Social, digital, artificial intelligence and technology trends will drive the future - How the workplace will change in the next decade.

 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.