Why businesses need to bring social considerations to the fore in 2024: Rashmi Dubé

Hopefully when rear viewing in the mirror at their own data they are also taking in a view of the economic climate.

You may say, what’s new? I would argue what is new is the real consideration we need to provide to the wider society. The social considerations that inevitable impact any business regardless of scale or sector.

Take a look around and you will find that people are angry. The evidence is clear when you look around at the signs in the NHS, shops, and transportation links stating that abuse towards staff will not be tolerated.

People are feeling overwhelmed and crushed by the economic, political and environmental backdrops that have left a generation trying to get on the housing market, unable to afford rent, with wage increases slowing.

I am left with no crystal ball to predicate the future for the next five years, especially with the growth of Artificial Intelligence (AI) and the development of AGI (Artificial General Intelligence) - the long-term goal in artificial intelligence where machines will have the ability to perform any intellectual task that a human can.

This is all theoretical, but we already have Baby AGI being developed.

Any business will rely upon people in the next two to three years.

The general public has reached a point of fatigue from the years of austerity to pandemics and lockdowns, to instability within the government and its revolving door, to now - where we are told that the UK has been outperforming expectations.

But don’t bring the champagne out just yet. Most experts believe that the growth will be slow.

According to a recent YouGov survey, 46 per cent of the North were happy, 42 per cent were stressed, 33 per cent frustrated, 26 per cent sad, and only 18 per cent optimistic.

Business cannot avoid looking at the social aspects of the overall population. They will have a much greater chance of predicting the mood if they have an awareness of what is happening and where the public is looking to go, and more diversity of opinions.

There are big changes on the horizon with the integration of technology with society - for instance, the Met Police using facial recognition and its new Retrospective Facial Recognition (RFR) system.

Concerns arise around issues of privacy and data security, the use of AI, and the biases within the system. There are also global political issues and environmental considerations impacting the UK economy and impacting the average person.

Am I really despondent about 2024? No. There is still so much business can achieve, from the little start up to the global empire.

No matter which industry you are in or size of your business, the current currency is people’s attention (not respect) and there is a continuing need to adapt to change – consider the impact and utilisation of AI.

So where does this leave us at the start of 2024? In a place of opportunity and a real chance to make a difference in business and society.

Rashmi Dubé is a partner at gunnercooke