It’s a Digital World
With the Covid-19 pandemic disrupting the workforce and forcing many people to work from home, the appearance of a typical business has dramatically changed. And it looks like things might stay changed for a while. Remote work has become the new normal, and since its implementation, its benefits have become apparent. No rent costs make it cheaper for business owners and advancing technology has made communication easy even when workers are apart. Even after the pandemic is over, some companies may keep some positions or certain elements of work remote.
The Growing Gig Economy
Get ready to embrace the gig economy. According to a past Gallup poll, almost 36% of workers were a part of the gig economy, and we can expect that to have risen to around 43% by 2020.Compared to traditional work, gig-economy work is very flexible. This appeals to those trying to make some money on the side and to those who wish to have greater control over their schedule. Moreover, with many businesses unable to hire proper full-time workers considering the Covid-19 economic situation, the demand for part-time gig workers will likely increase. Its easy to see how the gig economy is becoming the new norm during this time.
Increased AI Presence
While AI may not be poised to entirely take over the customer experience, it certainly will be making a bigger appearance this year and may disrupt many business strategies for the better. When effectively combined with and designed to complement employee skills, AI can be utilized to improve business efficiency. AI is growing exponentially in popularity right now because its applications and uses are practically limitless, meaning it can be applied to and empower almost any business. While it may mean some task automation (typically of repetitive and standardized tasks), employers will likely focus on upskilling works than replacing them with AI. AI as a service may also emerge for those who find the cost too high.
Conscious Consumption is King
These days, customers are increasingly conscious and aware of their purchases and what they mean for others and the Earth’s resources. People are placing an ever-growing emphasis on sustainability and responsible consumption. In fact, according to a McKinsey survey, 80% of Gen Z respondents refuse to buy from companies involved in scandals, 70% try to purchase from companies they consider ethical, and 65% try to learn about the origins of the products they buy. Considering these stats, it’s clear that this trend is here to stay. Therefore, in 2020 companies will likely put a greater effort into presenting themselves as (and hopefully actually become) more careful about how their production affects the environment, adamant about advocating for social issues, and motivated in seeking a purpose beyond simply making a profit.