The subsequent presentations explain some of the perceived challenges that will affect organizations over the next 20 years. The described set of unique challenges will reduce the organizations’ inherent abilities to remain competitive in their respective industries. Most of the identified challenges range from the recruitment, hiring, and retention of competent or talented personnel, to numerous bureaucratic red tapes among other genuine problems. Furthermore, organizations will struggle to adapt to the exponential growth of digital platforms, struggle to replace the ageing population, and difficulty in addressing varied healthcare issues among the employees.
The recruitment, hiring, and retention of competent or talented personnel
Entities will struggle to sustain a diversified work setting. Moreover, technological enhancements will imply expensive training and development programs. Accordingly, businesses will struggle to recruit, hire, or retain employees with relevant technological knowledge and adequate skills. Additionally, businesses will adopt flexible work arrangements to incorporate their talented and on-demand personnel. In essence, recruiting, hiring, and retaining competent professionals will be expensive to most organizations in the next 20 years.
Numerous bureaucratic policies and red tapes (repressive government regulations)
Red tapes describe excessive regulations by government agencies on different business entities. Some of these regulations will reduce the ease of conducting business in certain jurisdictions. Some of these regulations will include weak protection laws for investors, increased taxation, difficulties in acquiring business permits, and higher costs of power.
Struggle to adapt to the exponential growth of digital platforms
In essence, most business will struggle to understand and incorporate the complex digital applications in their operations. Indeed, decimating most of the digital processes requires competent professionals and massive capital investment. Nevertheless, entities will integrate the varied consumer demands to thrive in the future communication and information era. Entities should develop necessary strategies and plans to avoid possible overload with the exponential growth in technological platforms. Rapid advances in technology will enable businesses to create value and become more fluid in their operations. Lastly, organizations should engage important stakeholders in the implementation of various technologies.
Healthcare issues among the employees
The sedentary lifestyles among most employees will result in the development of varied chronic conditions in the next 20 years. Disease pushback is indeed a serious concern among most companies across the globe. The increase in antibiotic resistance strains will further jeopardize the healthcare standards among most employees. Subsequently, pharmaceutical companies should develop more innovative solutions to counter the future concern.
Struggle to replace the ageing population
Notably, the ageing population is exerting more strain on the local and global economic systems. Most organizations in the next 20 years will struggle to replace the present population of competent and loyal employees. In addition, the businesses and governments will direct more resources towards sustaining the ageing population and ensuring their overall wellbeing. Such exponential expenditures will influence the profitability and efficacy of different entities. Consequently, organizations should develop relevant policies to prevent further escalation of healthcare costs among the ageing populations. However, healthcare companies can tap into the increased demand for healthcare products and generate more revenue and expanded profit margins.
Most of the identified challenges will affect the organizations’ overall performances. Consequently, the organizations must become forward thinkers and develop effective strategies to counter the challenges. By anticipating such challenges and changes, businesses will understand their respective environments and counter strategies that will supplement their efforts and market successes.