Business Strategy

Major changes in business trends

Major changes in business trends

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The world has changed a lot in five years; none could have foreseen the problematic consequences of the sharing economy or the domino effects LinkedIn and Twitter have had on B2B communication. The fast moving world will see considerable changes in the next five years, and the following four developments will play crucial roles:

  1. The war for talent is tougher than ever:

Competition has become stiffer with everyone vying to be at the top. According to the Bureau of Labor Statistics, almost three million Americans quit their jobs in December 2014, and since the turn of the financial crisis, this number has continued to increase constantly over the past five years.

 What one needs to consider:

At such a time, it is important to keep in constant touch with the goals, plans and desires of the employees’ in order to keep a hold on them. Moreover, with increasing entrepreneurship goals, the best employees regularly quit their jobs from top companies to start their own businesses. Nonetheless, many of these employees are left older and wiser after a high percentage of these business ventures fail within the first four years. But are they in a position to return? The best option is to allow them to apply their entrepreneurial skills in the company itself thereby making sure that they do not leave in the first place. 

Also Read : Contact anyone at your company with LinkedIn Lookup

  1. Freelancers are changing the way we do business:

According to the Freelancers Union, fifty-three million Americans, which is 34 percent of the work force, are private workers, and this is expected to reach 50 percent by 2020. 

What one needs to consider:

Even though companies can hire freelancers which reduces overall costs but, this also is not easy as companies will have to plan on how to attract and manage the best freelancers and also take measures to keep their own businesses from not being taken over by them. They will also have to come up with innovative ideas like prompt payment, additional training and performance-based bonuses besides a paycheck, to make maximum gains.

  1. Globalization already affects you whether one realizes it or not:

Contrary to old business methods of working locally and approaching overseas market only if required, one is now forced to go global whether one is ready for it or not. In addition, skilled workers from countries around the world continue to emigrate with America remaining the first choice of the immigrants. 

What one needs to consider:

There are many advantages to having a wide variety of market or work force but, with different styles of thinking and communicating, adjustments also need to be made. Instead of rushed decisions, one should take time to learn the difference between one’s own culture and theirs by being open to communication with prospective employees and customers. This will lead to stronger bonding and also help in seeing things from their perspective which can result in nothing but good for the company. 

  1. The mobile workplace is the new standard:

Software juggernaut Citrix has reported that by 2020, 89 percent of organizations worldwide will offer “mobile work styles.” 

What one needs to consider:

If it is so, then the companies, especially small to midsize ones, need to make plans for remote-working as many positions can be filled up from anywhere around the world even though a Telco or Skype call cannot be compared to an in-person meeting.

To keep the workers happy and also to maximize collaborative impact, Buffer CEO, Joel Gascoigne, arranges numerous retreats in different places around the world every year for his team. According to Gascoigne, these retreats are productive in addition to the fact that it helps to maintain company culture.

Also Read : 5 things to find that perfect Co-Founder for your Start-Up

Although strategies for larger companies may be different but, they already need to start implementing whatever plans they have because in a constantly changing world where the only thing constant is change itself, one needs to keep adapting to the changes.

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