It is no secret that the last couple of years have been tough on business leaders, who have had to take drastic and extraordinary measures amid ever rapidly evolving challenges.
From hyper competition to fast-paced digital transformation and remote working, the “new normal” is bringing its own set of new challenges to leaders across all industries.
What are some of the challenges of being a leader in 2022? How can leaders promote healthy and inclusive work places with hybrid working?
Keep abreast of business trends
As we leave behind the pandemic-inflicted leadership challenges amid the waning pandemic, it is crucial business leaders take the time to reflect on how they re-evaluated their strategies to grab new revenue generation opportunities.
Did they successfully transform their models to match changing business trends? What worked and what was missed? What are their competitors doing differently?
With hyper-competition at an all-time high, leaders are encouraged to show agility and innovation to bring prosperity to their company.
Keeping pace with digital technology
During the pandemic, companies had to quickly respond to consumers’ move towards online channels and leaders were forced to accelerate their digital transformation by months or even years.
Today, only 21 per cent of companies think they’ve already completed digital transformation and 27 per cent of leaders believe digital transformation is now being “a matter of survival”.
In 2022, business leaders should continue to build on their digitalisation plans by ensuring they establish a strong digital presence, review their digital marketing strategies and bringing in tailored software solutions. This, in turn, will ensure better productivity and bring maximum value to customers, virtually.
Uncertainty surrounding the pandemic brought new stresses and anxieties to the workforce.
Going forward, leaders are encouraged to adopt new ways of neutralising these issues by communicating honestly and transparently, training managers to manage work in remote settings as well as ensure employee engagement and wellbeing are prioritised.
Ongoing communication with staff combined with the right management tools and budgets will help develop a good company culture where employees feel valued and supported – and can help quell burnout, conflicts or fears surrounding personal growth.
Attracting and retaining talent
We know there is a huge shortage of talent in the job market today – no matter the industry. Combined with the “Great Resignation”, there is no doubt that hiring top talent will be a challenge this year.
Whether leaders offer to increase compensation and benefits to match rising inflation to attract and retain talent, offering workplace flexibility and inclusivity is a business imperative in today’s job market.
In 2022 and beyond, leaders will be expected to monitor employee satisfaction to manage their expectations and take actionable steps to retain talent.
Wellbeing generally dipped during the pandemic as employees faced job losses, anxieties regarding their career development, reduced social circles and support and financial instability.
This, in turn, also damaged companies, trust and innovation.
This year, leaders are encouraged to craft new, well-designed employee wellness programmes to rebuild confidence and trust as well as foster engagement and teamwork.
If you are looking for help to re-evaluate your approach to recruitment and retainment of talent, contact one of our experts today.