The Top Three Problems Keeping Business Leaders Up At Night

[Brianna White]

I recently came across an insightful article that addresses the current challenges faced by business leaders amidst economic uncertainty, talent retention issues, and political polarization. The article emphasizes that in today's volatile business environment, leaders must prepare for various scenarios.

The article shares findings from a study conducted by Patrick Wright from the USC Darla Moore School of Business, who annually surveys Fortune 500 CHROs and interviews CEOs about the challenges they face. Here are some key points:

1. Developing Strategic Workforce Plans: This topped the list of CEO challenges, with 41% indicating this process needs improvement and 7% indicating it needs vast improvement.
2. Influencing the Development of Business Strategy: This was a priority, with 24% stating it needs improvement and 3% saying it needs vast improvement.
3. Understanding the Financial Impact of HR Processes: This was listed, with 22% noting it needs improvement and 2% asserting it needs vast improvement.

To better develop their workforces, business strategies, and HR processes, the article suggests executives consider the following approaches:

• Inclusive succession planning
• Diversity, equity, and inclusion (DEI) strategic planning
• Inclusion assessments

These findings and suggestions provide a valuable perspective on the current business landscape and the areas we need to focus on for improvement. I believe this is an important conversation for us as we navigate these uncertain times.

I encourage everyone to share their thoughts and ideas on how we can better develop our workforce and influence our business strategy.

Read the article: https://www.forbes.com/sites/juliek...business-leaders-up-at-night/?sh=406a7c466d8c