According to McKinsey’s The State of AI in 2023, it is now common for organizations using the Generative AI, one type of artificial intelligence technology—60 percent of organizations reported AI adoption using gen AI. Marketing and sales, product and service development, and service operations such as customer care and back-office support are the most typically reported business processes applying these tools. This shows that companies are exploring tools in areas where they can add the most value.
Failing to integrate AI in the workplace this year could probably make your business less valuable. Companies may not be able to chase adoption in AI when the waiting is too long. However, ensure not to be hasty. What leaders need in order to adopt AI is to find out the opportunities and challenges. Assessing future risks will help companies to expect what is coming ahead. After that, develop the right strategy by aligning AI with company goals, values and existing processes.
It is very widespread nowadays for customers using their devices to engage with businesses in online platforms. It is one of the most effective ways to develop brand awareness, increasing visibility online. According to the latest data by Demand Sage, massive 4.95 billion users are using social media worldwide as entering 2024. Thus, it is such a waste to let go such potentials. Some of the examples that is commonly use by businesses are social medias, newsletters, customer feedback, webinars, influencers, live chats and messaging.
Tools like customer relationship management (CRM) platform is a huge help for businesses to analyse customer behaviour and patterns that could improve their products and services. Making efforts to involve digital engagement will not only increase engagement between customers and your brand online, but also improve customer loyalty and improve ratings of your product and services.
Losing talents and higher rate of turnover could cost and hurt businesses more rather than retaining them. According to Assembly, company with worst employee retention rates are either workers who are students earning extra cash during their break or individuals looking for temporary pay while searching higher pay, longer-term career opportunities. Hence why diversity and inclusion is the solution for the problems. Research showed, firms with a diverse workplace culture make more profits, according to Little Art Club. those without. Despite that, company rep and image will appear more attractive since it does say a lot about a company.
Rising use in technology nowadays has contribute in burnouts. Not only due to technology use, but it is a trend in 2024 that well being and growth has become a focus. Companies who are looking productivity, reduced employee absence and looking for employee engagement to reach their goals prioritize this. For them, it is a long term investments that benefits both sides. Big player like Google put so much important on this that had them thoughtfully designed wellness programs held to improve their employee health and wellbeing and make employees take care of themselves easily.
Last but not least, Forbes mentioned that salary increase remain higher in 2024 even though inflation slows at the end of 2023. It will likely to happen even more in 2024. The general trend of salary increases and inflation is happening in many countries even not all, according to WTW survey. Also, they said that effective leaders are making improvements in: