Time and time again, there are new business trends that can impact the financial condition of an organization. These trends could be anything from selling a certain product or adopting a more general business movement such as implementing employee benefits that help promote work-life balance.
Regardless, adapting to new business trends can be beneficial in a huge way. Here are the top business trends that will impact businesses through 2022 according to the World Economic Forum’s “The Future of Jobs Report 2018”.:
Increasing Adoption of New Technology
With modernization and the exponential advancement of technology, it’s no surprise how adoption of new technology becomes part of new business trends through 2022. In fact, the study has shown that the top five trends are technology-related.
Here’s the list of technology-related business trend:
- Increasing adoption of new technology
- Increasing the availability of big data
- Advances in mobile internet
- Advances in artificial intelligence
- Advances in cloud technology
All these are crucial as technology helps businesses perform faster and better with less effort. However, with so much technology being made available, companies need to prioritize technologies they are going to implement. Here are the results from “The Future of Jobs Report”:
- Used and entity big data analytics (85%)
- App and web-enabled markets (75%)
- Internet of things (75%)
- Machine learning (73%)
- Cloud computing (72%)
You can begin to practice implementing more modern technology by embracing current available innovation to improve business operations such as Gusto with automated payroll systems.
There will be a huge demand for skilled trades in the following years. The main reason for this is because of the large number of baby boomers who are retiring. According to The Balance,
“In manufacturing alone, it’s estimated that almost 53% of job openings left by boomers will go unfulfilled by 2028.” Manufacturing won’t be the sole industry that’s going to be impacted by job vacancies but also other trades such as:
- Carpentry and general construction
- Plumbing, pipe lifting and steamlifting
- Machinists and metalworkers
- Heating, ventilation, airconditioning and refrigeration (HVAC)
- Electrical and electronic control systems
This can be ideal for small businesses to look into. As the number of workers in trades drop, there can be an unfulfilled demand that you can venture into.
The Rise of Remote Work
Coworking spaces has been a trend that proved corporations do not need offices for work to be done. Coworking spaces did not just provide an alternative working space but it also helped lower overhead cost and boost productivity and performance of employees.
Now, the innovative trend of embracing a remote workforce is on the rise. There are a lot of procedures in a company that can be delegated to a remote worker. Moreover, studies have proven just how impactful remote working is.
IHere are but some of the benefits of remote work:
- Less time spent commuting
- Improved employee retention
- More autonomous employees
- Lower costs
- Increased productivity
- Better work-life balance
Much of the younger generations value work-life balance and embracing a remote workforce can help your company become more attractive and relevant to them.
According to a research conducted by the International Workplace Group, 80% of employees in the United States would prefer a company that offered a flexible working schedule over one that did not.
The same study also showed how over 74% of workers believe that “flexible working has become the new normal”. In the past decade, 83% of businesses have implemented a flexible workspace program or are planning to introduce one.
Having a remote workforce helps you have employees that can be better at dealing with work stress. Moreover, one of the top challenges employers are facing today is retaining talented employees. Offering remote work can help solve this issue.
Growing Cashless Economy
According to Revolut, there will be cashless societies by 2030. Just in 2017, transactions that were done cashless increased by 10.5% which amounted to $522.4 billion. In 2020, experts believe that this amount can reach up to $725 billion.
Here are statistics on cashless payment from Merchant Savvy:
- 1 billion individuals are going to use mobile payment around the world in 2020.
- By 2023, this number will grow by 1.31 billion.
- In 2018, the global mobile payment market size was $881 billion. By 2024, it is expected to reach $3,081 billion.
Moreover, according to the TSYS US Consumer Payment Study, 55% of the population prefer using smartphone payment apps for their convenience. While cash is still king, the transition of moving towards a more cashless society is becoming more plausible with each year that passes by.
With this, organizations need to adapt and implement new technologies to offer and accept cashless payments. Even now with Paypal and other online payment systems, people now have learned to rely on other forms of payment other than cash.
Remember that part of good leadership is being able to adapt. By creating changes to incorporate new business trends, you are making your organization grow and live longer by staying relevant and up to date with market demands.