Today's business environment is volatile and unpredictability in the marketplace are causing many organizations to adapt to these challenges. Uncertainty in the marketplace is testing even the most robust organizations, and businesses are searching for new growth opportunities and operational efficiencies. Below are some of the top business challenges facing today. Learn how to overcome them with insights from the sections below. To help you meet these challenges, consider hiring a specialist. Here are some tips for tackling the most pressing challenges:

Employee healthcare

Many companies have recognized that employee healthcare is among the top business challenges of our time. According to the National Federation of Independent Business, small businesses spend 18 percent more than large firms on similar coverage. Although federal law prohibits insurers from denying coverage based on health status, few states protect employers by restricting the increase of rates for those who use services the most. Insurers can charge more year after year, and they can even force employers to drop coverage altogether.

Financial problems are among the top causes of stress for employees, and they affect their productivity. Therefore, it is vital for employers to question strategies that shift health care costs to employees. Many organizations are facing this dilemma because their workforce consists of a mix of baby boomers and Gen Xers. Younger employees are also entering the workforce, and they will likely want different benefits than older workers. For this reason, employers should not ignore the need to balance health care costs while retaining a talented workforce.

Unpredictability in the marketplace

As global markets become increasingly volatile, firms face many new and existing challenges, including the COVID-19 pandemic, increasing competition, and a lack of predictability in the marketplace. These issues have forced many companies to adapt their strategies in order to survive. Global threats are testing even the most resilient organisations, and businesses are looking for new growth opportunities while maintaining competitiveness and improving operational efficiencies. To help them navigate these challenges, here are some insights from experts in the field.

Political uncertainty: This refers to an inability to predict government policy. A sudden change in government policy can have drastic consequences for a business, forcing it to adapt and change course. During a government shutdown, for instance, businesses were forced to shut down for 35 days, affecting only non-essential businesses. In addition, Brexit is proving to be a consistent source of political uncertainty.

Improving organizational agility

Today, organizations face many external forces, including consumer preferences and governmental decisions. The external environment can constrain the ability to innovate, which can impede organizational agility. However, proximity to problems can increase a company's sense of the external environment and boost its creative thinking. There are several approaches to improve organizational agility. Read on to learn about three common approaches. Here's a look at each. In this article, we'll cover some of the most common approaches to improve organizational agility.

The best organizations recognize change and pivot quickly. The ability to react quickly and efficiently to changing circumstances enables a company to be more innovative and profitable. Companies that are agile can achieve better revenue results, release new products and acquire new customers faster. The key to organizational agility is determining who should do what, and how quickly. By delegating responsibilities to individuals, organizations can cut down on wasted time and boost productivity.

Expanding portfolios

When looking at new market opportunities, a company can use the opportunity to expand its product portfolio to attract the best talent. Talented individuals are attracted to companies that innovate. New products that are designed by innovative companies often win the hearts of the best talent. Likewise, an expanded product line can boost the company's earning potential. Listed below are some of the benefits of expanding a product line. Let's explore each of these.

As a business, evaluating the performance of products and the market is an essential process. By doing so, companies can identify growth opportunities and determine when to pull a product from the portfolio altogether. Managing a large product portfolio can be a complex process. However, a standardized portfolio model can provide a framework to evaluate the performance of your products and determine which ones will meet the transition from work from home.

Developing next gen leaders

While most executive teams consider developing next generation leaders to be a high-level goal, some don't understand the role that HR plays in the development process. For instance, some executives have no idea what the next generation of leaders looks like or lack the skills to coach them. For these leaders, HR can be invaluable. By identifying and assessing next generation leadership capabilities, senior leaders can help develop next generation leaders, and HR can hold people accountable for their performance.

As ESG becomes increasingly important to future business growth, NextGens will have more opportunities to learn new skills and learn about their business's impact on society. They can learn about developing a net-zero strategy, for example, or about decarbonising the footprint of the business. These skills are crucial to the success of NextGen leaders. Developing next gen leaders as a business challenge is a critical and necessary part of the evolution of a successful business.