As we look towards the future, the COVID-19 pandemic has accelerated several major business trends that will continue to reshape the landscape in the coming years. To stay ahead of the curve, you must adapt your business strategy to embrace remote work and digital transformation, prioritize employee health and well-being, and accelerate diversity, equity, and inclusion efforts.
The world of future business trends, strategic planning, and business agility is constantly evolving, driven by forces like market forecasting, disruptive technologies, Industry 4.0, and digital transformation. By understanding these shifting dynamics and taking proactive steps, you can position your company for success in the years ahead.
Key Takeaways
- The COVID-19 pandemic has accelerated major business trends that will continue to reshape the landscape in the coming years.
- Companies must adapt their strategies to embrace remote work and digital transformation, prioritize employee health and well-being, and accelerate diversity, equity, and inclusion efforts.
- Embracing remote work and digital transformation can improve flexibility and productivity, but also presents challenges that must be addressed.
- Prioritizing employee health, safety, and mental well-being will be critical in the post-pandemic world.
- Accelerating diversity, equity, and inclusion efforts can help companies expand their talent pools and better reflect the communities they serve.
Embrace Remote Work and Digital Transformation
Before the pandemic, leading organizations like General Motors Co. were already transitioning towards more flexible work arrangements for their employees. However, the COVID-19 outbreak accelerated this shift towards remote work. In November 2020, GM announced it was hiring 3,000 technical professionals, with the majority expected to work remotely. GM’s leadership expressed confidence in their workforce’s ability to effectively work from home, with Adam Yeloushan, the company’s HR executive for global engineering, stating “Our workforce was able to meet the new challenges [while working from home] without missing a beat. We can [work remotely] well. We can do it effectively.”
Reconfigure Office Space
As more employees work remotely, companies are rethinking their office spaces to better support flexible, collaborative workspaces. This agile office design leverages innovative solutions like hotdesking, co-working areas, and modular furniture to foster creativity and innovation, even with a distributed workforce. By embracing remote work and digital transformation, organizations can optimize their real estate footprint while empowering employees to work productively from anywhere.
Address Potential Challenges
While remote work offers significant benefits, it is not without its challenges. Some roles still require an on-site presence, and surveys have shown that some individuals have struggled to maintain a healthy work-life balance when working from home. There are also concerns that remote work could negatively impact corporate culture and stifle innovation if co-workers are not physically together. To address these potential pitfalls, companies must prioritize effective communication, provide robust remote work support, and find ways to nurture their organizational culture in a virtual environment.
Prioritize Employee Health, Safety, and Well-being
The COVID-19 pandemic has turned a spotlight on worker health and safety in all industries, not just those known for being dangerous. Employees who have returned to their workplaces wear masks, sanitize surfaces, and social distance, and some even submit to temperature checks. These measures are likely to transform into more sophisticated workplace testing protocols, state-of-the-art ventilation systems, and high-tech detection and disinfectant tools.
Invest in Health and Safety Roles
As businesses prioritize employee health and safety, they are investing in dedicated roles to oversee these critical aspects. From workplace health coordinators to safety managers, these professionals will play a vital part in ensuring a safe and supportive environment for the workforce.
Enhance Mental Health Support
The pandemic, the recession, and social unrest have caused increased anxiety, depression, and stress in the general population. Employers had been increasing their mental health support before the COVID-19 outbreak and are now stepping up even more. Nearly three-quarters (72%) of companies plan on improving their mental health offerings next year, according to a survey by PwC.
Accelerate Diversity, Equity, and Inclusion Efforts
The killings of George Floyd and others while in police custody, and the ensuing protests, laid bare the overall inequities in the U.S. and prompted soul-searching in the business sector. Companies have promised to increase diversity within their ranks, especially among executives, and the fulfillment of those pledges is now expected to top corporate agendas.
Foster Open Conversations
To drive real progress on diversity, equity, and inclusion (DEI), companies must foster open and honest conversations about racial bias, prejudice, and systemic barriers that have hindered the advancement of underrepresented groups, including women and people of color. By creating safe spaces for employees to share their experiences and perspectives, organizations can develop a deeper understanding of the challenges faced by diverse talent and work towards meaningful solutions.
Expand Talent Pool
The shift towards remote work presents an opportunity for companies to expand their talent pools and increase the diversity of their workforce. According to a study by McKinsey and LeanIn.Org, white men still occupy 66% of C-suite positions and 59% of senior vice president posts, while women of color hold only 3% and 5% of such roles, respectively. By embracing remote work and leveraging diverse recruiting channels, businesses can tap into a wider pool of qualified candidates, breaking down geographical barriers and fostering a more inclusive, equitable, and diverse workplace.
Conclusion
The COVID-19 pandemic has undoubtedly accelerated several major business trends that will continue to reshape the landscape in the coming years. As a business leader, you must adapt your strategies to embrace remote work and digital transformation, prioritize employee health and well-being, and accelerate your diversity, equity, and inclusion efforts.
Embracing remote work and digital transformation will require you to reconfigure your office spaces, address potential challenges, and leverage the benefits of a more flexible and agile workforce. Prioritizing employee health, safety, and well-being will involve investing in health and safety roles, enhancing mental health support, and implementing sophisticated workplace testing protocols.
Furthermore, accelerating your diversity, equity, and inclusion efforts will involve fostering open conversations, expanding your talent pool, and ensuring that your leadership and workforce better reflect the diverse communities you serve. By taking proactive steps in these key areas, you can position your business for success in the years to come.
