When we think of New Year’s, we think of resolutions. I, like most of us, want to eat better and exercise more. To do this, I look back at 2010 and reflect on what went wrong; which is quite obvious considering the pounds of turkey, stuffing, and gravy that are still digesting. But for businesses and corporations it will be necessary to reflect on 2010 and analyze future trends that will help them gain a competitive advantage and be poised for the economic turnaround. Below are a few New Year’s Resolutions businesses and corporations should consider for the year of 2011…
Social Branding: In today’s global environment companies need to brand their image on social networking sites, Facebook, for example, which has become the most visited website with over 500 million registered users. With the surge in smartphones, consumers do not just Google a company, they Tweet about it, put it on their status, and review it (on multiple sites). 2011 will be a big year for social networking and if you do not brand your company on those sites, someone else will….
Alternative Work Arrangements: 2011 will no doubt be a year for saving and “going green” initiatives which will allow employees to work from home or elicit fewer hours. With iPads, smartphones, and other innovative technologies, Generation Y has been loud about wanting a balance between work, life, and technology. Some companies are taking a page from the healthcare and manufacturing industries and creating 4 day/10 hour shifts, and giving employees one day off a week. Still other companies are consolidating offices, or closing offices altogether and letting employees work remote. Such work arrangements can increase employee morale, conserve resources, and save revenue.
Retention and Hiring: For the last few years, employees have been happy to have a job, and the pay freezes, hiring freezes, and benefit cuts have become par for the course. Companies have learned to produce more on less which has sparked innovative business practices. As the economy picks up, these “innovative” businesses will be poised to bring on new talent, but need to focus on retaining their top talent. 2011 should be a year for rewarding loyal employees by reinstating pay raises, bonuses and matching 401k’s. This year will also be an ideal time to fill positions that were a casualty of an economic downturn. These measures will surely increase efficiency, productivity, and loyalty.
Does your business have other resolutions for the New Year? We would love to hear about them. Share your ideas and progress in the comments. To all, a happy, productive, and successful 2011!