Social, digital, artificial intelligence and technology trends will drive the future - How the workplace will change in the next decade.
By Abeeha Arshad
As the Fourth Industrial Revolution continues, the COVID-19 pandemic has served as a wake-up call for many organizations, while also proving to be an opportunity for innovation, collaboration and sustainability. According to a recent report by Mckinsey & Company, the COVID-19 pandemic has pushed companies past a technology tipping point and changed business forever. Current trends in business and technology show that the way employees work, where, when, why and with whom has changed over the next decade and will continue to change, bearing little resemblance to the work of today.
Table of Content
1. Engaging and retaining talent A big challenge
2. Smart machines and artificial intelligence
3. Rapid innovation keeps businesses afloat
4. We will work for purpose and passion, not just money
5. Distant work-life balance reveals challenges
6. Globalization will be redefined with the stronger rise of
social capitalism
7. Acceleration of digital transformation
8. Clean energy and technology – Sustainability is essential
9. The use of on-demand labor will increase
10. A new platform for healthcare reform
11. Supply chains will fragment and reconfigure themselves
12. Industries will be forced to reinvent themselves through
skills and reskilling – a top priority
13. New thinking will drive future success
14. Spending in the digital market is growing
15. Growth of e-commerce
16. Big data will continue to grow
17. Software - The future of programming
18. Digital people - life in the metaverse
19. Hyper Automation – More than just automating tasks
How will the workplace change in the next 10 years?
1. Engaging and retaining talent A big challenge
You might be wondering why talent engagement and retention
would make the list of technology trends for the coming years. Well, there are some
very haptic arguments for this. The availability of technical talent with the
required skills is a huge challenge for tech-savvy organizations. Research
shows that Talent management is one of the key aspects for technology companies
in the coming times.
Organizations need to think about other factors, especially
going beyond compensation as a driver of talent acquisition or retention.
Emerging technologies such as big data analytics, artificial intelligence and
machine learning would play a vital role in building employer branding and
shaping organizational culture. Organizations would have to dig deep to strike
the right balance for people with flexibility in working hours and format,
diversity, inclusion and equity.
2. Smart machines and artificial intelligence
Intelligent machines are becoming smarter and more
ubiquitous, not only performing tasks previously reserved for humans, but also
doing what was thought impossible for machines.
Companies will begin expanding the capabilities of smart
machines, software, apps, and avatars. Employees will develop personal toolkits
of virtual doppelgängers—virtual counterparts, with the help of artificial
intelligence (AI) software and devices that are more accessible for their
personal or team activities. What's more, they will be able to take their
personal workplaces with them using cloud communities, open applications and
personal virtual assistants.
3. Rapid innovation keeps businesses afloat
Technology will continue to drive innovation across business
models across industries, allowing new businesses to enter the market and
disrupt incumbents in significant ways. To drive business growth, stay relevant
in changing times and differentiate themselves from the competition, business
leaders must be able to think creatively and embrace innovation to create
breakthrough value for their customers. In the post-Covid-19 era, there will be
a greater need to increase innovation and move away from the comfort of doing
business as usual. If organizations do not adapt to new ways of working, they
may experience an existential crisis.
4. We will work for purpose and passion, not just money
People will actively seek opportunities to connect the
impact and value of their work with their mission, purpose and passions.
Watching others post on social media will motivate them to become more involved
and contribute to social innovation and justice.
Smart companies become attractive not only by paying higher
wages, but also by offering employees the opportunity to make a meaningful
impact. Create a message that resonates and drives engagement by creating
initiatives for employees to come forward with personal stories, experiences
and successes on a variety of social issues.
Organizational culture and connectedness is in crisis
5. Distant work-life balance reveals challenges
Employees working independently or in remote locations will
face a dilemma – to upskill and manage better projects, they will take on more
tasks, potentially to the point where they feel like they are working around
the clock. In response, achieving work-life balance will no longer be enough;
employees will try to emphasize life over work.
However, there are shadowy aspects to the future of
work-life balance. As technology closes the gap between geographically
separated people, it introduces rifts in relationships and cultures. The remote
division of labor means that many employees do not develop the same social
relationships in the workplace, leading to problems of disengagement and
loneliness.
6. Globalization will be redefined with the stronger rise of
social capitalism
Unregulated and free-market globalization may gradually end
due to COVID-19, which will reveal the serious risks of independent and
uncoordinated actions by countries on the global economy and human well-being.
The pandemic has shown that problems created in one country have a domino
effect and can eventually have a serious impact on the entire economic world.
