{"id":5929,"date":"2023-11-21T08:17:48","date_gmt":"2023-11-21T08:17:48","guid":{"rendered":"https:\/\/www.iese.edu\/standout\/?p=5929"},"modified":"2024-04-22T06:15:05","modified_gmt":"2024-04-22T06:15:05","slug":"business-trends-decisions-to-make","status":"publish","type":"post","link":"https:\/\/www.iese.edu\/standout\/business-trends-decisions-to-make\/","title":{"rendered":"Business Trends 2024: 4 decisions you will have to make"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row css=&#8221;.vc_custom_1559140963143{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column css=&#8221;.vc_custom_1559216895048{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column_text css_animation=&#8221;bottom-to-top&#8221;]In 2024, new technologies, emerging business models, societal demands and different ways of working will keep everybody on their toes. National and supranational government regulations may struggle to keep up, and businesses will have to adapt accordingly.<\/p>\n<p>Next year is set to mark a watershed in our relationship with artificial intelligence (AI) \u2013 the indisputable trend is towards more, not less, AI in the workplace. Other trends that stand out for 2024 include the increasing importance of environmental, social and governance (ESG) policies and the questioning of ambitious business models like those of FTX and Theranos. These trends, combined with the increased prevalence of hybrid work, mean that business leaders will have to take important decisions. The ability to anticipate and understand future trends will be a valuable skill for executives as they adapt to the new business landscape.<\/p>\n<p>Here, IESE professors identify:<\/p>\n<h2>Four <span class=\"subrat\">key trends in 2024<\/span>. Insights on the decisions that business leaders will face<\/h2>\n<p>[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-69d08833e6218 {margin-top: 80px !important;}<\/style><div id=\"thegem-divider-69d08833e6218\" class=\"gem-divider  \" style=\"\" ><\/div><div class=\"gem-youtube gem-wrapbox gem-wrapbox-style-no-style rounded-corners gem-wrapbox-position-below\" style=\"width: 100%;\"><div class=\"gem-wrapbox-inner gem-ratio-style\" style=\"padding-top: 56.25%\"><iframe class=\"gem-wrapbox-element img-responsive\" width=\"100%\" height=\"300\" allowfullscreen=\"allowfullscreen\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"\/\/www.youtube.com\/embed\/rd7JBRN-Jag?rel=0&amp;wmode=opaque\"><\/iframe><\/div><\/div><div class=\"clearboth\"><\/div><style>#thegem-divider-69d08833e62a6 {margin-top: 80px !important;}<\/style><div id=\"thegem-divider-69d08833e62a6\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h3><strong><span class=\"subrat\">1.<\/span> Artificial intelligence: Say yes to AI<\/strong><\/h3>\n<p>2023 was the breakout year for AI, when everybody suddenly became aware of its potential, but also of the potential problems it presents. 2024 will be the year that AI begins to make a real difference across sectors and companies. AI tools, including large language models and image generators, have become readily available, some even free of charge, enabling a much wider range of applications.<\/p>\n<p>Whether we like it or not, AI will be ubiquitous and its growth exponential in the upcoming year. \u201cThis is an unstoppable train,\u201d says IESE Professor of Strategic Management <a href=\"https:\/\/www.iese.edu\/faculty-research\/faculty\/sampsa-samila\/\">Sampsa Samila<\/a>. \u201cAt this point, the AI genie will not go back into the bottle.\u201d<\/p>\n<div class=\"title-h4\"><strong>In 2024, business leaders will have to decide just how much to invest in AI and just how deep their commitment goes.<\/strong><\/div>\n<p>Prof. Samila has no doubt about the right decision. \u201cThey should go all in,\u201d he says.<\/p>\n<p>It is important to stay ahead of the game. He points out that other players \u2013 including competitors as well as employees \u2013 may already be using AI. In his research, Prof. Samila has seen companies in which workers are employing AI-driven strategies even when the company itself remains hesitant to adopt the technology.<\/p>\n<p>Firms will need to be proactive and implement well-structured AI strategies, according to Prof. Samila. \u201cAI is transformational and will really change the way you do business,\u201d he says. He stresses that it will affect all areas of business, from operations to customer service and employee skills. Understanding and embracing AI will be crucial for business leaders.[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-69d08833e62cd {margin-top: 80px !important;}<\/style><div id=\"thegem-divider-69d08833e62cd\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_single_image image=&#8221;5938&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;]<div class=\"clearboth\"><\/div><style>#thegem-divider-69d08833e62f6 {margin-top: 80px !important;}<\/style><div id=\"thegem-divider-69d08833e62f6\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h3><strong><span class=\"subrat\">2.<\/span> Business development models: Choose integrity<\/strong><\/h3>\n<p>New businesses promising disruptive innovation and paradigm-breaking advances have often been inspired by Mark Zuckerberg&#8217;s famous motto \u201cMove fast and break things\u201d. But this business development model is being challenged by a call for integrity. Recent startup fraud scandals provide timely cautionary tales about the dangers of creating unrealistic expectations for tomorrow\u2019s entrepreneurs.<\/p>\n<div class=\"title-h4\"><strong>In 2024, entrepreneurs will need to decide if they want to gain support for their ideas by overpromising (and underdelivering) or by being sincere about what they can achieve.<\/strong><\/div>\n<p>IESE Associate Professor of Entrepreneurship <a href=\"https:\/\/www.iese.edu\/faculty-research\/faculty\/yuliya-snihur\/\">Yuliya Snihur<\/a> admits that following a grounded business development model may not be easy, as new enterprises experience a lot of pressure to create legitimacy. But she insists that integrity is the way forward.