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Extended lead times have created challenges in compensation practices and cash flow. Members should closely track this impact and develop policies to address potential complications.
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Companies should be steadfast in their commitment to creating and maintaining a healthy workplace culture and need to dedicate resources to sustain an exceptional employee experience. Culture is more important today than ever.
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Lessons have been learned from establishing a remote and hybrid workforce. Companies need to understand the impact and be prepared for future evolution.
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Addressing the shortage of skilled labor requires creative recruitment and retention strategies including monetary incentives for referrals, signing bonuses and highly competitive wages.
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Members should be educated on the depth and breadth of diversity initiatives and how it can help promote career path awareness with a focus on equal opportunities.
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Increased government intervention is causing disruption related to the competitiveness of the marketplace. Members should be aware of all types of legislation that affects them on a local and federal level.
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Safety protocols are of paramount importance and employees need to be regularly trained on implementing and following safety measures.
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Members must be vigilant in protecting against cyber security attacks, regularly analyze exposure and train employees to be attentive of risks. There can be added exposure exacerbated by a remote work environment. It’s critically important to have digital expertise in the company.
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Business interruption and disaster scenario planning should be included and documented within a company’s strategic planning process.
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Business valuation and succession planning has taken on more importance as owners consider retirement and consolidation continues.
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Inflation rates and prices are increasing, partially based on supply and demand. Members should monitor the economic environment and be prepared to protect against unforeseen increasing costs.
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Labor shortages, e-commerce, warehouse efficiencies and other trends are creating heightened customer demands for automation and this will only continue to increase. Members need to be well prepared to embrace these automation opportunities.
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Companies need to monitor the effects of Covid including customer requirements, workforce policies and possible resurgence of variants.
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E-commerce and online purchasing have accelerated and can result in new, competitive forces. Members should be forward thinking as to how their organization will evolve and provide service/value to the end user.
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The integration of data both internal and external, i.e. business systems, WMS and telematics, is critically important to strengthen the member organization and satisfy customer demands.
