What priorities should boards push forward in 2022? Here are five key takeaways from this year’s report.
The main trends
- Bring in Video Platforms
videos can be shared easily and widely on social media platforms. This provides businesses with an excellent way to reach a large audience with their message.
Third, videos are an effective way to showcase products or services. A well-made video can give viewers a good idea of what a product looks like and how it works. This can be especially helpful for businesses that sell complex products or services.
Finally, video platforms such as YouTube provide businesses with a way to track their results. Businesses can see how many people have watched their videos and how long they watched them for. This information can be used to improve future marketing campaigns. So buy YouTube subscribers and start improving your business right now!
2. Consider the impact of hybrid working on board culture
As vaccines continue to roll out, nearly all directors (96%) said their board plans to meet in person by the end of the year. But more than half (54%) plan to continue meeting virtually from time to time.
Over the past two years, boards have adapted to remote collaboration and have used remote communication tools to their advantage. During this period, they experienced the pros and cons of working remotely.
On the one hand, video meetings are significantly shorter and do not require long trips to other cities or countries. Yet virtual conversations, while perhaps more effective, may not be as robust or efficient. More than half of respondents (61%) said the move to virtual meetings had a negative impact on board culture.
It’s critical to ‘not let the negative impacts of technology outweigh the positive efficiencies,’ Ms Malone said. She stressed the importance of fostering a board culture “in which each director feels they can voice their disagreement, ask questions and feel they can have an impact”.
3. Put talent management on the board’s agenda
What areas need more time and attention in the boardroom? For the first time, managing talent, not overseeing strategy, topped the list of directors’ most pressing concerns – showing how profoundly COVID-19 has transformed the workplace and how complex and essential the task of talent management is.
“I think it reflects the moment we find ourselves in and the economically tight labor markets,” Malone said.