Businesses today are facing a myriad of challenges, from labor shortages and escalating costs to data security and emerging trends. The list is long and could easily overwhelm most business leaders.
From my perspective, however, that list can be broken down into three major categories: Human Resources (HR), technology and the pace of change. Addressing each requires a strategic approach.
1. Human Resources
There’s not a business today that isn’t struggling with how to attract and retain the workforce they need, both now and for the future. Nearly every organization is trying to figure out how to solve that problem, and more and more are realizing that the way they did it in the past isn’t going to work going forward.
More businesses are realizing that collaboration is a key to innovation and success, and are finding ways to partner with various organizations to support their HR efforts. Organizations such as ours help businesses manage their payroll and benefits all in one place. In addition to these basic functions, an HR services provider can help ensure compliance with ever-shifting regulation requirements and improve efficiencies. Perhaps of greatest value is the ability to drive culture and performance in a world that’s getting increasingly complex and competitive.
2. Secure Technology
A tremendous amount of change is happening in technology, and everyone is using buzzwords likecyber attacks, ransomware and social engineering. Despite all the media attention, we’re seeing that many businesses are simply unprepared and unaware of the potential risks. There’s so much more to cybersecurity than just protecting your desktop computer or laptop from a cyberattack. Businesses need to consider how nearly everything in an organization is hyperconnected. IoT technology is in everything from your machinery, to your equipment, to your construction sites and more. Hackers see each implementation as an opportunity to access your systems and your data.
From 2016 to 2017, we saw a 30% increase in business interruption claims that were tied to cyberattacks. A lot of organizations wrongly believe that because they store their data in the cloud that it’s somehow protected. That just isn’t the case. We’re hearing from companies that they really need help in identifying where the gaps are and what’s driving risk. They’re not just looking for insurance; they want to address comprehensive disaster recovery and take proactive measures to mitigate the risks in the first place.
3. The Pace of Change
HR practices, technology and other related areas are changing at an incredibly rapid pace. In order to manage it all, businesses have to figure out whether they want to “buy it or build it.” Do they want to tackle every challenge themselves or partner with organizations that specialize in efficiently and effectively overcoming those challenges to help drive business forward? This is increasingly becoming a more common business model. By partnering with outside organizations, businesses can focus on their core competencies and mission.
At McClone, we’ve built a lot of different processes, software and tools to drive down business risks because many businesses increasingly don’t have the time to do it themselves. If your business is currently struggling with any of these challenges and you’d like to learn more about partnering with us to address your unique risks and needs, reach out to us today.
Your comprehensive risk management partner delivering business insurance, employee benefits, HR solutions, 401K services and personal insurance to protect and boost your bottom line while growing the communities we serve.