Digital transformation initiatives are more likely to succeed when led by someone with technical expertise, Moira Alexander writes. In addition, encourage buy-in from everyone involved and hire some team members dedicated to change management and digital adoption, Alexander advises.
Companies' supply chain cyber risk is expanding as they deal with a rising number of third-party vendors, who in turn are working with additional vendors, or "fourth parties." Businesses should develop a map that outlines the critical parts of the supply chain and be certain that cyber insurance coverage includes supply chain disruptions, among other precautions.
Companies are much more adept at data retention than at data disposal, which can be a liability, notes Elizabeth Mixson. A 2020 Deloitte survey found that 4 in 5 enterprises had a data disposal plan in place but that a smaller share were carrying them through efficiently.
Three steps can ease remote work's tax and compliance challenges: establish a transparent process, automate it and stay open to employees' needs, writes Oliver Trundley, a workforce management expert. If employees move, employers' options include telling workers they're responsible for additional taxes or getting certificates of coverage to continue the social security tax in the company location.
Businesses would be unwise to think workspaces should snap back to the pre-pandemic configuration as people begin to come back, Martha Bird advises. "The time has come for more nuanced approaches to workplaces as ecosystems rather than discrete physical locations," she writes.
Change management can only succeed with a co-creation strategy centered on changing organizational behaviors and adapting for specific needs. This blog post outlines "organizational changemaking," which involves orienting the strategy with the goal, establishing diverse collaborative groups and dividing desired results into "fail-safe" and "safe-to-fail" categories.
The reopening of the economy has led to growth, but difficulties in hiring and a shortage of materials have slowed expansion and have increased inflation, the Federal Reserve says in the semiannual Monetary Policy Report to Congress. However, the report, the subject of congressional hearings this week, reaffirms the Fed's view that the economy is recovering from the pandemic.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,200 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.