Greg Uanseru Names Six Top Population and Technology Trends That Could Change Your Business
Today’s business world is shaped by trends that relate to the changing population and the growing use of technology. To correctly gauge how your business will be affected, proper time and thought must be given to each of these trends. Even relatively small changes could present huge opportunities for businesses that know how to take advantage of changing conditions.
Greg Uanseru explains the top six trends that your business needs to be aware of to succeed today and in the foreseeable future.
Population-Driven Trends
The following are population-driven trends that will have a significant impact on your business:
1. Aging of the Workforce
The global population is aging rapidly, and the portion of the workforce occupied by older individuals will continue to increase. According to the United Nations, the number of people 60 years of age and over will increase from 302 million to more than 366 million in high-income countries between 2019 and 2030, while the number of children in these countries will decrease from 211 million to 202 million.
Life expectancies are growing longer, and healthy elders may choose to continue working for various reasons. The primary reason may be that they do not have enough money saved for retirement, though they may also continue working because they do not want to lose the feeling of contributing to society.
Employers will need to be sensitive to the needs of an aging workforce, and they must understand that some younger workers may resent the presence of people who work past the traditional retirement age of 65.
2. The Rise of Millennials and Generation Z
By 2030, 50 percent of the workforce will be millennials and members of Generation Z. Millennials have been in the workforce for many years already, and their specific values related to technology and social connectedness are well known. These generations sometimes receive poor press because they are perceived as being the “squeaky wheel” and always on the lookout for perks and special treatment, but the reality is that they are expert digital natives.
Businesses that want to adapt for these generations should position themselves on social media. They should partner with schools to find the most qualified workforce and put training plans to receive future workers. They should also plan to develop their leadership in-house to take advantage of these generations’ skills as they mature.
3. Increasing Cultural Diversity
Another global trend that has a significant impact on the business world is the increase in cultural diversity. The United States population is rapidly changing in its composition. The Asian American population rose by as much as 81 percent between 2000 and 2019. The Hispanic population increased by 70 percent, and the Black population increased by 20 percent.
Companies that want to be sensitive to cultural differences should pay close attention to the composition of their workforce and to the population of the communities they serve. Having a balanced view of how different communities respond to certain actions is a must. Established populations in the workforce will need to be trained to treat their new coworkers with sensitivity and respect.
Technology Trends In The Workplace
The following are technology trends that are affecting how workplaces operate and how companies are formulating strategies today:
1. The Rise in E-Commerce
Due in part to the COVID-19 pandemic, e-commerce was up by 44 percent in 2020. Many brick-and-mortar stores were closed, and those that were open frequently had trouble maintaining a stock of important items like disinfectants and paper products. Many people did not feel comfortable leaving their homes to shop, so home delivery services and e-commerce made a considerable mark on the business landscape. While most businesses have reopened, the trends toward e-commerce are expected to continue well into 2021 and beyond.
2. Automation of Business Activities
Technologies like AI, robotics, self-driving vehicles, and other automation applications significantly impact the business world today. To take advantage of these new developments, companies need to explore the potential that automation could hold.
Understanding how all work processes are completed is a great first step. Companies should involve their employees when buying new technology. They should shop around and explore their options before investing in new systems to get value for money spent. They should also consider engaging the services of an IT consultant to help them apply new technology.
3. Big Data and the Internet of Things
The number of devices connected to the internet is expected to rise to more than 75 billion by 2025. Today’s computer systems are primed to collect important data about customers, transactions, and business processes. Companies should consider using a big data approach to analyze their information to ensure consistency and growth.
One of the most important systems that all companies should get is a CRM or customer relationship management system. CRM systems help with every stage of customer contact and make sure that no contacts fall into the cracks. They are an excellent means of creating usable data that can enhance a business’s bottom line.
Keeping Track of Global Trends
When your company is prepared to deal with the effects of these six global trends, you will be able to navigate the new landscape more efficiently and at a higher profit margin. Your workplace will be made more efficient as well as more adaptable to the needs of your employees.
Greg Uanseru believes that every business leader should be aware of the aforementioned. With a futuristic approach, businesses will be ready to meet today’s challenges as well as those that may come up in the future.
