, apps and tools to help with sleep and caregiver support as well as courses to support well-being, resilience and belonging. An Employee Assistance Program (EAP) and Mental Health Ally Network provide professional support and internal networking, and birth parents get 16 weeks of paid leave while other parents receive eight weeks. On its website, Accenture also lists flexible work programs and fertility and dependent care support among the benefit offerings available to employees. PwC employees enjoy expansive health and well-being benefits. PwC employees enjoy expansive health and well-being benefits. Getty Images PwC's benefits package also includes financial coaching, well-being support in the form of coaches, rewards and an EAP, as well as expansive professional development and networking opportunities. Its employees also have access to counseling apps and platforms: fitness benefits include Peloton, Wellhub and One Pass, and mental health resources include Talkspace, and Togetherall. PwC also offers fertility, child care and additional caregiver reimbursement and support. EY has buttressed its efforts with a mental health and emotional support team, which allows employees and family members in their households 25 no-cost mental health coaching our counseling sessions per year. The company also covers up to $1,000 annually toward activities, experiences, vacations or products like video game systems, gym memberships and meal delivery services. Employees also get $500 to help cover commuting costs and pet care and $1,500 for child care or caregiver support. "We have also developed approaches to supporting well-being through psychological principles, including a mindfulness program and a program that helps participants develop mindsets to navigate challenges and engage in self-growth," McConnell said. EY has also focused on building internal connections, recognizing how important these bonds can be in addressing dissatisfaction with work. The company provides a service called Team Leader Skills Accelerator, which, McConnell said, "helps establish team norms and behaviors around connection, focus, impact, development and flexibility." "At EY, we've found that teams who spend 40 to 60 percent of their time together in person experience the optimal balance of collaboration and flexibility," McConnell explained. "They benefit from the on-the-job learning and real-time feedback that are critical to our apprenticeship model; they are also able to build lasting connections and report stronger feelings of psychological safety." The firm is also measuring employee well-being with the help of new technology. "We created the EY Vitality Index, a proprietary, AI-powered tool that measures well-being across our teams," McConnell shared. "It does this across 12 key well-being drivers, including experiential data (e.g., whether individuals feel supported, valued and see opportunities for growth) and operational data (e.g., hours worked, PTO utilization and recognition awards). The Vitality Index helps EY leaders spot early signs of burnout and take meaningful actions to correct it." As the talent market grows tighter and more competitive, employers are tasked with finding better ways to support employee well-being. Those who do it successfully can see gains in culture and people's desire to stay at or recommend working at a company. "Well-being is a business imperative, and organizations that prioritize it can effectively combat burnout, improve retention and support long-term growth," McConnell said.
Business Insider
a day ago
- Automotive
- Business Insider
I'm the CEO of the largest superyacht firm in the world. I start my days commuting from France to Monaco and end with a family jam session.
This as-told-to essay is based on a conversation with Anders Kurtén, the 54-year-old CEO of Fraser Yachts, based in Monaco. It's been edited for length and clarity. I became the CEO of Fraser Yachts in 2023. We're the world's largest yacht brokerage with dual headquarters in Monaco and Fort Lauderdale. I've been told I was carried aboard my grandfather's mahogany sailing boat when I was just a few months old. Growing up in Finland, our summers were spent on the Baltic Sea. I didn't consider turning that passion into a profession at first. My career began in the mid-90s, building websites in Finland. I then worked in New York during the dot-com boom and returned to Finland for a brief stint at Accenture. I realized I couldn't see myself doing that for the next three or four decades. I enrolled in a wooden boatbuilding school and became a boat carpenter for a few years. BI's Power Hours series gives readers an inside look at how powerful leaders in business structure their workday. See another story from the series here, or reach out to editor Lauryn Haas at lhaas@ to share your