A new form of globalization will begin to emerge that
recognizes the interdependence and goodness of humanity based on the collective
actions of countries, businesses, and people. As a result, companies will
change their corporate governance models with a greater focus on corporate
social responsibility and people's well-being. Many countries will pass new
laws to protect employees in situations like COVID-19. With the emergence of
social capitalism, a new kind of capitalism will rule societies. Not only
markets and market regulation, but also what is good for communities and
society will drive business strategy.
7. Acceleration of digital transformation
The concept of digital transformation is now quite advanced
and many organizations have been working on business transformation for the
past two years, if not more. COVID-19 will force companies to take radical
steps to embrace technological advances and modernize culture, organizational
structures, measurement systems and operational architectures.
The common consensus among top business leaders is that even
if an organization is ahead of the curve today, it must be constantly ready for
change, take calculated risks, and be prepared to fail quickly, or their
business is likely to be disrupted. Accelerating digital transformation would
therefore become a top priority for many companies to ensure business
continuity, improve productivity and implement new business models to remain
competitive.
8. Clean energy and technology – Sustainability is essential
Energy drives all digital technologies, and the development
of clean and sustainable energy sources is a major challenge for the coming
decades. At the same time, clean-tech is based on the desirable trend of a
sustainable lifestyle. These technologies, clean energy and clean technology have
a huge gap for businesses to fill, not just for the coming decades, but well
into the future.
Clean technology trends include renewable resources,
sustainable consumption, energy efficient infrastructure, green logistics and
transport and waste management. The cost of clean technologies in this industry
is very high for wider commercial expansion. As related technologies develop
over the next decade and beyond, widespread adoption and disruption is expected
to occur across industries. There are several new trading platforms and ample
scope for current industries to enter new markets and diversify their offerings
by keeping up with operational and technological advancements.
9. The use of on-demand labor will increase
With the economic impact of COVID-19, companies and people
will embrace technology-enabled on-demand workforce models and platforms. This
would improve workforce planning, financial management and access to different
skills. Companies should understand and learn how to engage and retain on-demand
talent with improved people management programs, strategies and tools to create
value for the workforce and on-demand workforce.
10. A new platform for healthcare reform
COVID-19 has exposed major gaps in healthcare systems in
some of the world's most developed countries. The pandemic has created a heated
platform for health care reform in the United States, the United Kingdom,
France and many developing countries. COVID-19 will force the healthcare
industry to transform and deliver care that is more equitable. This will create
new opportunities for many people involved in building the new system.
In addition to industrial reform, companies will need to
focus on individual health care. The need for emotional connectivity will
increase as telecommuting, social isolation and social distancing practices
become more common. Companies will focus more on the mental health and
well-being of employees to avoid the disadvantages of limited face-to-face
contact with people.
11. Supply chains will fragment and reconfigure themselves
Supply chains will further fragment with technology
platforms integrating them. Multi-layered supply chains will emerge and track
critical components including origin of supply and incremental value added.
This would open up the exploration of new ways to deal with customers, manage
inventory, optimize production and distribution, manage logistics and manage
cash/capital.
In addition, as 5G internet becomes more accessible, the use
of online internet systems will increase and consequently the risk of
over-centralization will decrease. Traditional business strategy relies on
market boundaries and competitors. In the post-COVID-19 era, companies must
create new breakthrough value for their customers continuously, not just once.
Unless companies adopt a global mindset and create strategic alliances and
partnerships with others in the global, not just the local ecosystem, creating
value in a rapidly changing business environment will be very challenging.
12. Industries will be forced to reinvent themselves, with
upskilling and reskilling becoming a top priority
COVID-19 has accelerated the disruption to many industries
that many scientists have been predicting for years. Almost all industries,
including airlines, retail, hospitality, healthcare, education, construction
and technology, will require a rapid transformation to their business models to
remain viable. New business models and value chains will significantly increase
the need for new skills.
Last year, the WEF warned of major disruptions to labor
markets in 15 developed and developing countries, leading to a net loss of more
than 5 million jobs and the creation of millions of new jobs. COVID-19 is
already seriously affecting labor markets. To minimize the resulting adverse
social and economic impacts, retraining and upskilling of the workforce will
therefore become a top priority for many companies.
13. New thinking will drive future success
With the speed of change we are going through as a society,
if people and companies do not change with our new reality, they will be left
behind and it will be hard to catch up with the number of iterations of change.
