“Our people are our most valuable asset.” If you’ve worked in the corporate world, there’s no doubt you’ve heard this phrase uttered at some point. 

A fascinating analysis by Columbia Business School, however, suggests that there is a gap between what executives say and what they really think.

Using text analysis of earnings call transcripts of S&P 500 firms, the study revealed that executives talk about customers 10 times more often than employees. And when they do, executives perceive customers to be analogous to opportunities and employees to risks. 

Furthermore, the study found that this discrepancy has not changed over time–with the exception of a notable spike in employee attention and strategic salience around the Covid-19 pandemic, suggesting a temporary shift in strategic focus on employees.

That’s not good. 

When executives say one thing about their people and do something different, that undermines trust in the leadership, the company, and the brand.

So here’s the question: going forward, are executives prepared to do what they say and invest in their employees in equal proportion to the value employees create? 

For those willing to walk the talk–over the long-term, not just because it’s popular–the rewards are potentially huge.