McDonald Hopkins' 2024 Business Outlook Survey results featured in several newscasts and publications
McDonald Hopkins, a leading business advisory and advocacy law firm, conducted its 2024 Business Outlook Survey and the insights offer a vital lens through which to view the evolving landscape of business challenges and opportunities in 2024. Nearly 200 business owners and executives from a variety of industries participated in the survey.
The survey queried respondents on the challenges they encounter across a diverse array of sectors, encompassing data privacy, labor and employment, finance, and beyond.
McDonald Hopkins' members David Agay, James J. Boutrous II, James Giszczak, Dominic Paluzzi, Jason Smith and James Stief were featured in the recent publications for their expertise on the subject matter.
In the news:
Publications like the national outlet All Work, a site dedicated to insights, trends and predictions about the workplace of tomorrow, focused on the survey results, overall.
"As businesses move through 2024, a new survey by McDonald Hopkins reveals a landscape filled with cautious optimism tinged with concern over persistent economic and workforce challenges. These challenges underscore the evolving nature of the workplace, where businesses must adapt to the demands of a dynamic economy and rapidly changing employee demands," wrote reporter, Dominic Catacora, in an excerpt from the article.
DBusiness, Detroit's premier business journal, also honed in on the comprehensive outlook predicted by our survey's results.
"In 2023, the U.S. experienced an unprecedented surge in cybersecurity incidents, setting a record that is expected to escalate in the year ahead. This alarming trend has heightened concerns among organizations regarding cybersecurity, data privacy, and the maintenance of consumer trust.
The survey results reflect this sentiment, revealing 61 percent of companies are entering 2024 more concerned about data breaches than ever before. Moreover, 70 percent of respondents indicated their company is actively pursuing additional security measures," wrote reporter Jim Stickford.
To read the DBusiness report, click here.
WKYC, Northeast Ohio's NBC affiliated news station, also featured the report but honed in on the labor and employment findings. Reporter Bri Buckley interviewed James Boutrous, the chair of the firm's Labor and Employment Practice Group.
An excerpt from the article is below:
The survey found that the top challenges businesses are facing this year include hiring issues, pressure from inflation, and concerns over data breaches, but managing a hybrid workforce was at the top.
"It's still a real struggle, from the employer's side, to get employees to come back," Jim Boutrous admits. "Employees got used to that flexibility."
Boutrous is chair of McDonald Hopkins' labor and employment practice. He says hybrid is here to stay, and has become expected at this point.
Yet in the survey, while 77% of businesses claimed it helps them recruit and retain talent, it also comes with challenges.
"It is much more difficult — especially for those next employees moving up the ranks — to train them well, to indoctrinate them well into the culture of the company, to do that remotely as opposed to being in the same building day-to-day with somebody," Boutrous said.
To read more, click here.
News 5 Cleveland, Northeast Ohio's ABC affiliated news station, focused on the data privacy findings from the survey. Reporter Nadeen Abusada interviewed our co-president, James Giszczak, in her story 'More businesses invest in cybersecurity as attacks reach record high."
An excerpt from the article is below:
Across the nation, cyber-attacks have hit an all-time high, affecting companies large and small. James Giszczak is the co-president at McDonald Hopkins and serves as the co-chair of data privacy and cyber security, where a 2024 survey showed that 61% of businesses are more concerned about a data breach and 70% are investing in higher security.
"Most organizations aren't thinking that this is a million dollar or couple million dollar issue. They think it might be some type of inconvenience, but we work with organizations every day that are suffering from this," said Giszczak.
Adding that 75% of all instances are due to human error.
"It's somebody in the organization who makes the mistake of either clicking on the fishing link or giving up their credentials," said Giszczak.
So, for a business to protect itself, Giszczak recommends a few things: first, talk to an insurance broker about extra coverage and if it's needed. Second, know what type of sensitive data you have and who has access. Lastly, train your staff.
You can watch the full story, here.
