While we cannot predict how work will change in the future, there is one thing that we can predict with certainty. There is no doubt that how we work will vary due to technology, changing values and norms, and new business goals. The following three trends are ones that are rapidly changing the workforce, and business leaders must be aware of them.
Artificial technology is a type of advanced technology that is revolutionizing how business is done. An ever-increasing number of companies is adopting it. Although large corporations are usually the first to embrace it, it is increasingly being adopted and made available to smaller businesses. From warehouses to pizzerias and hotels, AI is being adopted all over.
CEOs from a multitude of industries are saying that artificial intelligence will be an important competitive advantage for their businesses in the future. Leaders who have not adapted AI yet are foregoing this technology at their own peril. From another perspective, leaders of companies must also make sure that their employees can use technology such as AI in their daily routines. This may require additional training and changes to the status quo.
The second trend of the 2020s is a growing focus on the employee experience in the workforce. The employee experience is not just about paying an employee well. It goes deeper than that. It involves offering an employee a satisfying job with flexibility.
Engagement is an integral part of the employee experience that has an impact on the bottom line. More engaged employees create more profitable companies according to studies on employee engagement. Higher engagement can also reduce employee turnover and help retain talented employees. All of this improves the bottom line and can reduce the costs of employee turnover.
The last trend that is changing how business is done is the fact that the younger generation of employees is demanding not only a satisfying job but also a job that offers purpose. Increasing amounts of employees and investors are saying that profitability alone is not the only thing that should be driving business.
Business leaders should realize that the new generation of employees, investors, and consumers want their business to conduct their operations with a purpose in mind. That purpose can be improving society, spreading innovation, reducing pollution, etc. Financial performance alone is no longer the only measure that employees and other stakeholders look at anymore, and leaders should be well advised to take note.