COVID-19 triggered a global slowdown that declined economic growth and consumer activity. With inflation numbers rising, the probability of a recession is also increasing. According to CNBC, recent forecasts indicate that a recession may occur this year or earlier in 2023.
Previous market crashes, business closures, higher cost of living, staggering loans and debts, and unemployment contributed to long-term economic pressures skyrocketing in most countries. The ongoing threat of a looming recession continues to be felt as the global economy enters its recovery phase post-pandemic.
In an article by Gartner, economic pressures are made even more complicated by a “triple squeeze” on performance that presents a greater challenge to companies and brands. These three are combined variables that business leaders might face in the future. The first one, as previously mentioned, is the persistent high inflation; the second one is declining and expensive talent; with the third being global supply constraints. This triple squeeze makes it harder for business leaders to find their footing – or maintain – their position in their respective industries as the threat of a global recession intensifies.
To prepare for the future means learning how to navigate an upcoming recession. Here are a few ways business leaders can start.
Continue Playing the High-tech, High-touch (Digital) Offense
The time of the digital age has long arrived, with the global pandemic only accelerating organizations’ digital efforts globally. As economies continue to experience a “snowball” effect as a result of past recessions, digital solutions have become integral in most industries especially in the BFSI and collections spaces, as well as in travel and hospitality, retail, eCommerce and healthcare. In an evolving energy and utilities industry, AI and data are being leveraged to increase grid capacity, optimize energy flow, reduce outages, and accelerate renewables integration as the demand for energy rises.
But it doesn’t mean that what was previously done was enough to prepare us for a recession. If there’s one thing that the pandemic has taught us, it’s that disruption and uncertainty are inevitable and most likely to hit us while we aren’t looking – so it is best to keep on moving by continuously accelerating digital efforts.
This being said, business leaders must envision a high-tech, high-touch future that empowers both customers and employees. It’s about managing spend and investing wisely to pave way for more efficient business processes (e.g., automation, predictive analytics, RPA) while creating better connections with employees.
Keep Employees – and New Hires – Closer
47% of CFOs have reported that it’s difficult to find and hire enterprise talent. To address this, it’s vital to attract and retain talent by showcasing your company’s culture, improving benefits and compensation, and ensuring that employees belong in an organization’s plan for the future. Business leaders need to empower and engage employees by equipping them with the right skills, and teaching them how to adapt to the changing and growing demands of consumers across all industries. Offer flexible remote work options, harness digital talent, provide employees the right tools and tech, and incorporate growth that supports their career development.
Partner with the Leader in Digital Acceleration Amidst Uncertainty and Disruption
With over forty years of experience in customer experience management, Teleperformance has become an agile and trusted partner in elevating the customer experience. Always embracing innovation, we have helped the world’s renowned brands in accelerating their digital transformation efforts across many industries. We have worked tirelessly to adapt, and enabled business continuity for our clients during disruption.
Teleperformance is ready to help clients navigate recession through a customer-centric approach and value-added offerings. Our business processes and digitally integrated business services aid in escalation and recession response through our trust and safety services, automation, and conversational AI, among other emerging technologies. To manage recession, we rely on our Technology, Analytics, and Process Excellence framework that analyzes workflows and processes. We continuously enhance our expertise in sales and in the Collections industry, focusing on fortifying our BNPL offerings and digitally led services. Our Collections services offer turnkey collection solutions that enable flexible, seamless, and cost-efficient transactions between businesses and customers. Teleperformance’s core digital Sales and Back-Office services are also equipped to manage de-escalation, recovery, and post-crisis recovery initiatives.
Facing the threat of a recession requires a tremendous amount of preparation and effort. Yet, it’s important to remember that one must never tackle the job alone. Collaboration and partnerships built on trust could be the X factor in gaining a competitive advantage in these unpredictable times.
Count on Teleperformance to help your business stay on course through thick – and thin. Contact us today to learn more!