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What Will the Biggest Challenges Be for Businesses in 2022?

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Another year has flown by, and no matter what industry you work in, there will be highs and lows along the way. 2022 is the year when the world is opening up again. After the challenges we all faced with the COVID pandemic and disruption to supply chains, businesses can be optimistic and grab opportunities to grow safely. Here are just a few of the things companies may need to work on in 2022 and beyond.

Data protection

There has been a shift in data protection in the past few years, putting much of the responsibility on businesses. GDPR changed the way companies deal with data, which represented a big challenge for international firms, and individual states now have their own regulations such as the California Consumer Privacy Act.

Data protection and cyber security will be key, which is why it’s essential to use secure platforms and have an IT security policy for using BYOD (bring your own devices).

CyberThreats

Rising cyberattacks will continue to challenge everyone online. All sites and businesses need to prioritize their security to protect their systems from hackers.

A zero-trust approach to supply chain management, using PCI DSS for cardholder payments and if you’re considering cryptocurrenc payments then CCSS is also recommended.

Staying innovative

Businesses are nervous about taking risks in the current economic climate, but innovation is important to keep your business relevant in today’s world. Changes such as embracing the use of big data, creating more flexible work environments, and encouraging idea management are all ways in which you can innovate while still taking small steps at first.

Many businesses have already found that they are staying ahead of the game by being change agents and innovative over the past couple of years. For example, bringing forward their digital transformation process to better manage expenses and also reach more customers. Therefore, it is vital for business owners to learn ways to stay innovative to ensure that they aren’t left behind in the fast-paced business world.

Automation of jobs

It’s predicted that in this decade automation will affect a small percentage of jobs, estimated to be about 3% globally. However, within the next 10 to 15 years, that percentage could rise significantly as machines become capable of autonomy, so it’s something that all industries need to think about. By the mid-2030s, up to a third of your workforce’s jobs may be automated. Is that something you want to embrace, or would you prefer to keep the human touch, even if it means falling behind the competition?

However, it is important to note that automation and people can work alongside each other if done correctly. With a combination of the two, your business could have the best of both worlds without getting behind. Automation could take over jobs such as hiring and employee analytics. You could have your members of staff working in customer service instead, and stand out above the competition, simply because you have the human touch.

Global workforces

More and more businesses now have employees who are based in a number of different locations. A study by Upwork predicted that nearly 75% of teams across the world will have remote workers in the next decade, which could mean major cultural shifts. If remote work becomes the norm, there are a number of advantages to your business, including:

  • A much larger pool of candidates to fill roles
  • Potential salary savings as workers aren’t paying to commute
  • Increasing employee productivity
  • Boost in employee happiness

However, having a remote workforce does represent several challenges, such as making it difficult to encourage teamwork and ensure that people are at their most productive. Technology is making it easier to overcome these challenges, but in some cases, face-to-face work is still going to be needed.

Political changes

2020 promises to be an exciting year in global politics, from the impact of Brexit to the United States presidential election in November. An uncertain political climate can often impact business, as it can lead to fluctuations in the economy that can affect things like consumer spending. It’s important for business leaders to keep up to date with changes in the political landscape and react accordingly, which will allow them to plan for the future.