Like it or not (and believe it or not!), the end of the year is almost upon us.
As we speed toward the opening of Q4, many organizations are likely full-speed ahead—relying on their September Surge of hiring to meet the year-end demand from customers and clients alike, while helping the organization hit those all-important Q4 financial goals. But before business leaders get too in the weeds executing last-quarter strategy, it’s important to get some perspective.
Strategizing for the future should be tied to understanding both the past and present—that mindset can help you problem solve for potential challenges, while developing a good appreciation for the context that could be fueling some of those challenges. Here’s what we’ve learned so far from the first three quarters of this year that could be impactful as we wrap up 2023:
Uncertainty remains—but optimism is on the rise
Economic uncertainty cloaked most of this year so far, but there are signs that a recession may not be in the forecast after all. According to research by the Conference Board, most CEOs think an economic downturn could still happen, but the majority think it will be “short and shallow”—the number of CEOs predicting a significant recession plummeted in the last year. Good news, for certain; however, if the first three quarters have shown business leaders anything, it’s to be prepared—for anything!
You’d better speed up your embrace of technology
Late last year, ChatGPT hit the market and became the fastest-growing app in history—and that should show employers that the appetite for technology is there, among both its employees and its customers. Workers today are craving the same tech-infused experience they have outside of work when they’re on the job—and employers have to deliver. From seamless application and onboarding processes to a work environment where tech is leveraged to give employees easy access to information, employers should make sure their Q4 strategies include a deepening connection to work tech.
Employees know what they want—and they’re not compromising
Even though the Great Resignation may be in the past and employers likely don’t need to be as hyper-focused this quarter on turnover concerns, that doesn’t mean they should ease up on meeting employee expectations. New research from Edelman, for instance, finds that 83% of employees surveyed want their employer to help them with career progression—meaning that, if you don’t already have robust learning and development programs in place, Q4 is the time to make that happen.
While this quarter is likely to be one filled with future projections and forward-looking strategizing for 2024, business leaders also need to focus on the here and now: Ensure your employees’ needs are being met and that your staffing strategies are informed by the changing context of the job market. Such a focus can help employers take their Q4 goals to new heights and start 2024 on the right foot.
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