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The biggest challenges facing businesses today?

Updated: Apr 11, 2023

Is your company challenged?

Covid was a world challenge that fundamentally shifted the working environment for many of us. The speed at which organisations had to shift left many employees unsettled and bereft of the foundations that work provided. But what Covid also did was shine the light on difficult and challenging elements of our work lives and processes.

As we face this new challenge of coming out of a pandamic world into one with an uncertain future how we address these challenges will in some cases be the difference between businesses that thrive and those that fail.

It is critical that scaleups and corporate understand the impact of these and put solutions in place now to help employees thrive in uncertain times.

Bad Decisions:

In a world where speed and agility are a competitive advantage, chronic poor decision-making by mid-level managers can cost firms upwards of 3% of their profits (Gartner, 2018) and not making decisions in a timely manner can amount to around 530,000 days of managers’ time per year, equivalent to $250 million in wages (McKinsey, 2019).

Poor Problem solving:

If a business doesn’t have in-house problem-solving skills, they risk becoming uncompetitive, providing a poor customer experience and impacting the wellbeing of their employees. If problem-solving is the current business priority, then focusing on addressing the problem-solving skills gap will be the next.

Unhealthy working relationships:

American employees reported spending 2.8 hours per week dealing with conflict, amounting to approximately $359 billion in paid hours, or the equivalent of 385 million working days in the country as a whole. Similar is experienced in every western culture. Further, 25% of employees said that avoiding conflict led to sickness or absence from work, and nearly 10% reported that workplace conflict led to project failure.

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