With the end of 2022 comes a New Year and a new opportunity for business leaders to make impactful changes in their operating strategies. 2023 marks the first year since the dawn of the pandemic when consumers are not immediately frightened by the prospect of COVID, but many ramifications of the pandemic years continue to affect corporate decision-making. Worker behavior, consumer demand, economic inflation and other issues should be at the top of mind while executives craft their corporate resolutions for this year. Though resolutions should be highly personalized, depending on the current status and needs of an individual organization, here are some popular goals that leaders might work toward over the course of the year.
Improve Workplace Culture
Almost two full years ago, workers fed up with their employers’ attitude and behavior during the pandemic quit in droves, launching an employee exodus swiftly dubbed the Great Resignation. Today, many economists suggest that the Great Resignation is still occurring, as millions of Americans leave their positions every month in search of other employment options.
Workers cited various reasons for tendering their resignations, but among the most dominant was an unhealthy culture at their current workplace. Leaders who consistently ignore worker boundaries, intentional driving of intra-workforce competition, unavailable support for professional growth and other aspects of culture can increase burnout rates and drive top talent away. Thus, organizations eager to avoid high employee turnover rates should invest considerably in developing a workplace culture that is healthy and supportive for every member of the workforce.
Integrate Advanced Technology
The pandemic accelerated many consumer and management trends, highlighting which organizational strategies and styles would be most successful in the future. Immediately, digitally mature organizations thrived under pandemic conditions, while businesses slow to adopt digital technologies foundered. In recent months, surviving companies have raced to digitally transform and adopt the technologies that will keep them competitive within their industries.
In truth, every organization should evaluate its unique digital needs before committing to the adoption of certain technologies. While recommendations to use cutting-edge tech like machine learning and AI are popular, there is no single list of tech tools that every business needs to flourish in the post-pandemic era. Thus, business leaders may resolve to work with tech consultants or other professionals that can guide their organization to integrate advanced tools that will lead to greater efficiency, more visibility, higher profitability and other key objectives.
Commit to Supply Chain Sustainability
Throughout the pandemic, consumer demand would spike unexpectedly. Unfortunately, that high demand was almost impossible for many companies to meet due to rampant disruptions in the supply chain. Many global centers for manufacturing were all but entirely closed for the entire pandemic due to regional no-COVID policies; around the world, the transportation industry suffered shortages of workers and events like natural disasters and the blockage of the Suez Canal had ramifications in shipping that lasted months.
Most organizations are eager to make changes to their supply chain strategies to avoid such tumultuous supply in the future. Courses in sustainable supply chain management can help leaders develop the knowledge and skill to build a more resilient supply chain, using techniques like acquiring diverse supply chain partners and utilizing advanced technology for tracking and maintaining supply chain integrity.
Upgrade Marketing Strategies
Long gone are the days when businesses could enjoy free marketing from savvy social media use. Attracting the attention of target audiences requires specialized marketing knowledge and skill guided by expert strategy deployed through multiple channels. What’s more, marketing trends are constantly shifting as consumers alter their preferences and behaviors.
Every new year should prompt an organization to evaluate their current marketing strategy and make changes to suit emerging trends. In 2023, businesses might need to reinvigorate their search engine optimization efforts, revitalize their websites and invest in the creation of more short-form video content for platforms like TikTok and Instagram.
A New Year doesn’t necessarily prompt executives to imagine a completely new company. By recognizing important shifts in economic and consumer behavior, business leaders can make the right resolutions that will lay foundations for success for years to come.