There are plenty of mixed messages in the media about the future of work, inflation, the economy and more. What should you believe, and is there cause for alarm, concern or celebration?
Whether you’re a business leader or an employee seeking your best new career move, new data suggests you have reason to be optimistic about your prospects and your growth—based on organizations’ resilience and forward momentum.
Embrace Opportunity
Business leaders report they have bounced back from challenging economic conditions—and this bodes well for continued opportunities, jobs and career development.
In fact, multiple industries have bounced back—from finance and insurance (88% reporting they’ve bounced back) to agriculture, healthcare, education and training, commercial services, construction and subcontracting, technology, manufacturing, consumer services, retail and e-commerce and hospitality (in which 57% report they’ve bounced back), according to data from Coast.
In addition, 61% of business leaders say they are confident about the long-term success of their business and 51% are confident their business would survive a recession, based on Coast polling. Business leaders also increasingly believe the economy has improved and will continue to improve, according to data from Vistage.
Fully 63% of business leaders reported to Coast that their sales revenue had increased. And business leaders expect increased revenues (53%) and increased profits (43%), according to Vistage. A healthy 30% expect to make future investments in their business.
For the Future: Leaders and employees can continue to look for opportunities—both for business and for career development. For job seekers, focus on the industries which have been most resilient and look for roles there. In addition, stay optimistic and confident, since hiring managers are drawn to these traits. For business leaders keep attuned to new markets and customers and make smart investments in your business.
Ensure Great Pay and Work Experience
Business leaders are facing difficulty in hiring and retaining employees. In fact, 62% of business leaders say they are struggling to retain employees, according to Coast data. But the demand for employees remains high with 48% of business leaders reporting to Vistage they expect to expand their workforce.
Employees can plan on better pay and benefits as 45% of leaders are increasing pay and 35% are increasing employee benefits or perks to attract and retain people, based on reports from Coast.
For the Future: Business leaders need to constantly reassess their employee value equation—ensuring they’re offering the best pay, benefits and work experiences. In addition, employees can be selective about where they choose to work and can negotiate for the very best packages. Employees can likely also increasingly plan on rewards for staying with organizations for longer periods of time—as retention continues to be challenging for employers.
Solve Problems
Of course, there are significant difficulties with the current economy as well. From rising costs (reported by 66% in the Coast data) and changes in consumer behavior, to finding and retaining qualified employees, competition from larger corporates and difficulty in securing business loans, compliance with regulations. There are plenty of obstacles to success.
Business has also been impacted by inflation, with 37% of business leaders saying the effect has been moderate and 32% saying it has been significant. Leaders have taken all kinds of actions to address inflation including raising prices, reducing business expenses, changing suppliers or materials and optimizing online presence, based on Coast polling.
For the Future: Job seekers will be wise to position themselves as problem-solvers who can help the organization work through the concerns they face. And business owners will need to enhance their contextual awareness—staying informed about trends, competition and issues outside the organization—and adapting and responding constantly.
Forward Momentum
It’s good news that business owners are confident—and their plans to invest in their organizations will surely create terrific opportunities for them, but also for the growth of people’s careers.
Stay attuned to what’s going on—and continue your momentum in looking for growth, development and the next best step forward.
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