Navigating the current volatile economic climate is challenging for businesses of all sizes. And who knows what other challenges lie ahead in the months and years to come? ServiceNow’s Mark Cockerill shares key tips for dealing with the current crisis and the storm ahead To do.
Businesses today face uncertainty and would say they need to be more agile to navigate this volatility. But with everyone talking about instability, it is fast becoming an undercurrent rather than a pressing topic.
Guidance such as ‘we need to be better prepared’ misses the point given the technical talent shortage, rising inflation and conflict in Ukraine currently affecting supply chains.
So how do businesses of all sizes prepare when they’re already facing volatility and don’t know what else to expect?
Cooperation and co-operation are essential tactics for weathering instability.
Here are three strategies for dealing with the storm that businesses of all sizes can face this year.
Attract and retain top talent
Competition for talent remains a priority.actual 94% of business leaders They state that attracting and retaining employees is an important aspect of their role.
Talented employees are essential to a successful business during uncertain times, and this is especially true for small businesses. Having top talent on board can make all the difference, and environmental, social and governance (ESG) strategies are key.
Younger generations pay more attention to the values and ethics of their employers, such as reducing their carbon footprint and engaging in positive environmental change.so much like Nearly half of workers aged 18 to 34 Respondents who said they would seek a new role if their employer did not make ESG a major concern.
ESG is not always the focus for SMEs. But building an ESG strategy is easier than you might think.
You need visibility into all potential risks in your distribution network and supply, and you need to do it quickly.to invest there proper technique come in. A customizable solution not only ensures compliance, but also allows you to react quickly when issues arise.
The return on investment doesn’t stop there. Having the right technology will also improve your retention rate. We are all familiar with the benefits of a positive employee experience (EX). One of his ways of ensuring the highest level of EX is by allowing employees to create their own solutions. low-code or no-code technology.
By putting your employees in the hands of app development, you can build customized solutions that make their jobs easier. Benefits include streamlined development processes, increased flexibility, and reduced business costs. This is exactly what organizations need to weather the storm.
vending machine
The cost of living crisis, inflation and supply chain disruptions are forcing businesses of all sizes to operate with fewer resources.
Keeping costs down is, and will continue to be, a major challenge for businesses for the foreseeable future. Your first instinct will be to keep quiet and avoid unnecessary investments.
Instead, more than ever, it’s time to evaluate your go-to-market and scaling strategies and look for opportunities to ultimately save resources, time, and money.
Automation, for example, is a perfect example of how current technology works. By automating tedious manual tasks such as form filling and data entry, you free up your workforce to help your business innovate and grow. This ties in with EX above.
After all, when staff can focus on high-value tasks, they feel like they’re making a difference, making their roles more fulfilling.This is one of the reasons they report 5x higher happiness than those who do not.
Additionally, less time and money is spent on time-consuming tasks that technology can perform much more efficiently.
cooperate
No organization should face uncertainty alone. Cooperation and co-operation are essential tactics for weathering instability.
This means redefining collaboration and working together to make the lives of our employees and citizens as easy as possible.
From legal documents to passport applications, government services must be digitized and accessible to everyone. But it cannot be done without private sector solutions.
Private companies looking to bring innovative products to market faster cannot do so without the support of the public sector.
Whether it’s a supply chain delay or bridging a technical skills gap, cooperation and commitment to cooperation from both sides is essential when it comes to identifying, mitigating, and resolving problems.
Move forward with the right tools
Businesses of all sizes must be more agile to face uncertainty with confidence. Technology is not a silver bullet, but it makes it easier for organizations across industries to work together more efficiently and with a clearer vision of the future.
Technology is therefore a key tool to help businesses of all sizes navigate through volatility.
Mark Cockerill (LLB, LLM) is ServiceNow’s Vice President of Corporate and International Development. Prior to that, he was General Counsel for Ireland’s largest telecommunications operator and held leadership roles in international telecommunications organisations. Mark is also Vice President of the European Company Lawyers Association (ECLA) and in Ireland he is also a board member of the American Chamber (AmCham).
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