It’s different than it used to be
Have you ever wondered what “life in today’s boardroom” is like? Have you ever wondered what board members talk about when they’re sitting around the BIG table in the conference room? So have we, so here at Etech, we decided to do a bit of research on the topic and here’s what we found. The discussions around the BIG table have changed over the years, and particularly over the course of the last decade.
How have these discussions changed? The biggest shift is that they have moved from discussing the bottom line of profits, to discussing a much broader range of topics such as staff development, technology, social media, the economic outlook and even dealing with government regulations.
As we researched information for this blog post, we came across several resources that highlight the various issues facing companies today. The issues are numerous but there were five in particular that really stood out to us and we’d like to share them with you.
Uncertainty: Who can’t relate to this? Uncertainty is everywhere and affects families and corporations as well. No one likes uncertainty and business leaders especially dislike uncertainty. Uncertainty makes it hard to plan for growth, hiring, raises, benefits, etc. All of these things affect the bottom line for a company and when one can’t get an accurate glimpse of the next 6 months, 12 months, etc. it’s difficult to plan for the long term. So how do board members work around uncertainty? Good question; they have to think on two tracks, the short-term and the long-term. In the short-term, executives have to be flexible and ready to adjust to changes in the economy while not losing sight of long-term goals as a company. This is difficult, but certainly not impossible. To keep a company moving forward in an uncertain global market, executives need to focus on short-term efficiencies that allow their companies to be nimble in a constantly changing world. Short-term efficiencies include a staff that is well trained and ready to handle changes in technology that affect their daily tasks. Short-term efficiencies also include leadership that stays informed and strives to stay ahead of uncertainty simply by expecting it. If there’s one thing that’s certain, it’s that change and uncertainty is part of life and business. Keeping this at the forefront is one of the best long-term strategies when it comes to dealing with uncertainty.
Government Regulations: The changing regulatory environment is a huge contributor to the over-all uncertainty. Businesses are affected daily by new regulations in the environment, healthcare and corporate taxes. One thing that IS certain amidst government regulations is that the regulations themselves change constantly making it difficult for businesses to even keep up. How does a business deal with this on a daily basis? Truth be told, this is the cause of much angst in the corporate world and most business leaders simply try to “get on with business” and deal with the changing regulations as they come up. Many executive teams are finding that this, in itself, requires an entirely new skill set! It’s important to have partners and employees that keep up with changing regulations to keep your company compliant.
Technology: Aside from uncertainty, nothing has been more of a challenge in the last decade than that of staying on top of technology. Technology is FOUNDATIONAL to Etech Global Services. We rely on technology 24/7 in order to perform our services for our customers. This has been both challenging and exciting. Technological advancements have allowed us to do more for our customers, work more efficiently and expand our presence in the global economy. However, the constant challenge for us is simply staying on top of the changes, teaching the new technologies to our staff and developing new and innovative ways to utilize these advances.
Innovation: Part of the technological advancements in our culture have opened the door for many new innovations. Innovation being new methods, ideas or products that are designed to make life easier. Ours is an industry that thrives on innovative ideas and we’re proud to say that Etech has emerged as an industry leader in this area. In fact, earlier this year we were awarded the Technovation Award for our Integrated Customer Engagement (ICE) platform. The innovation process is one of the more significant changes in board room discussions and will continue to be so in the future.
Public Relations: What? This is a NEW topic in boardrooms? Well, yes, in a sense. Although Public Relations has been part of corporate life since the dawn of corporate life, there are two new innovations that have brought with them their own set of challenges for today’s executive teams and board of directors. They are: Social Media & Smartphones! Yes! These two terms have completely altered how executives deal with the delicate issue of Public Relations. These two innovations are a huge blessing when you, the person or corporation are in control of them. But one compromising picture or one bad comment on social media can turn one’s world upside down. The discussions that executives have now about how to cover all the bases of social media have COMPLETELY changed from 10 years ago. In fact, one could write an entire blog series on this topic alone (maybe we’ll do that)! However, for this series, this topic will get a brief mention here.
As mentioned earlier, there are many other issues that are being discussed in today’s boardroom. Join us next time, as we take a look at a few more.
This blog was written by Dilip Barot, Founder and Chief Strategy Officer of Etech Global Services, and founder of Creative Choice Group, headquartered in Palm Beach Gardens, Florida. Etech employs 2,500 team members across the US, India and Jamaica. If you would like to learn more about Etech, contact email@example.com for more information.