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After the blow to businesses all across the world due to the ongoing COVID-19 pandemic in 2021 too, companies across all domains will be trying to get back on foot and make strategies to counter the upcoming challenges for the years 2022-2023. Business and their top management are expected to make difficult decisions to get their business back on track.
As the businesses get ready to open their doors back for the customers, they will try to bring back the flair to their business that was lost to the pandemic and gain back all the market and opportunities that they lost in the last couple of years. Most companies, their CEOs, CFO’s and board members see the year 2022 as the opportunity to grow their business.
There will be a lot more on the tables when boardrooms will get ready to set the agendas for the upcoming year.
1. Tackling the challenges posed by pandemic
According to a world bank survey from October 2020 to January 2021, average sales dropped by 27% and one in four companies saw a decline of 50% in their sales.
That calls for innovative measures to bring the sales back to the pre-pandemic levels. According to the same survey, around 89% of companies retained their workforce and that shows that companies are trying to adapt to this new situation.
2. Creating an effective workplace strategy
Over the past two years, WFH(work from home) has been an effective strategy to keep the businesses running, but now companies want the employees to work from the office and a US poll from January 2021 states that over 61% of people prefer WFH over working from their office.
Companies need to look at these data and make an effective strategy that allows flexibility like working from home and a productive office environment for people who prefer working at their office.
3. Company culture
According to Stanford research that looks into stress due to the workplace, they found over 120,000 people lose their lives due to workplace stress. Over 615 million people over the world suffer from anxiety and depression leading to a high loss of productivity.
As the pandemic roll back, companies need to look into a way that can increase productivity by reducing stress and healthy work culture.
4. Globalising their business
With the increasing competition from rising global brands, businesses need to look back at their strategies for making their company globally recognised.
According to many surveys, CEOs are excited about the globalisation of their business and optimistic about the results in the year 2022. The global market is now open to most businesses due to recent developments in tech and digital break due to the pandemic, companies would not want to miss on the golden opportunity to milk this situation.
5. Tackling social, environmental and governance issues.
Top management will try to make a strategy to tackle social issues like women empowerment. According to an international survey, women conditions in top management have not changed much over the last couple of years with just 29% women in top-level management. Companies would surely want to take a look at that data and do their part.
Environmental issues have gained a lot of attention over the last few years with social activists demanding shutting and restricting down industries and businesses that harm the environment.
Summing it up, there will be a lot of things at stake for businesses when they will sit for boardroom discussions for the year 2022-2023, with a world trying to recover and tackle the pandemic, it becomes more important for companies to make strategies that can work for them even in this pandemic situation.
Companies would need to be innovative to fulfil the needs of their customers and she this pandemic to leverage their products and services.