Business has been tough throughout the past few years. There are major concerns that can consume concern on a daily basis, but it is important not to forget the longer-term issues. These are the three biggest long-term challenges facing the private sector right now.
1. Environmental Concerns:
The biggest threat to the planet right now is unethical and unsustainable production. We are already seeing the disastrous effects of man-made climate change. We need to see a change in business practices sooner rather than later.
You need to start seriously evaluating your company’s sustainability. This means re-thinking supply chains and internal processes. You should consider how much waste you produce and try to use renewable sources of energy.
Another way to solve this problem is if you host your data on cloud servers. Using cloud technology is a bit like getting the bus. If you get the bus to work it emits more harmful gases than a car, but everyone’s carbon footprint is smaller because the emissions are shared. If you use a cloud-hosting server instead of building a personal one, you will use less energy.
2. Talent Risk:
As we enter a period of economic instability with recovery from the pandemic, stable government and public sector jobs become more attractive. It is important that the private sector retains its current talent and recruits the best it can get to ensure innovation.
The pandemic has also shifted people’s priorities and an increasing amount of people are going into business for themselves. The UK saw nearly 17,000 new consulting firms registered in 2020 alone. Furthermore, 10% of start-ups have been started by under-30s. This is a dramatic breakaway from the traditional career path.
To maintain current employment interest, it is crucial that companies focus on ESG. Companies which are ESG inclusive have more productive, happier employees and are more profitable in the long run. It truly is a win-win.
You should consider innovative ways to attract and retain employees. Think about what perks you could offer. From lower rates on gym memberships to private health insurance, during this period of uncertainty gestures like this can show your commitment to your worker’s happiness.
Another consideration is hiring practices. Diversity breeds innovation, so why employ people who have had the same life experiences? If you have a diversity issue, now is the time to solve it. Look to people who have had non-traditional career paths.
Archives are an essential part of compliance, as well as in day-to-day business. The pandemic has accelerated the need to have easy, secure access to essential documents remotely. A lot of recent and historic files have been on paper so there is a need to have a safe place to store all of this long term.
The pandemic has also spurred on new changes in the way we work. We could see the phasing out of non-essential office work, or a broader practice of hybrid working. Many companies have found their employees are actually more productive with flexible or remote working conditions. There isn’t a one size-fits-all for the next phase but having the right digital tools can help ease any transitions.
However, technology is useless if it isn’t secure. It is important to prioritise security, in every decision you make. Lack of security can be costly in the long term. Look to see the awards and certifications that a company has before you agree to work with them. Due diligence can be easily forgotten but in the coming years it will be even more crucial.
How can Convene help you overcome these challenges?
Convene is an all-in-one Board Portal solution designed to make your life easier. We can help you improve your ESG practices by ensuring that you have no paper waste, whilst still maintaining the best security on the market. Our comprehensive features include:
- An Agenda Builder to save precious time and energy in meeting preparation.
- A Document Library with granular access controls and role-based access to ensure your sensitive documents are protected.
- A built-in Audit Trail, so you can be sure you are compliant with all regulations.
- Surveys, with the option for anonymity, so you can be sure you are aware of your employees' opinions.
- Accessibility Features, including text-to-voice, which makes us the leading accessible Board Portal.
- Fully-GDPR compliant security with AES 256-bit encryption and CMMI Level 5 accreditation to support your governance processes.