To catch up with their peers, organisations will first need to have a very good understanding of their current position and performance and, where possible, to benchmark against their competitors.
They should then explore other opportunities with differing levels of risk and reward. Once this evidence-based approach has been undertaken, they can articulate their priorities and plan to implement changes that will positively impact them.
Key trends to watch out for
During the pandemic, many organisations realised that, when necessary, they could cope with unexpected change and be more agile to undertake at least some of their activities differently. For example, this unprecedented world event forced some businesses to review and maximise their use of technology, which improved productivity.
Of course, there will be more external changes that organisations will need to respond to in terms of the economic rates of inflation, etc. The increased and more advanced use of big data, alongside other measures, should enable organisations to predict more accurately what may happen and model and predict the implications of different options.
Since the end of the pandemic, it has been interesting to see that whilst initially, the narrative was around the benefits of flexible working and specifically remote working, we are now seeing reports of organisations making their employees return to their workplace in person.
One of the reasons for this move is that organisations spend a lot of money on operating premises which are hugely underused, making it look as if money has been wasted. Furthermore, there is a belief that teamwork has taken a negative turn. I envisage that over the next five years, we will see more formal use of hybrid working to gain the advantages of in-person and remote working.
As the consequences of the pandemic are still being felt, I hope that the well-being of employees will stay high on the agenda with appropriate levels of financial investment. We have also contemplated debates about the extent to which organisations should recognise the different expectations and needs of various groups of employees. We will see this come through in various updated HR policies and procedures. For example, it enables employees of different age generations to select different reward options or balances.
AI takes the spotlight
Over the next few years, artificial intelligence (AI) is expected to explode exponentially across more sectors and organisations. At the moment, the early adopters are primarily in the technology sector. However, more basic forms of AI are becoming more common, such as using chatbots to answer consumer questions. Reports about the impact are positive, but more longitudinal data is needed. I also predict that AI will be utilised to perform a much more comprehensive and in-depth set of tasks.
As technology use is now seen as the norm, organisations will consider how to stand out to get a competitive advantage. The everyday use of big data will allow these organisations to pinpoint some areas. Still, using human resources remains critical – this may involve working more innovatively and providing learning and development to support this.
COP28 has recently been taking place in the UAE. It has done an excellent job at putting sustainability and climate change at the forefront of our minds at personal, organisational, international and global levels. I expect all organisations to reflect on their current position and where they want to be, then chart how to get there. The internet means that organisations are under more scrutiny than ever, so they will consider initiatives they would like to implement and how this will be evidenced and communicated to a broader range of stakeholders.
Digital transformation
I predict that digital transformation will be higher up the radar of many more organisations now that they can see its impact on early adopters. Where there is expertise and knowledge in this area, I expect to notice an increase in opening new businesses. This may trigger a war for talent as data analysts’ value continues to soar. Proactive companies will already consider different ways of attracting this talent, perhaps through ‘growing their own’ or developing an alliance with universities offering data science degrees.
These trends provide both opportunities and risks for businesses, so they should be proactively thinking about how they can capitalise on them and, where possible, integrate some of them to strengthen their position for the benefit of all stakeholders.
