Business areas to prioritise

To maintain business success, there are various ways that business founders can also prioritise right for 2023. Here are 12 focus areas for which ventures can adapt for success as outlined by Forbes Human Resources Council members.

  • People’s well-being

Taking care of your people’s well-being should be your top goal in 2023. We’re in a well-being state of emergency and must address it at an organizational level. Leaders should introduce programs that create a sense of community. Engaging and thriving employees who feel like they belong experience significantly less stress, health problems and contribute to the organization’s mission. – Chris Michalak, Virgin Pulse.

  1. Strategic flexibility

One top business goal to prioritize is strategic flexibility in systems, programmes and especially in hiring. Take the time to go through an organisational design exercise to truly understand the delta between where you are as a company versus where you want to be in the next year. Be realistic about the company’s ability to get there given the constraints and the uncertainty in the market. – Elena Stefanopol, Labelbox.

  1. The future of work

There have been many changes due to the pandemic that we need to look at the impact of those changes, whether positive or negative. Adjusting to a norm will be continuous but businesses need to keep this top of mind as we potentially go into a recession and the impacts it may have on the bottom line. – Iman Abbasi, Plume Design, Inc.

  1. A refresh of strategy

The key is to complete a refresh of strategy, identification of operational metrics and cascade of KPI and goals at the individual level. This means one needs to start now, as most enterprises I see are unclear of what and how they need to do and operate even coming out of Q1. Focus for most companies will relate to revenue growth, cost optimization and driving profitability! – Prithvi Singh Shergill, entomo

  1. More engagement from employees

Employee engagement is a critical issue that all organisations need to attend to in 2023. Whether the company has well-established measurements and actions in place or not, workplaces globally have experienced massive shifts from the pandemic to elevated expectations of equity and social justice that require looking at engagement with new eyes and revising approaches accordingly. – Jennie Walker, DeEtta Jones & Associates

  1. Efficiency in systems

Prioritising efficiency in systems and processes is not only good business sense, but will also be especially important as we continue to operate in times of financial uncertainty. Refining processes down to what actually produces results is the best use of time and resources. It allows businesses to run with larger profit margins, or continue operations during potentially lower-profit quarters. – Laura Spawn, Virtual Vocations, Inc.

  1. Improvement of company culture

2022 has been a challenging year for employers and most report great challenges with recruitment and retention. Take stock and focus on improving your company culture. From your core values to open lines of communication and feedback to employee development, ask yourself, “where can you improve?” This focus will ideally enhance your reputation, productivity, retention and hiring ability. – Lisa Shuster, iHire

  1. Employee retention

A top business goal to prioritise in 2023 is retention. Organisations need to train and develop all levels of management with direct reports on how to lead people. The skills for managers today are to lead with empathy, set clear expectations and balanced workloads, have a regular cadence of check-ins, and support employees’ professional development. Employees need to feel they belong here. – Sherry Martin, Government Administration

  1. Equal pay

Prioritize equal pay and compensation transparency in your organisation. Make the changes necessary to compensate accordingly. Your top-performing employees are well aware of their earning potential. I can not say it enough, stop waiting for your employees to tell you they’re underpaid. If you don’t ensure their compensation is at or above market rate, another employer gladly will. – Nakisha Griffin, Neustar Security Services

  1. What really brings results

Businesses should focus on cutting through the noise and prioritize what truly brings results. This can translate into adding features that bring the most value to clients, choosing the marketing channels with the most leads, implementing the best sales strategies for each region or providing activities that help teams work better together. Priorities depend on your company and expertise. – Graham Glass, CYPHER LEARNING

  1. What roles are important

The biggest business goal to prioritize for Q1 planning in 2023 is “What do we believe our workforce needs to look like and what roles are most important?” We are entering into an economy where organizations will start to look at talent and decide what is pivotal talent and what is incremental talent. If we are intentional in our planning, then we will be able to answer with proactiveness. – Jason Averbook, Leapgen

  1. Strengthening the leadership role

Strengthening the role of leadership in the advancement of healthy work cultures must be a goal of priority for 2023. Healthy work cultures have stepped to the forefront as a prime factor for retention, especially during the pandemic and with the rise of the new generation. Leaders and people with influence will be instrumental to success and will need extensive training and exposure to strategies to impact. – Tiersa Smith-Hall, Tiera Hall Impactful Imprints, Training & Consulting

Sources: Forbes