As technology-driven transformation is absolutely necessary, new ways of
thinking for people will be the driving force behind successful implementation
that will move businesses forward. Cultural change will become one of the most
important drivers of companies' success in the post-COVID-19 era. The core
rules, beliefs and assumptions that drive the culture will need to be
re-evaluated with a new set of settings that drive employee and business
success.
COVID-19 is undoubtedly challenging the status quo and
conventional thinking in all industries, but recognizing some of the above
trends and taking early action will help individuals and companies gain an edge
in this world of disruption.
14. spending in the digital market is growing
Businesses must continue to reach consumers where they are
most likely to see their message. As companies around the world continue their
journey to recover from the onset of COVID-19, marketing teams are focusing on
digital strategies, with the digital transformation market expected to grow
from $511.90 million in 2021 to $1,446 .36 million USD by 2028.
Social media spending increased by 15% in 2021 and is
expected to continue to grow. Social media is a focal point for interactive
communication about everything from food and entertainment to social affairs.
Digital marketers should research and learn what chords they need to strike to
reach their target audience and harness the power of various platforms,
including Facebook, Instagram, and LinkedIn.
15. Growth of e-commerce
During COVID, e-commerce saw a 10-year increase in three
months. Online shopping really took over the world when people were locked down
and told to stay at home. Online marketing giants like Amazon, Target, and
Walmart have made great strides in their offerings and fulfillment that have
changed the way people shop—probably forever. Corporate courtesies like
same-day delivery took the sting out of being stuck at home and made shopping
easily accessible to those who couldn't leave their homes. The numbers show
that e-commerce is here to stay and will only grow stronger over time.
16. Big data will continue to grow
The total amount of data generated reached more than 79
zettabytes in 2021 and is predicted to reach 181 zettabytes within the next
five years. Data, the new, is the critical factor that drives most
technological trends, even though some believe it is leading humanity in a
direction where billions are made from billions of wasted man-hours.
Understanding this vast amount of data and determining its
value using analytics and big data techniques has been called the Internet of
Behaviors (IoB) since 2012 – when the term was coined by Gote Nyman.
Human-generated data, along with machine-generated data (through the Internet
of Things and other similar sources), can be used by organizations to provide
services and products that will better serve their customers.
Top 10 Technology Trends for the Next Ten Years: Is Your
Business Ready?
17. Software - the future of programming
We are well and truly in the direction of low or no code
programming. This would work in two different ways. First, neural networks and
ML would write code to develop new software, or secondly, a graphical interface
for programming. It would be possible to build complex applications (even AI
applications) with simple modals and drag-and-drop actions. It will reduce the
complexity and coding skills would not limit any individual!
For organizations, this would mean rapid scaling, greater
deployment of data-enriched AI-based applications, lower development costs, and
acceleration of large-scale digital transformation. A fundamental aspect that
any organization could adapt to this shift in the programming paradigm would be
to work on a cultural change towards agility and cross-functional
collaboration. For Software 2.0 to succeed in any company, the business and IT
aspects must converge and blend well. This will ensure the desired business and
technological results.
18. Digital Humans - Life in the Metaverse is a challenge.
Our future as humans seems to be increasingly tied to
digital technology. Concepts like the digital twin of a person are no longer
from a science fiction movie, but are becoming a reality. Advances in
technologies such as Augmented Reality (AR), Virtual Reality (VR), Augmented
Reality (XR), and Digital Multiple Experiences (DMX) are combining to create a
parallel virtual universe where avatars could exist as a digital twin of any
individual. The recent launch of Metaverse – 3D virtual spaces has opened the
floodgates for advancements in digital capabilities.
The COVID-19 pandemic has accelerated the process of
digitized social and professional interactions, further reinforcing this
concept of digital people. Organizations must be prepared for "digital
people" as their customers compared to the current conventional ones.
19. Hyper Automation – More than just automating tasks
More and more technology is being invested in business
processes and more automation is being introduced. Hyper automation is a
systematic and business-focused approach to identifying, screening and
automating everything in a company that can be automated. According to recent
market research, hyper automation is no longer just an option for businesses to
overlook; instead, it became the key to survival.
Technologies like AIOps and MLOps help overcome conventional
automation that only focuses on automating repetitive tasks. Hyper automation
facilitates scalability, consistency, accuracy, speed, remote operations, cost
reduction and description of traditional business models.
Conclusion:
In the next 10 years, people, human behavior, business and
business norms, employees, employers and their relationships will change
completely adversely. Digital and social trends will have a big impact on
technology. Artificial intelligence, software and working from home will also
change work and business trends. Only those individuals, companies and
industries that adapt to these social, digital and technological changes will
survive and transform accordingly.
