According to a recent study, many companies have neglected the long-term restructuring of their organizational structure due to short-term crises and are insufficiently prepared for external shocks. For success, ten trends should be considered.
Especially in times of change, falling earnings and rising costs, a well thought-out and sustainable strategy is important. In the bank blog you will find current studies and trends on the topics of strategy and management.
Most companies have faced major challenges in recent years. Although short-term crises such as the corona pandemic or rising inflation have been successfully overcome in many companies, long-term disruptions are not yet sufficiently taken into account.
This is the result of a recent study by the management consultancy McKinsey, for which decision-makers from over 2,500 companies worldwide were interviewed, including over 300 in Germany. It shows that company executives are confronted with a large number of organizational changes that have a significant impact on structures, processes and employees.
The analysis found that only half of companies are well prepared for external shocks, while two-thirds consider it too complex and inefficient. Leaders must therefore ensure that they are adequately prepared for future challenges by adapting their organizations and processes and preparing for long-term disruptions.
The study names a total of 10 top trends that organizations need to find an answer to:
- speed and resilience,
- hybrid work,
- Artificial intelligence,
- employee retention,
- digital skills,
- Personal,
- Guide,
- diversity, equity and inclusion,
- mental health,
- efficiency.
1. Speed and resilience
Volatility is not temporary, it is permanent. Despite this, half of respondents say their organizations are unprepared for future shocks. Analyzes show that companies that are resilient generated a 50 percent higher total return to shareholders in the crisis years of 2020 and 2021.
2. Hybrid working
Since the pandemic, 90 percent of all organizations have established some form of hybrid work. Four out of five employees state that they would like to keep such models in the future. This requires more flexible and inclusive forms of cooperation.
3. Artificial Intelligence
Companies are increasingly using AI tools such as speech recognition. While this value was 1.9 in 2018, by 2022 it will be an average of 3.8. 50-60 percent of the managers surveyed state that they already use AI applications.
4. Employee Retention
35 percent of those who quit their job in Europe cited ‘unrealistic performance expectations’ as the reason. More than a third (32 percent) cite a lack of “purpose” as the reason. And: 39 percent of respondents in another McKinsey survey said they will quit their job in the next 3-6 months.
5. Digital Skills
Many companies still struggle to build digital capabilities into their core processes. Only 5 percent of respondents say their organizations have all the skills they need. 46 percent say their organization lacks the time and resources to build skills internally.
6. Personal
In economically challenging times, it has become even more important for companies to find, retain and deploy top talent in the jobs that deliver the greatest added value. However, in many organizations, 20-30 percent of mission-critical roles are not filled with the best people.
7. Leadership
Only a quarter of respondents say leaders in their organization are engaged, passionate and inspire their people.
8. Diversity, equity and inclusion
Although companies have launched many individual initiatives – this is stated by 70 percent of those surveyed – only 47 percent say that the infrastructure is sufficient for the goals.
9. Mental Health
9 out of 10 companies worldwide offer some form of healthcare to their employees. Still, mental health remains a challenge — employees who struggle in this area are four times more likely to quit their jobs.
10. Efficiency
In the face of economic uncertainty, organizations are once again focusing more on the issue of efficiency. Rightly so: 40 percent of those surveyed state that complex organizational structures lead to inefficiency, as do unclear role requirements and responsibilities.
Premium subscribers to the bank blog have direct, free access to reference information on studies and white papers.
Not a premium reader yet?
Premium subscribers to the Bank Blog have direct access to all paid content on the Bank Blog (study sources, e-books, etc.) and many other advantages.
>>> Register here
New: Day Pass Studies
Do you want direct access to individual studies, but don’t want to sign up for a premium subscription right away? Then the new day pass for studies is just right for you. It gives you direct access to all study sources for 24 hours.
>>> Buy a day pass for studies
A service of the bank blog
The bank blog regularly reviews a large number of studies/white papers for you and presents the relevant ones here. As a special service, the search for purchase and download options will be done for you and you will be forwarded directly to the provider’s website. As a premium subscriber, you support this service and reporting in the bank blog.
2023-05-31 03:16:40
#Ten #future #trends #companies
