Up and Coming Business Trends That are Here to Stay

Up and Coming Business Trends That are Here to Stay

Business moves faster than ever these days; trends rise in what seems to be a heartbeat that eclipse some long-standing ways of operating and workplace standards. The pandemic, the speed and degree that technology impacts business and the rapidly-changing median age of the workforce are major factors that are influencing a sea change in the business world.

Without judging these trends as positive or negative, it’s important to identify them so as to be prepared when they arrive at your place of business. Let’s discuss a few of these major trends that are impacting your business - or soon could.

AI and other technology - Artificial intelligence is here and the fact is, despite fears to the contrary, it won’t be taking the place of employees in years to come. What it will do is create the need for new human positions to work in concert with the technology, and utilize it to its fullest potential. Be cognizant of opportunities when they arise to create new, complementary positions and roles within your workforce to maximize your business’ productivity and competitive edge.

Employee benefits - So much has changed over the past several years that has impacted what employees want and expect from their working situation and compensation. This has led to employers needing to be more generous - and creative - in fleshing out compensation packages that appeal to their workers. Over and above making allowances for hybrid work, employers find themselves offering other benefits to court and to keep valuable employees, like:

• Caregiver stipend and/or onsite childcare and resources for elder care
• Housing cost assistance
• Financial planning and education programs
• Tuition/student loan repayment assistance
• A four-day workweek (with full pay) is now being considered within the realm of possibility within a few years

Greater consideration of existing skills in qualification for jobs - A new attitude on being qualified for a position is emerging. Existing skills developed outside the classroom (on the job, in the military or elsewhere in life) are being considered as valid as those taught in a higher education situation. This shift provides employers with a wider, more diverse talent pool from which to select job candidates. In fact, larger organizations are developing/expanding internal training opportunities for employees.

Non-traditional career paths - Even the rhythm of careers is in flux. No more is the traditional "move up through the ranks in a company and retire at 65" the norm. Employees are apt to switch industries decades before retiring due to any number of reasons (voluntarily or not) including: lack of fulfillment, boredom, personal issues, corporate culture, health, caregiving responsibilities, among many others - and they no longer expect their career trajectory to take a hit for doing so. It behooves employers to adapt to this emerging attitude toward career by accommodating employees’ needs for professional flexibility. Providing options other than leaving altogether gives the necessary space employees need from time to time. Examples of such flexibility would include abbreviated hours, job sharing and sabbatical opportunities. Another approach to meeting the needs of employees throughout their career without losing them to another company is by providing opportunities for them to pick up on-the-job skills which will help them stay interested and engaged while making them even more valuable employees to your business.

The evolution of the workplace is pointing toward a more employee-centric model. Being aware of newer business trends and being prepared to deal with them in your company will keep you from alienating employees in this time of fast-paced change and disruption of long-standing business expectations and practices. You’ll be rewarded by a more stable, productive and all-around content workforce.

How are you dealing now that the business trends of the future are becoming reality?