6 key trends that will change the way you do business
The opinions expressed by entrepreneurs contributors are their own.
The rate of new training has skyrocketed during the pandemic. have responded to the immense opportunities they have seen as the has undergone a seismic shift. Recently, they announced that we were entering a period of 1970s-style stagflation, with stagnant growth and high inflation. Those who know their company's history know that many great companies have emerged from economic crises. There is no doubt that as the economy undergoes another seismic shift, entrepreneurs will seek to start new businesses, and those already in business will seek to transform theirs to seize the opportunities ahead. Here are six keys that will shape the future of the company.
The rise of millennialsMillennials have become the largest living generation in the United States. Businesses that want to be big players in tomorrow's economic landscape must win with millennials. According to a McKinsey & Company report, millennials spend $1 trillion a year and are expected to generate $8.3 trillion in income. by 2025, compared to $6.4 trillion for Gen X and $1.1 trillion for .
To be successful, companies must adapt to the tastes, habits and values of millennials. They must also adapt their strategies to win over the right segment of millennials for their business.
Winning millennials isn't just about creating and retaining customers, it's also about hiring millennial employees. So schools and training should be used, not just to create and retain customers, but also to attract millennial talent.
A more demanding employment poolThe population is growing at an increasingly slow rate, and as baby boomers retire, the labor pool will shrink. The impact of a shrinking labor pool shifts more power to workers. We've already seen companies treat remote work as the new signing bonus. The Great Resignation further reduced the labor pool, as workers decided to start their own businesses. Companies are under immense pressure to adjust their compensation, working hours and working models to remain attractive to workers.
We see companies struggling to incorporate remote and hybrid working models into their businesses. Not every business can go remote or hybrid. However, the success of companies such as , Twitter and Slack show that it is possible to build a large, successful company with remote workers. Where they can, workers will choose companies that offer this. This is all the more important as people migrate from cities in search of better living conditions at lower cost.
The Great Resignation also showed that many workers felt underpaid. This has pushed companies to offer better compensation. However, better compensation is not the only form of compensation sought: workers want a better work-life balance.
A more diverse populationMillennials are the most diverse demographic group in the United States, both due to immigration and the growth of minority populations.
Companies will need to learn the cultural languages of the communities they seek to target. Erin Meyer's research shows the gains a company can make by investing capital to understand how to navigate the cultural minefield. Failure to understand where your employees and target communities fit on a culture map can lead to an inability to effectively manage, or effectively create and retain a customer, or attract employees.
Being able to communicate across cultures is an increasingly important tool for managers. Companies like Netflix have invested heavily in training their managers and staff on cultural maps to be more effective.
Related: Is This Industry the Future of Entertainment? If so, there is still Ro...
The opinions expressed by entrepreneurs contributors are their own.
The rate of new training has skyrocketed during the pandemic. have responded to the immense opportunities they have seen as the has undergone a seismic shift. Recently, they announced that we were entering a period of 1970s-style stagflation, with stagnant growth and high inflation. Those who know their company's history know that many great companies have emerged from economic crises. There is no doubt that as the economy undergoes another seismic shift, entrepreneurs will seek to start new businesses, and those already in business will seek to transform theirs to seize the opportunities ahead. Here are six keys that will shape the future of the company.
The rise of millennialsMillennials have become the largest living generation in the United States. Businesses that want to be big players in tomorrow's economic landscape must win with millennials. According to a McKinsey & Company report, millennials spend $1 trillion a year and are expected to generate $8.3 trillion in income. by 2025, compared to $6.4 trillion for Gen X and $1.1 trillion for .
To be successful, companies must adapt to the tastes, habits and values of millennials. They must also adapt their strategies to win over the right segment of millennials for their business.
Winning millennials isn't just about creating and retaining customers, it's also about hiring millennial employees. So schools and training should be used, not just to create and retain customers, but also to attract millennial talent.
A more demanding employment poolThe population is growing at an increasingly slow rate, and as baby boomers retire, the labor pool will shrink. The impact of a shrinking labor pool shifts more power to workers. We've already seen companies treat remote work as the new signing bonus. The Great Resignation further reduced the labor pool, as workers decided to start their own businesses. Companies are under immense pressure to adjust their compensation, working hours and working models to remain attractive to workers.
We see companies struggling to incorporate remote and hybrid working models into their businesses. Not every business can go remote or hybrid. However, the success of companies such as , Twitter and Slack show that it is possible to build a large, successful company with remote workers. Where they can, workers will choose companies that offer this. This is all the more important as people migrate from cities in search of better living conditions at lower cost.
The Great Resignation also showed that many workers felt underpaid. This has pushed companies to offer better compensation. However, better compensation is not the only form of compensation sought: workers want a better work-life balance.
A more diverse populationMillennials are the most diverse demographic group in the United States, both due to immigration and the growth of minority populations.
Companies will need to learn the cultural languages of the communities they seek to target. Erin Meyer's research shows the gains a company can make by investing capital to understand how to navigate the cultural minefield. Failure to understand where your employees and target communities fit on a culture map can lead to an inability to effectively manage, or effectively create and retain a customer, or attract employees.
Being able to communicate across cultures is an increasingly important tool for managers. Companies like Netflix have invested heavily in training their managers and staff on cultural maps to be more effective.
Related: Is This Industry the Future of Entertainment? If so, there is still Ro...
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