The present day challenges are complex, with issues being faced by several businesses operating across various industries. Although the world is exiting most of the health-related concerns surrounding the COVID-19 pandemic, the economic repercussions still pose significant threats and operational detriment. In this article, we shall be discussing how more is expected to be done with less.
Restricted access for talent
One of the main issues that businesses are facing is the limited access to employees and talent. Many businesses are highlighting concerns that recruiting employees has become a major challenge when compared to past years. One may argue that it is indeed surprising as immediately after an economic crisis, it is typically expected that more potential recruits would be available. The reasons for this talent shortage can be attributed to several factors. Employees today have become more demanding of employers and certain segments expect flexibility that may not be offered by some businesses. In the local Malta context, a number of foreigners left the country throughout the worst periods of the pandemic and resources are still being recovered. This leaves several businesses, especially those operating in hospitality and construction with a shortage in employees, impacting service levels.
Several businesses today are inundated with work. The volumes of work that businesses face nowadays are expected, especially when considering that several were impacted with heavy restrictions that diluted their activities. In the current context, businesses need to work hard and smart to recover from the aftermath of the COVID-19 pandemic. The recovery can only be spearheaded by significant volumes of work which would allow businesses to expand their revenues and remain relevant to the different client segments.
Increase in costs
The recovery from the pandemic is not envisaged to be a smooth one. As businesses charter away from the uncertainty caused by the pandemic, the world still remains a volatile place. Businesses are now facing surging costs in view of matters outside their control and as they exit one crisis, they already seem to be facing another. The significant increases in costs being driven by supply chain bottlenecks following the pandemic and invasion in Ukraine are hindering profitability margins. In view of the uncertainties surrounding these events, hiring new employees is also a challenge.
The fact that businesses are expected to do more with less is a phenomenon which can be seen in even the most successful organizations such as Tesla and Meta. What are your views about this issue? Let us know your thoughts in the comments section below.