Business

Changes in Business Trends

The business world has changed rapidly and will continue to do so at an even faster pace. The sustainability of a business can be measured by how quickly and efficiently it can adapt to change. History shows us that businesses which have failed to adopt the required measures to adapt to change were wiped out into irrelevance. In this article, we will discuss some changes in the business world which have brought about a significant shift.

Millennials

The ‘M’ word! What in the past appeared to be a minority generation in the workplace is now a significant number. There are many millennials in the modern workplace. Those companies which did not anticipate this change and failed to adapt their working environment to be compatible with millennials are now struggling to find talent. Many businesses had to adopt necessary changes such as flexibility in working hours and telecommuting so as to conform with the needs of a modern workplace. Other companies provide several benefits such as free breakfast and gym allowances to treat their staff and allow for healthier practices.

Many companies showcase their millennial friendliness on social media to appeal to the newer generation. Considering that millennials are very much into learning, a lot of investment is made in training and development.

Cultural diversity

Businesses that wanted to maintain leading positions in their respective industries had to adapt to a multi-cultural workforce. There are some areas of specialisation that need to be filled by people from specific countries where individuals could specialise in that particular field. This is coupled with the fact that cross-border employment has become all the more common.

Digital sphere

The internet has changed the business landscape. Companies that did not optimise their operations to become internet efficient are now extinct. The constant stream of internet options and devices keep businesses on their toes. Several businesses have built a strong online presence to maintain relevance with their consumers. People today are constantly hooked to the internet, therefore it would be suicidal if any business does not invest in its online presence. There was a time where a business could decide to neglect online activity. Now with all the competition, it is practically impossible to do so and survive.

Automation
Together with internet technology, businesses are also forced to invest in automation processes to ensure higher efficiency. That way, mundane and repetitive tasks may be avoided and staff can focus on matters of higher priority. Such systems include leave booking software, and CRMs, which help to optimise businesses. Certain software programmes also provide invaluable data which enable organisations to make informed decisions.

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