daily routine. In the mid-2000s, I was headhunted to run a small yard manufacturing performance cruising sailboats. I then spent nearly a decade at a Nordic boat manufacturer. In 2019, I entered the superyacht industry as CEO of Baltic Yachts. My primary role at Fraser now is serving the needs of our clients with the help of my 230 colleagues. Here's what a typical day in my life looks like. 6 a.m. — Outrunning Monaco's traffic I roll out of bed around 6 a.m., get ready, and head to the office. I live in Nice, France, but I moved here from Pietarsaari, Finland, for my role. The 22-minute trip can stretch to two hours during rush hour. I primarily listen to business and language learning podcasts and some French news. I speak English, Finnish, French, and Swedish fluently, but I'm trying to master a few more. I get to the office, park the car, and then go for a run. Depending on my energy level, it's either a 5K or a 10K. I generally run west, starting from Monaco harbour. 7:45 a.m. — A quick breakfast After my run, I shower at the office and grab some oatmeal and fruit for breakfast. Once a week, I treat myself to a café au lait and a pain au chocolat at a nearby café called Bella Vita. 8 a.m. — An office with a Grand Prix view By 8 a.m., I'm at my desk, ready to get to work. Our office is opposite the Formula 1 circuit's La Rascasse turn. During the Monaco Grand Prix, if I had a fishing rod, I could tap the drivers on their helmets as they drive by. My office decor is minimalist, with pictures of my wife and kids, ages 9 and 11. Our reception area showcases impressive scale models of six-foot-long superyachts. My mornings are for strategic work and clearing my inbox unless I'm traveling for events like the Palm Beach International Boat Show. When traveling, I rely on my team to triage incoming emails and calls. 10 a.m. — Internal meetings and the occasional client interruption I spend the mornings taking internal meetings and catching up with my team. Sometimes, I might be in the middle of a meeting and then get a client call that can last 10 minutes or require me to go spend a few days touring a shipyard with the client. Navigating a universe of extreme exclusivity Our clients are high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). Many charter our yachts for vacations, while the wealthiest among them buy vessels outright. We manage 338 superyachts, sell about 50 yachts annually, and book thousands of charter days. There are only about 6,000 to 7,000 superyachts in the world. The most expensive residential real estate sold in the past decade went for around $200 million. Several new superyachts easily exceed that price tag. I have a small 30-foot outboard powerboat and a 28-foot sailboat at my summer cottage in the southwest archipelago of Finland. However, I'd need more than one boat for my dream yacht. For sailing, I'd want something like the Baltic 47 Elsa. For motor yachts, I lean toward a classic gentleman's yacht like the Feadship Santa Maria. Both would pair well with a vintage chase tender like the Monte Carlo Offshorer 32. 12:30 p.m. — Lunch, Monaco-style I eat lunch around 12:30 p.m. Most days, I grab a sandwich from one of the sandwich shops nearby and eat at my desk. When I want to treat myself, I head next door to Quai des Artistes, a traditional French bistro where I sometimes host colleagues or clients. The food is excellent. 2 p.m. - 6 p.m. — Global sync with the US team The afternoons get busy around 2 p.m. or 3 p.m. Monaco time, when our Florida team starts their day. We catch up on recent developments and sync projects to ensure seamless handoffs across time zones. This global coordination is especially critical for our yacht owners' new-build projects and crewing needs. 6 p.m. — Leaving the office for a rock band jam session I leave the office between 6 p.m. and 7 p.m. to get home for dinner with my wife and kids. After dinner, I help the kids with homework and play music until bedtime. I play the piano, my son plays the drums, and my daughter sings and plays the guitar. It's almost like a rock band at home. 9 p.m. — The kids go to bed, and I watch Netflix with my wife After the kids are asleep, my wife and I unwind with Netflix. We're hooked on Nordic noir detective shows. Depending on my workload, I might hop on a call or respond to emails from our US or Australia teams. Midnight — bedtime I usually go to bed around midnight and get about 5-6 hours of sleep on weeknights. I reserve weekends for family time, unless there's a yacht show or an urgent client matter that needs my attention. In winter, we head to the Southern Alps, where our children ski competitively while my wife and I ski at a more leisurely pace. We also occasionally travel together for business trips and take short getaways to places like Florence or Northern Italy.
