Organizations that fail to put people at the center won’t be able to differentiate themselves nearly as effectively from competitors, according to a report released Jan. 17 by Accenture. And very few companies — 5% — are “effectively unlocking” the value of data, technology and people combined, the company said.

For example, companies that effectively combine data, tech and people can see an 11% productivity premium — but those that do not involve people in those strategies will only see a 4% productivity premium.

Top drivers of growth, according to the 1,140 execs surveyed, include using data and tech to enhance performance as well as acquiring — and creating — top talent.

“CEOs who empower their CHROs as growth executives create the conditions for them to think and act beyond their title,” said Ellyn Shook, chief leadership and human resources officer, Accenture. “When they recognize that people are central to their business, these CEOs cultivate the connections, skills and environment for CHROs to lead across the C-suite to drive business growth and exceptional human experiences.”    

However, while the majority of CEOs surveyed said CHROs should play a key role in ensuring growth, less than half of CEOs said they are creating conditions that would allow CHROs to do so.

Accenture’s report highlights the dramatic change taking place regarding the role of HR. Respondents to a survey by HR tech company Sage published in November said that the HR department’s reputation and image hadn’t kept up with the times; 85% of C-suite leaders said “human resources” may be an outdated term, as well.

Some companies may still see HR as a largely administrative function, Sage’s report noted. HR leaders in that survey cited limited tech, budgets and resources as major barriers to overcoming that perception — all aspects that Accenture said CHROs need to succeed.