The Biggest Challenges IT Companies Are Facing Today
The Service Desk Institute (SDI)
Inspiring service desks and support teams to be brilliant
As we know, our world of IT is constantly evolving. Every day new technologies emerge, promising to disrupt the status quo.
From the latest advancements in artificial intelligence to cybersecurity and labour market breakthroughs. These are some of the many intriguing discussions shaping the IT landscape's future.
So, let’s explore some of the biggest challenges that are captivating people's minds today!
The threat of rising inflation and the cost-of-living crisis?
Supply chain issues, increased energy costs, rising inflation, and interest rates continue to be major concerns for many people around the world. And many businesses are taking different measures to address these economic difficulties.
Some companies face challenges in retaining their skilled workers or have an employee shortage due to reduced hiring.
Due to supply chain disruptions, some are raising prices for their customers, pausing their research and development investments, or reducing expansion efforts.
And let's not forget about the effect of this on the people.?
?And as a result of these challenges, 79% said they had to cut down on household spending, while 26% said they had to take time off work because of stress .
Financial pressures affect people differently, and everyone copes with stress in their own way.
Many people are dealing with measures such as cutting household expenses, working unwell to avoid losing wages or jobs, or taking extra shifts to make ends meet.
So, what can be done?
The world is still in the grip of an incredibly challenging cost-of-living crisis.
But most employers are aware of this, and while some have responded by increasing pay or bonuses, some try to be mindful by providing wellbeing support or offering financial seminars.
The tech race is on
In our digital world, adopting emerging technologies is a MUST for companies to stay competitive. This includes the pressure to adopt emerging AI-based technologies , machine learning (ML), intelligent automation, or the next shiny thing that appears on the market.
However, the potential benefits and risks of new technology, such as AI, are difficult to predict.
One way to balance new technology's potential risks and benefits is by aligning short-term and long-term strategies, fostering collaboration, and promoting a culture of innovation.
And while the question of who benefits from the wider adoption of emerging AI technologies is not completely settled yet. Well, we can assume that AI's potential benefits will create a strong tailwind for tech giants such as Microsoft, Nvidia, Apple, Amazon or Meta Platforms.
And there’s nothing wrong with that, as long as we remember one important thing.
We are all responsible for managing and guiding the progress of technology.
Ethical considerations should always be at the forefront of our minds, ensuring that innovation benefits society. ?And only by navigating the tech race with a mindful approach can we truly harness the full potential of innovation for the benefit of humankind.
Read more about Five Ethical Issues of AI in the Modern Workplace
The great recruitment challenge
Despite many surveys indicating that workers prioritise flexibility, their job prospects are not as promising as they used to be. Why? Well, many employers are increasingly leading their workers back to the office whether they like it or not.
Why are employees refusing to return to the office?
There are many reasons why they'd rather quit jobs in search of a better work-life balance. Some of them might feel they are giving up their autonomy, flexibility or don’t want to commute to work. And all this affects the labour market today.
Business leaders have realised that building the best teams efficiently and effectively is crucial for success in the current climate. But many short-staffed companies need help to keep up with their usual work and avoid burnout from extra work.
Finding skilled employees remains a challenge. And the old hiring processes aren’t cutting it anymore.
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Employee motivations are also changing. Talent on demand or gig workforce is becoming the next big thing. Professionals want quick and decisive hiring choices. They expect a personalised employee experience that meets their needs throughout the hiring process and career.
?And they are declining job offers based on the quality of the recruitment process .
The UK Job Market Report reveals that almost 80% of industries are experiencing a decrease in job openings compared to the previous year.
The most impacted industries include HR & Recruitment (-48.1%), PR, Advertising and Marketing (-28.6%) and Sales (-21.2%). While some industries, such as Engineering (+4.0%) and Energy, Oil and Gas (+11.9%), are experiencing annual growth in hiring.
Skills gaps and difficulty in attracting talent are still major obstacles to industry transformation.
To attract top talent, employers must balance productivity and flexibility. And they will have to offer enough opportunities for upskilling or reskilling, career development, authentic leadership, diversity, etc.
???? Are you curious about how your salary stacks up against others in your industry? Then don't miss this opportunity to share your opinion! Take the survey and help us get a better understanding of salary and incentive packages across the ITSM industry.
Cybersecurity is on high alert
Cybercrime is growing quickly all over the world. And as companies use more digital technology, they collect more data, which makes them more vulnerable to attacks.
According to Cybersecurity Ventures, cybercrime will cost companies worldwide an estimated $10.5 trillion annually by 2025, up from $3 trillion in 2015.
Not only do cyberattacks disrupt normal IT operations and corrupt the data, but they may also cause damage to important IT assets and infrastructure.
So how to ensure data security in 2023 and beyond?
Below are some simple measures that both individuals and companies can take to decrease the likelihood of being targeted, such as:
·???????Using multi-factor authentication (MFA)
·???????Identity and access management (“IAM”)
·???????Strong password management
·???????Using firewalls, antivirus & intrusion detection software
·???????Regular updates and backups
·???????Having an incident response plans
Balancing growth with environmental responsibility
Climate change is a major challenge for many businesses.
And there is growing pressure for companies to show a certain level of transparency. Transparency in their eco-friendly practices and sustainability efforts.
And although most business leaders think sustainability is important, not all of them actually have a sustainability strategy.
In 2023, transparency and disclosure will remain important topics. Being sustainable not only satisfies consumers but can also save money, improve financial performance and support business growth. So, establishing a well-defined ESG strategy (Environmental, Social and Governance) will be crucial for companies to communicate their progress effectively.
We hope you enjoyed our latest ITSM content!
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