Scotsman
a day ago
- Business
- Scotsman
Why we need to close the AI skills gap to drive UK's growth potential
Capital investment, access to tools, and upskilling are still unbalanced in Britain, writes Helen Lindsay Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Prime Minister Keir Starmer struck a bold tone at London Tech Week by pitching Britain as an AI powerhouse. It's ambitious – but with the UK's strong heritage in tech, world-class universities and research, and a fast-growing tech sector – the goals can be attainable. Scotland has the potential to contribute significantly to the UK's advancements in AI and we're already seeing shoots of progress. Advertisement Hide Ad Advertisement Hide Ad Accenture's latest UK Tech Talent Tracker research shows tech job vacancies have grown by 21 per cent from last year, with the UK expanding its tech talent pool to its highest level since 2019 – mostly driven by an appetite for AI. There is a significant increase in demand for AI skills in Glasgow and Edinburgh, with growth levels surpassing those in established centres like Oxford and Cambridge. There is a significant increase in demand for AI skills in Glasgow and Edinburgh (Picture: Yet despite this momentum, familiar patterns are forming: capital investment, access to tools, and upskilling are still unbalanced across the UK. The same research shows that London accounts for 80 per cent of all AI job postings. While demand for AI talent in Glasgow has grown by 150 per cent, and Edinburgh is not far behind, the scale of opportunity remains disproportionately concentrated in London. We are also seeing a regional divide emerge in people's access to technology and training opportunities. Less than half of workers (44 per cent) in Scotland have access to gen AI tools at work, compared to 64 per cent of workers in London. And just 36 per cent of Scottish businesses are increasing digital training, compared to 64 per cent of London firms. Advertisement Hide Ad Advertisement Hide Ad While AI is developing at pace, some firms are still at the experimentation phase. While London-based firms plan to allocate almost a fifth of their technology budgets to AI this year. In Scotland, the figure is 13 per cent. That gap matters. So too does the disparity in training. Around four in ten organisations outside London have increased training in gen AI so people can learn the fundamentals. In Scotland, the gap is wider still. Helen Lindsay, managing director for Talent & Organisation at Accenture in Scotland (Picture: John Need) This is not just an economic question. It is about resilience, opportunities, and long-term competitiveness. To fully capitalise on the economic potential of AI, regions outside of London will also need to compete for talent and infrastructure to achieve sustainable growth and unlock opportunities. The good news is that business leaders in Scotland are alert to the challenge. Leaders believe that over half of their workforce needs to be upskilled, and many are optimistic that AI can have a positive impact. Closing the skills gap is paramount. At Accenture, we are addressing digital inclusion head-on with our Regenerative AI initiative, aiming to equip over a million people with AI skills. AI has the potential to double the UK's long-term growth rate, adding up to £736 billion to annual GDP by 2038. If the UK wants to achieve this, organisations and start-ups in Scotland must be part of the engine – and not waiting in the wings. That means backing talent, innovation, and closing the skills gap.
Fashion Network
2 days ago
- Business
- Fashion Network
Primark puts 150 jobs at risk as some functions to be outsourced to Accenture in Mumbai
It's the season of retail belt-tightening and restructuring and with it comes negative news of potential job losses. Fashion/lifestyle retail giant Premark is planning to cut around 150 jobs in Ireland, the UK and US, with around two-thirds of earmarked redundancies targeting its Dublin headquarters. Positions in HR, finance and procurement are in danger as Primark looks to outsource a number of support function activities to a third party, reported to be Accenture in Mumbai. A Primark spokesperson told Irish broadcaster RTE: 'As we continue to grow internationally, we need to evolve our operating model to best support this ambition. 'We're exploring how resourcing via external partners could help support our operations so that we can focus our own resources on what we do best.' And they confirmed: 'As part of this, we are now proposing that a number of support function activities move to a third party and we are beginning a collective consultation. This unfortunately will impact a number of Primark colleagues primarily in our head office operations.' The restructure comes at a time when Primark continues to expand its retail ops internationally. After unveiling major growth plans for Italy in May, the business also recently confirmed plans to debut in the Middle East. But while overseas ops grow, business for many stores in the UK market remains sluggish at best with cautious consumer sentiment leading to a 4% decline in sales in the 24 weeks to March and early evidence of slowness continuing into early summer despite a strong Easter-backed April.
