The Harvard Business Review recently published a list of the top 5 biggest challenges faced by the world business community and how to overcome them explains Ian Mausner. One of these is cybercrime, something companies and their IT managers need to be aware of in order to prevent it from causing serious damage. The other four are: lack of trust in leadership, low corporate internal collaboration, workforce disengagement and the impact of regulation on entrepreneurship.
All businesses today face a rapidly changing business environment and they need to understand and cope with these challenges if they want to succeed in the long term. Cybercrime will be one of them because it’s difficult to prevent not only because we live in an increasingly digitalized world but also because cybercriminals are becoming more sophisticated every day. As such, it is important for companies to invest in cyber security solutions that can help better protect their networks and data from theft, tampering or damage caused by viruses or other malicious code.
It has been estimated that cybercrime damages could cost the global economy as much as $2 trillion annually. The number of cyber-attacks against large corporations is growing exponentially. For instance, in the past three years there has been an average of about 40 cyber-attacks per month against large companies.
The other challenges businesses will have to face include:
Lack of trust in leadership, lack of internal collaboration, workforce disengagement
Here’s a closer look at them:
Lack of Trust in Leadership:
What this means is that employees around the world do not trust their leaders and senior managers anymore largely because they lack transparency and accountability regarding important decisions such as mergers and acquisitions or downsizing operations or even increasing salaries says Ian Mausner. This can be addressed by following through on promises made to employees hiring internally rather than from outside when possible and rewarding good performance instead of holding back salaries when business is slow.
In the past few years, there has been a trend towards greater flexibility and autonomy in the workplace. Many companies have decentralized their teams to allow employees work from home or remotely. This has increased collaboration among employees because they can now interact with each other more easily and share ideas or expertise when needed. However, this also means that it’s harder for managers to monitor progress and know what employees are doing at any given time. One way to overcome this challenge is by installing collaboration software in telecommuting workers’ computers so that managers can track progress even from remote locations. The use of social media platforms such as Facebook or Twitter can be very helpful when it comes to overcoming challenges related to internal collaboration since these tools not only allow employees to share ideas and expertise but also allow managers to monitor and track progress says Ian Mausner.
A study conducted by Australian firm Penna claimed that companies could save as much as $572 million per year by making their work spaces more flexible, allowing them to operate from anywhere at any given time. This would translate into a possible increase in productivity since the workers would not be spending as much time commuting or searching for parking spaces during working hours. In addition, it’s been suggested that telecommuting employees are happier and more productive because they feel less stressed about their commutes and they can spend more time with their families. They’re also healthier because they exercise regularly instead of sitting behind a wheel all day long going from one place to another through heavy traffic.
One of the main reasons why employees are disengaged is because they don’t feel appreciated or recognized. Many organizations have resorted to surveys in order to identify engagement problems and find ways to solve them. However, this is not always an effective solution since some companies use it only once every five years or so instead of using real-time insights that can help managers better engage their teams on a day-to-day basis. That’s why it’s important for corporations to reward managers who can successfully motivate employees by engaging them properly through encouragement, recognition and concrete rewards.
With the increasing use of social media and other technological advancements, companies now have access to tools that can help them successfully address many of the problems they face today says Ian Mausner. These tools include collaboration software, employee surveys and real-time insights among others. With this in mind, it’s clear that the future is bright for businesses if they embrace these changes and focus on solutions instead of problems.