The way we do business is constantly evolving. And when you consider the current economic uncertainty, the rapid development of new technologies and the repercussions of a worldwide pandemic, you can expect 2023 to be a year of great change.
At Magone & Co, we expect to see the following trends emerge over the course of this year:
- Combating the “Great Resignation.” Businesses continue to struggle with the aftereffects of millions of workers walking away from their jobs for more attractive working options. For employers, the challenge to keep and retain top talent is an ongoing trend as they strategize to offer the benefits, flexibility and work-life balance that today’s employees are seeking.
- Keeping pace with digital transformation. As AI and automation augment the workplace, employers need staff that can support the transformation and work together in this new workplace reality. For example, employers may focus on hiring talent with specific skillsets that can’t be delegated to AI, like creativity and critical thinking skills.
- Prioritizing the customer experience. Technology and customer experience continue to go hand in hand. That’s because in a saturated buying market, customer immersion has become essential in capturing customers’ attention. Technology can help create more immersive experiences by leveraging data to synthesize customer profiles for more precise personalization. The latest technology can even generate interactive ecommerce experiences with virtual reality (VR) platforms.
- Overcoming inflation insecurity. Supply chains are still operating, and the economy is expected to keep growing, but businesses are still dealing with inflation. This means organizations must most monitor costs closely, minimize exposure to supply chain risks and have a plan to protect their margins.
- Focusing on sustainability. Did you know that 79% of customers changed purchase preferences based on environmental impact, social responsibility and inclusiveness? An organization’s stance on social issues has become increasingly important to consumers and investors. That’s why having an environmental, social and governance (ESG) strategy can be effective in communicating a company’s core values and vigilance of the greater world, while meeting the ethical expectations of the audience.
When being “trendy” can improve your ROI…
With the majority of the year in front of you, take a fresh look at how your organization can benefit by incorporating these trends into your strategy. Need a trusted business strategist working on your behalf? Let’s chat.