Business

May 3, 2022

By Kiran Mann Forbes Councils Member

According to a WSJ report, around 200,000 establishments in the U.S. closed permanently in the first year of the viral outbreak.

The pandemic-inflicted leadership challenges in 2020-21 forced organizations to take extraordinary measures in real time, with zero planning.

Here are some challenges that deserve your attention in 2022 and beyond.

1. Changing Business Trends and Hyper competition

• The COVID-19 pandemic influenced every niche and significantly increased competition among businesses across all industries. As a result, business strategies were reevaluated to find new revenue generation opportunities.
• Recommendation: Adopting an agile approach and keeping an eye on the market leaders and competitors could help business leaders grow and succeed in the future.

2. Keeping Up with Digital Technologies

• The lockdowns made the virtual world the go-to option for consumers, be it for shopping, socializing or entertainment. While you might have done what you had to during the pandemic, 2022 can be the time to work on a long-term digitalization plan to offer maximum value to customers online.
• Recommendation: Establishing a strong virtual presence, digital marketing and custom software solutions are some tasks that deserve a spot on your to-do list for 2022 and beyond.

3. The New Era of Employee Engagement

• Now more than ever, employees should feel connected to their companies' overall purpose, mission and values and clearly understand the impact of their contributions on the growth and recovery of their organization.
• Recommendation: Leaders should focus on creating an employee engagement strategy that is innovative, human, and agile to keep up with the changing times.

4. Developing And Retaining Talent

• Most of the reasons responsible for record-breaking resignations, like upgrading to a better pay package or reevaluating work-life priorities, in many ways, stem from an organization’s inability to develop and retain talent.
• Recommendation: Understanding the root causes of why people are leaving your organization, improving workplace culture, and developing a tailored retention program could help a company reduce the number of resignations.

5. Workplace Flexibility Expectations

• Be it working from the office, remotely or a hybrid model, there is no denying the fact that companies should now offer more flexibility to employees. And the flexibility is not just about when or where the employees work. It is also about what kind of work they are required to do when they are in the office and at home.
• Recommendation: Taking input from employees but setting clear expectations could help an organization have a more satisfied, productive, and engaged workforce.

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Challenges Business Leaders Need To Be Prepared For In 2022 And Beyond