Business Trends Taking Us into the Future

It’s no secret that our world has taken a major shift over the last two years. We are living in unprecedented times and successful businesses are responding in extraordinary ways.

The way we’ve always done it isn’t going to cut it these days if you want to continue having a successful business. Embracing change is going to help your business be more sustainable and resilient as we move into 2022. With COVID, the evolving political climate, inflation and a shifting workforce, companies are focused more on the human element than ever before. Here are some key factors that are shaping the future of business:

  1. Employee expectations are changing.
    The idea that you can attract and retain talented people with a 401k and health insurance is dead. An increasing number of employees are looking for more. In today’s market, it isn’t uncommon to offer significant compensation, remote or hybrid working options, reduced and flexible work hours and more PTO. Workers have become attuned to the fact that family and leisure time is highly important to a successful work/life balance and they want to enjoy life as much as possible before they retire.

  2. Employee turnover will increase.
    As you attract new talent and find the need to offer better compensation, increased flexibility and other fringe benefits, don’t forget about the established and loyal employees who have stuck it out with you. It’s a job-seekers market and your good people will leave if they get better offers. Keeping your existing workforce can save you thousands of dollars in training, not to mention the stress caused by the hiring and training process.

  3. Cultural Shift.
    Employees are looking for a culture-driven workplace. Fairness and equity are immensely important to most people. According to S&P 500 earnings calls, the frequency of CEOs talking about issues of equity, fairness and inclusion on these calls has increased by 658% since 2018. While building an inclusive culture is extremely important, beware that it has invited people to bring their personal perspectives into the workplace. A Gartner analysis reports that three out of four employees are expecting employers to take a view and voice an opinion on societal and political arguments. This is a dangerous precedent to set and can create disappointed and disgruntled employees. Finding balance while building an inclusive and equitable culture is essential.

  4. Wellness.
    Overall wellness is a key metric to understanding your employees. Supporting holistic wellness and providing resources to your people is a worthy investment. When your employees have access to physical wellness, mental health benefits and financial guidance, you will get the best of them in return. Being open to new ideas and remaining agile are the trends that you need to embrace to propel your business into a successful future and will contribute to your happiness as a business owner.