OPINION
honest is best, but companies must ensure their business strategy is consistent with the messages they are most vocal about. Demonstrating purpose is another interpersonal skill business experts need: by developing a more holistic approach to solving the dilemmas society is throwing at organisations, an open approach may well be the mindset that saves businesses. The rise of the ethnicity pay gap In response to the British government’s failure to respond to its own consultation on mandatory ethnicity pay gap reporting, a petition was launched calling for it to be introduced. The government stated it was analysing the need for such reporting, but has not since given any update. This has resulted in some companies voluntarily sharing their data, showing the growing need for equity and diversity to be at the forefront of business development. The value of having a diverse workforce is widely underrated. Research has found that diversifying your team can boost productivity by 35 per cent through increasing employee morale. A diverse workforce is more likely to understand your customers’ needs and come up with ideas to fulfil them. Similarly, the importance of inclusive organisations means that their positive
themselves what they need to do to become more resilient. Having a creative mindset will allow businesses and their people to think outside of the box when unprecedented situations arise. Ideally, universities should expose students to the issues that businesses are currently facing and allow them to propose solutions. Digital simulations are perfect for this and will give new graduates the confidence to test the waters when bringing creativity forward. Those already working in business can still utilise creativity, however; we are all creative in our own way and businesses need to ensure they are allowing their staff to embrace this. Next year will see businesses shifting towards maintaining a more personal, human-centric approach for the benefit of both consumers and employees. This means interpersonal skills such as creativity and resilience, as well as developing a holistic, open mindset, will all be vital assets for those wanting to succeed during these tough economic times.
how they work and how much they can offer their people and workforce. Having a more open and honest discourse with consumers and employees will go a long way as we enter tough times next year. ‘The great resignation’ also heavily impacted businesses, resulting in employees being more insistent on a new way of working; companies not allowing this flexibility may have found themselves with higher turnover as a result, as people opted to leave a job in favour of another company that better met their requirements. This has led to employers offering higher salaries to entice new talent to join their company, or persuade existing employees to stay on. However, hiring may become less of a viable option for businesses, as well as spending on marketing, or those other areas that often get sidelined during a period of financial difficulties. Being financially savvy is vital but, more importantly, being mindful and responsive toward the struggles that consumers and employees face is essential when protecting and developing your brand; working on interpersonal skills will be crucial in the coming year. Conscious consumers Worsening social injustice and inequality and challenges related to climate change continue to have a huge impact on individuals and organisations. A chief sustainability officer may be a role we may see catch on, as more businesses are put under the spotlight in regard to their carbon footprint. In response, companies are expected to show genuine commitment and work toward more than just maximising their annual profits. Consumers are looking for companies that demonstrate purpose, whether that is through how they treat their employees, the kind of entities that they collaborate with in regard to their supply chain, or the broader communities and countries in which they operate. With the rise of greenwashing and sportswashing, businesses need to be wary when considering the type of societal issues they wish to stand against or with. Being
“More than a buzzword, the
reputation will attract the best talent. Being inclusive begins
with having a diverse workforce and, again, adopting a holistic mindset will allow businesses to do so.
metaverse has the potential to change how products are presented and sold to customers”
Investing in potential Businesses globally are finding it harder to maintain a strong competitive position and attract and retain talent today. In the current tumultuous climate, businesses need creativity to stay afloat. This will change the workforce dynamic and the skills they will need their hires to develop; during this time, businesses will have to ask
Ambition | DECEMBER 2022/JANUARY 2023 | 45
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