<\/p>\n<p>Prof. Snihur urges entrepreneurs to remember the importance of creating realistic expectations, especially at the beginning. \u201cNavigating the thin line between fabrication versus achievable goals is particularly important for building a company,\u201d she says. \u201cYou want to engage others to follow your vision.\u201d[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-69d08833e6312 {margin-top: 80px !important;}<\/style><div id=\"thegem-divider-69d08833e6312\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_single_image image=&#8221;5936&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;]<div class=\"clearboth\"><\/div><style>#thegem-divider-69d08833e632d {margin-top: 80px !important;}<\/style><div id=\"thegem-divider-69d08833e632d\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h3><strong><span class=\"subrat\">3.<\/span> ESG performance: Consider compensation<\/strong><\/h3>\n<p>Environmental, social, and governance policies have now been firmly established as fundamental pillars of companies\u2019 strategic plans. Linking ESG performance to the compensation plans of top executives, however, is a relatively new idea, and one that is gaining traction for 2024. At the beginning of the last decade, this link was almost unheard of. Now it is standard practice in more than 30% of companies, according to a recent study of over 4,000 companies conducted by IESE Professor of Accounting and Control <a href=\"https:\/\/www.iese.edu\/faculty-research\/faculty\/gaizka-ormazabal\/\">Gaizka Ormazabal<\/a>.<\/p>\n<div class=\"title-h4\"><strong>In 2024, business leaders will have to take decisions about whether or not to tie managers\u2019 variable compensation to sustainability criteria.<\/strong><\/div>\n<p>The first step is identifying the factors driving the company\u2019s interest in improving ESG performance. Prof. Ormazabal warns against just following others\u2019 lead. \u201cDo not do this because everybody is doing it,\u201d he says. \u201cDo this if you have a clear idea of why you want to: because you are concerned that ESG risks may affect you in the future; because you have a certain type of stakeholder that is pushing really hard for this; or because you have made a commitment and you want this commitment to be credible.\u201d<\/p>\n<p>Decisions such as these should have a clear motivating factor, as companies who commit to improving ESG performance will be in it for the long haul.[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-69d08833e6346 {margin-top: 80px !important;}<\/style><div id=\"thegem-divider-69d08833e6346\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_single_image image=&#8221;5934&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;]<div class=\"clearboth\"><\/div><style>#thegem-divider-69d08833e63b7 {margin-top: 80px !important;}<\/style><div id=\"thegem-divider-69d08833e63b7\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h3><strong><span class=\"subrat\">4.<\/span> Remote work: Promote equality<\/strong><\/h3>\n<p>While some offices will continue working remotely, 2024 will see the great return to the office in many cases. However, this will not mark the end of remote work; hybrid work, with some days in the office and others at home, will become the norm in many companies. Although the office workspace may look a bit different as these new models of work become more common, the underlying values of how to manage this space will remain the same.<\/p>\n<div class=\"title-h4\"><strong>In 2024, business leaders will need to reaffirm their commitment to creating an environment in which all workers can thrive by designing remote and hybrid work policies that ensure equality in this new context.<\/strong><\/div>\n<p>When designing these policies, managers need to be aware of possible biases, according to <a href=\"https:\/\/www.iese.edu\/faculty-research\/faculty\/isabel-villamor\/\">Isabel Villamor<\/a>, Assistant Professor of Managing People in Organizations at IESE. \u201cFor example, there tends to be a stigma,\u201d she says. \u201cIf a woman is working from home, we tend to think that she is working from home but also taking care of family, whereas if a man works from home, we assume that he is working.\u201d<\/p>\n<p>Recognizing these biases and evaluating employees on performance \u2013 not presence in the office \u2013 is essential to designing policies that promote equality. \u201cStep number one is realizing that these are tendencies that we all have,\u201d she says. \u201cIf you evaluate people based on performance and not so much on who is in the office and how long they stay in the office, that\u2019s going to promote a more equal environment.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>Learn more about how <a href=\"https:\/\/www.iese.edu\/programs\/\">IESE programs and masters<\/a> foster leadership for companies and executives at every career stage.[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-69d08833e63dd {margin-top: 80px !important;}<\/style><div id=\"thegem-divider-69d08833e63dd\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_single_image image=&#8221;5932&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row css=&#8221;.vc_custom_1559140963143{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column css=&#8221;.vc_custom_1559216895048{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column_text css_animation=&#8221;bottom-to-top&#8221;]In&#8230;<\/p>\n","protected":false},"author":4,"featured_media":5940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[38],"class_list":{"0":"post-5929","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general","8":"tag-general-management"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - 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