Predictions for a Resilient New YearDec 13, 2023
- By Sophie Pinkoski
As we step into 2024, it’s time to prepare ourselves for the year ahead. Existing and emerging trends for the coming year demand not just adaptation, but proactive strategy and foresight.
Building upon the foundation we have laid in our business practices for 2023, it's important we acknowledge the evolving landscape and embrace innovative approaches to sustain growth in our organizations.
We are heading into a new year, having cemented practices developed over the last year and beyond. It’s important to keep these successful practices in mind when making decisions that impact your team. The workplace has evolved a great deal from pre-pandemic approaches and by now, it’s more productive to move forward with new, more efficient practices, rather than looking back into the past.
Best practice will see leaders reflecting on the past year's accomplishments and challenges for the organization.
Evaluate what worked well, what fell short, and how to leverage these insights for continual improvement.
This introspection may serve as a compass, guiding your organizational decisions into 2024. Most emerging trends for the coming year simply build upon things organizations have already begun putting into practice. It’s our job now to continue pursuing that exemplary work.
Here are some of the most common predictions for 2024:
Hybrid Work Culture ––The shift toward a hybrid work model has become something of a workplace mainstay at this point. While some large corporations aim for a complete return to the office, statistics highlight preference for a hybrid approach among workers. Only 2% of leaders say they have no intention of returning to office, given their concern that collaboration, culture and relationship building, and mentorship aren’t fostered as effectively with an entirely remote team. Meanwhile, individuals appreciate the flexibility that comes with remote work, alongside the lack of a commute, and being able to maintain a healthier work-life balance from home. With such a divide between leaders and their team’s opinion, a middle ground may be navigated that supports the best of all perspectives. Continuing with a hybrid workplace may be the chosen alternative.
Technological Advancements and AI –– This past year, we have seen rapid growth in AI and technological advancement that changes and improves on a near daily basis. The rise of ChatGPT has revolutionized and simplified the way we brainstorm, research and/or write. Meanwhile, generative AI has brought in new efficiencies such as automatic transcription, translation, data extraction and analysis, and even action item generation. All of the benefits also have risks including the reliability of source data and the long-term impact of AI on society.
With such swift advancements, it will be crucial to empower your team by offering training so they can learn how to put this new technology to good use and clarify what the boundaries of AI in your organization will be in the near term.
Resilience and Adaptability –– 40% of CEOs worry their organization won’t be viable in ten years time. Maintaining long-term relevance involves reinventing your organization to best prepare for the future. Now might be the perfect time to ask your team where your organization fits in a constantly changing world. Customer needs and preferences are always shifting, and especially now, we are seeing increasing speed in technological and continued supply chain disruption.
Building resilience involves not just focusing on current opportunities and challenges, but proactively preparing for future ones as well.
Emotional Intelligence: Managing workplace challenges throughout the pandemic has taught us that the best way forward for retaining talent is through holistic or humanistic leadership. We saw a large uptick in individuals leaving jobs that don’t value their contributions. As Wendy Clark, CEO of Dentsu International puts it, “The Great Resignation is a reappraisal of leadership and it is a great reckoning on how we’re leading our companies and whether we’ve really thought about the lived experience of working at our companies.” Empowering individuals means taking a more human approach to leading your team. Building emotional intelligence can improve your business by 37.2% within the first year, supporting your team’s mental health and boosting their overall engagement.
Creating a culture of empathy, trust, transparency, personal development, and mindfulness will make your team feel valued.
Sustainability –– Addressing your organization’s environmental, social and governance (ESG) practices may seem an intimidating process but breaking it down into manageable tasks will make it far easier to grasp. Face ESG with the curiosity on how it can improve your operations regardless of the ever-changing discussions on the related standards and policy directions. 2024 may see more organizations including the principles of ESG in their strategy, values, mission, and policies.
Continuing successful practices while embracing change is pivotal.
Keep abreast of technological advancements, leveraging them for efficiency gains while simultaneously championing inclusivity and sustainability. By combining these strategies, you can fortify your organization for success in 2024 and beyond.
As you embark on this journey, remember that success can be financial and the positive impact and value your organization brings to its stakeholders and the world at large.
Embrace change, foster innovation, and lead with empathy to create a brighter, more resilient future for your organization and its members.