Four Boardroom Trends for 2019

In an increasingly digitized world, boardrooms now more than ever are finding it necessary to not only be adaptable but to keep in tune with trends that keep their companies viable. As new technological trends arise, one thing remains constant; good leadership is imperative for a company to remain efficient and innovative. Here are four trends that can combat the challenges boardrooms were faced with in 2018.

1. Digitization

Knowledge is power, and businesses are increasingly using this principle to generate new revenue and value-producing opportunities. Research illustrates that companies are using digital technologies for innovations as well as for improving company efficiency. With new technology comes challenges. If the technology is changing too fast, businesses struggle to keep up and are required to retrain employees and to replace hardware and software, which requires large amounts of time and resources. The good news is that data science and analytic skills are more in demand than ever. Leaders are expected to be adaptable and technologically savvy. Remote and virtual teams are also becoming commonplace.

2. Diversity

Never have boardrooms been more inclusive. Studies show that out of 339 new directors appointed in 2014, 99 of them were women. That is nearly a 6% jump from the year prior. Boardrooms are also recognizing that younger generations understand the value of technology and social media in the workplace. With any challenges a company can face, having a diverse team that works together cohesively is important to remain innovative and efficient. Inclusive work environments can use multiple perspectives to their advantage as leaders are expected to delegate more than ever.

3. Retaining Talent

With social media on the rise, work environments are becoming increasingly more competitive. Companies are finding it challenging to seek out and retain talented employees. HR departments are becoming exceedingly more influential in overseeing talent development and cultivating it among employees. Digitization allows the department to understand what strategies are working favorably for one employee, and helping others follow suit.

4. Sustainability

As companies grow, their potential for waste multiplies. This unique challenge is reflected across all sectors of business whether it is in the industrial, financial, or consumer sectors. In an effort to be as efficient as possible, more companies are creating sustainability committees. Corporations taking responsibility for the environment are benefiting in numerous ways. Buildings designed for optimal efficiency lower costs and save money by wasting less power and water. These businesses attract and retain millennials as both employees and consumers, an increasingly important demographic.

All companies strive for improvement. Adaptability and proper leadership are integral to maintaining a business’s progress within an increasingly digital environment. Fostering a diverse workforce and a sustainable business model will ensure a company’s success in retaining talent and remaining innovative. For more information about office trends, contact us at Tangram, experts in office design.