Top challenges CEOs will face in 2016

CEOs are in store for their share of challenges during 2016. With the world changing towards a more technologically advanced way of running a business and a shift in recruiting policies, CEOs have to keep up to continue to run their business smoothly.  So, their challenges increase more than we would expect.

Of the many challenges that they are facing, one of the ones that will not be determined until September is the presidential election. The outcome of the race for office, is sure to change up the policies and laws affecting businesses in all industries. Times will change from so many fronts that it is quite unpredictable to guess how the country will be affected, and in turn how this will impact the business you are in directly.

Although there will also be internal changes, that obviously affected by how things are changing in the outside world, are being reflected on the inside of your company. One of those changes is the benefits that employees get, including flexibility in their schedules. Today’s business world is about a lot more than just hiring the best talent out there. It is about retaining them and being competitive to be able to acquire that top talent. So, the perks and different benefits that you can add to the contract at the end will make the difference between an employee staying or leaving. Similarly, the flexibility in schedules is becoming a necessity with the amount of increasing mobile and transient workers in the offices, at all the different levels within a company. Young professionals are trying to reach a healthy work-life balance and to do so require certain flexibility. If they find a company doesn’t offer this, they will simply look elsewhere. At the same time, you’ll find that this young professional is also looking to develop opportunities within the company that can foster a flexible and engaging environment, where these future executives can develop and hone in on their skills. CEOs that realize that this is what the up and coming young professionals need, will easily be able to have a high quality roster on their team, and the possibility of scaling up or training for future roles and endeavors within the company. This will lead to yet another big change, and it’s that employees are hard to find, most top talent in companies are either already working or not interested in working for a company, because they rather be independent consultants. Qualified candidates are wearing thin, so understanding this and implementing different strategies to attract and retain top talent in your industry will be essential.

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The internet is one of the things that has changed and will continue to change how businesses are run, from reputation management to internal procedures like meetings or selection process. The internet has given all of theses procedures a facelift and is offering simpler more effective ways of doing things, but these changes have to come from the top, so it will be the CEO’s task to understand how these things are changing your business and how they can appropriately be included into your internal chain value. For example, meetings can now be run from remote locations via video call or conferencing tools like Skype or Google Hangouts. This will prove to be more effective, time saving and cost reducing to your overall process. On the other hand, it can also affect procedures like the selection process in so many ways like where to find candidates, or how to interview them or even how to profile them. Now, reputation management has become a hot topic topic lately, due to the increase of social media, immediate consumer response via public channels that leave an impression on anyone who runs into it on the internet. Reputation management is something you have to be aware of, by making a plan, preparing for the worst and being ready to repair in case harmful comments or videos threaten to tarnish your company name and brand. Knowing how to respond, having reputation management experts on your team or outsourced is key, to be on top of everything and this way be able to respond in time. The internet and social media specifically will also allow you to make a closer connection with your customers. By reaching out and inviting them to actively communicate with you through the different existing channels, you will find more loyal customers. CEOs must realize and filter through the (sometimes seemingly infinite) list of alternative channels to reach out, and choose the right ones for your product, service or brand. Finding the right one will be key to captivating your audience in the best possible way.

This fast-paced world will ultimately make us follow its pace or get left behind. Those CEOs that are fast to respond to the internal and external needs and changes will find that it will be a bit easier to thrive in the brave new world ahead.