The business world is changing at a rate never seen before as we approach 2024. Industries are changing dramatically due to things like consumer tastes and technology breakthroughs.
In its capacity as the province’s business development organization, Invest Nova Scotia welcomes enterprises from outside to join them in fostering the expansion and momentum of businesses in the province, regardless of size. It follows that their team’s primary goal is to identify potential business prospects. Here are noteworthy business trends that will manifest in 2024.
ESG Requirements
Sustainability is still a major issue and is changing beyond efforts related to the environment. According to BDC’s projections, 92% of businesses will need their suppliers to reveal at least one Environmental, Social, and Governance (ESG) criterion by 2024. ESG criteria are a framework for evaluating an organization’s operational performance in relation to its social and environmental impact.
Companies that are ready for reporting obligations can benefit even though ESG ratings are not yet required or standardized in Canada. Disclosures could cover things like risks associated with climate change and greenhouse gas emissions, diversity and inclusion programs, and the structure and operations of an ethical business model.
An Agile Supply Chain
It is predicted that a worldwide economic slowdown, which is predicted to occur in Q1 2024, will affect trade and regulatory arrangements and have an influence on foreign operations. However, diversity, advances in artificial intelligence, and backup plans to fend off unforeseen interruptions can still help a robust and flexible supply chain thrive.
Although there are risks involved, diversification and stability will be aided by expanding into emerging markets. Speak with a regional business development advisor before conducting business overseas to get the most recent details on trade laws, licenses, and market viability. The Market Entry Development Program will help create a customized export strategy for your business based on the knowledge and contacts of in-market experts to increase your market share in nations where you already have trade agreements with Canada.
Workforce Retention
Despite the fact that there are still skills shortages in some industries and a high demand for people, the status of the economy may compel some businesses to reduce their hiring plans for 2024. To weather inflation and a possible recession, workers are likely to remain in their current positions or look for higher-paying jobs.
Think about “quiet hiring,” a growing strategy that promotes internal talent mobility. Instead of looking outside, firms can hire from within by providing upskill opportunities and clear career advancement paths. Additionally, McKinsey & Company advises businesses to match their best employees with the most valuable functions because some important roles frequently don’t have the best prospects. This tactic is economical, reduces the amount of onboarding work, increases output, and can boost morale.
Want to learn the other industry trends for 2024? Read it all at https://investnovascotia.ca/articles/5-industry-trends-shaping-business-2024
Reference: https://investnovascotia.ca/
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