Most UK CEOs say their organisation’s purpose has recently changed in order to focus on societal value, according to research from PwC, a London-based multinational professional services firm.

The research, based on a survey of 1,409 CEOs, showed that 69% say their organisation’s purpose is focused on societal value and 24% changed their purpose in the last three years to make it so.

According to PwC, people, especially the millennial generation, want to support and work for organisations they can trust. They are looking for more responsible and ethical goods, services, brands, companies and employers and CEOs are looking to provide it. Therefore, 75% of CEOs are making changes to values, ethics and codes of conduct in response to wider stakeholder expectations.

Moreover, 67% of CEOs think that in five years, rather than going for the biggest pay check, talent will prefer to work for organisations with social values that match their own and they are making changes to their talent strategy accordingly.

PwC, states that while CEOs know it’s imperative that they get talent strategy right and they have excellent strategic intentions, they’re struggling to translate these intentions into tangible steps. For instance, 72% worry about the availability of key skills, but 30% are focused on upgrading the skills and adaptability of their people. And despite CEOs agreeing that technology is important in responding to stakeholder expectations, 4% of CEOs recognise the value of predictive people analytics in their talent strategy.

“CEOs clearly recognise the importance of attracting and retaining talent,” Jon Andrews, leader of PwC’s global people and organisation practice, said. “They are also clear on the importance of their organisation’s values and purpose in achieving this. The challenge for CEOs and their HR function is in knowing where to start in creating an organisation that not only has a clear and compelling set of values and purpose, but that it lives and breathes these on a day-to-day basis.”

“What is surprising in these results, in a world where digital is becoming the norm, is that only 4% of CEOs perceive there to be value in the vast amount of data they hold on their people and the role this can play as a predictive and insight based decision support tool,” Andrews said. “The implementation of workforce data and measurement can give an organisation a competitive edge in talent management – and it’s essential in monitoring and measuring the impact of employer values on employees.”

“CEOs must make sure that they have the people they’ll need for a future they can’t predict, in a workplace where employees, contingent workers and automation sit side by side,” Andrews said.