The global economy has been both volatile and rewarding for the past few years. Uncertainty drove many business leaders to make fast decisions. An unprecedented amount of bankruptcies, mergers, and acquisitions were transacted in 2021 alone. Here is a look back at business trends and activities that topped the list last year.
Workforce Instability
One unexpected consequence of the pandemic was instability in the general workforce. Employees of all ranks and across all industries began to evaluate their positions and demand job satisfaction of a greater degree. Remote opportunities became more appealing as disgruntled workers placed higher priority on a true work-life balance. New business startups promised a lucrative career choice for those who became unemployed due to worksite closures.
Innovative Recruitment
In an effort to combat the massive job crisis, human resource executives created a new plan of action. Attracting and retaining top talent is never an easy task, but 2021 proved to be a particularly difficult year for recruiting professionals. In order to backfill open positions when businesses were able to resume operations, recruiters began to look past the traditional resume. This new practice resulted in interviews and employment offers for candidates who may not have been considered in previous years.
Creative Operations
One major fallout of the aptly named “Mass Resignation” was the challenge to perform operations with limited staff. Facilities with reduced manpower were forced to meet quotas and ensure quality products despite being short staffed. Lean management took on a new meaning as Operations Managers looked to technology for solutions. Automated systems in production facilities and warehouses lightened the load for the workforce and enabled many businesses to remain open and competitive during the labor crisis.
Supportive Leadership
Business leaders conducted virtual and in person networking events throughout 2021. Although this is generally considered business as usual, the topics of discussion were vastly different last year. Rather than offering up the latest sales pitches, top executives provided support to one another. Business leaders across multiple industries engaged in brainstorming sessions and shared best practices. In some cases, competing firms even offered to share inventory, equipment, and human resources in an effort to help businesses thrive during the economic downturn.