It’s been a strange few years for everybody. We’ve all had to change our habits, get used to wearing masks everywhere and truly master the art of the video call. But things have been a little more tricky for businesses. To keep their teams safe, they’ve had to follow all restrictions. But they’ve also had to keep up with changing technologies and ever-evolving trends.
In fact, 2021 was a year of transition. Business leaders started the year hoping that the pandemic was nearly over and that life could get back to normal. But over time, it’s become clear that the era of remote work and virtual meetings is the new normal. Many temporary measures are now permanent. Companies are switching to remote working for good, with others adopting hybrid working.
Looking ahead to the business trends of 2022, there are a few key areas to pay attention to. Four, in particular, seem poised to have a significant impact over the year. New technology, work culture shifts, and sustainability will affect how businesses operate. Here’s a closer look at the biggest trends of the coming year
1. Artificial Intelligence
Artificial intelligence (AI) brings sci-fi movies about murderous sentient robots to mind. But in reality, AI is a little less dramatic, and many businesses already use it. It’s an excellent tool for marketing, sales, data analytics and research and development. If you’ve ever used an automated chatbot on a company website, that’s a form of AI.
AI isn’t new to the market. In fact, as a concept, it’s been around since the 1950s. But it’s only now businesses are starting to use it. Only 37% of companies currently use AI, but that number looks to increase in 2022. This increase will partly be due to how common AI is in modern technology. But it will also be due to the benefits it offers, such as:
- Improved productivity and efficiency — AI lets businesses automate repetitive tasks and functions. This allows their employees to focus on other essential duties and boost productivity.
- Better customer service — AI gives in-depth and extensive consumer insights. Businesses can use AI analytics to tailor services to their customers.
- Improved recruitment and retention — Businesses can streamline recruitment with AI. The technology can screen applicants and identify top performers.
And they’re just the benefits that AI can currently offer. As the trend continues, AI will continue to develop to help businesses perform better.
2. Sustainability
Sustainability is one of the most significant business trends of the last decade. It’s seen businesses switch entire fleets to electric vehicles and get rid of plastic entirely. But it’s clear there’s still more to do, and this trend isn’t going anywhere anytime soon.
With the increasing need for us all to change our habits, businesses face pressure to do everything they can to be kinder to the planet. This pressure is due to the fact that just 100 companies are responsible for 71% of emissions. This year, we’ll continue to see businesses switch to more sustainable practices. They’ll do this in several ways, including:
- Training staff about the importance of sustainable practices
- Reducing water and electricity consumption
- Making their supply chain more environmentally friendly
- Off-setting carbon emissions or becoming carbon neutral
- Using energy-efficient technologies.
Beyond the obvious benefits for the planet, sustainability also helps a business’s bottom line. Over 60% of consumers are willing to pay more for sustainable products. Alongside that, new customers are more likely to choose a sustainable business. These consumer trends will be the driving force behind companies choosing sustainability.
3. The Metaverse
In the last few months, there’s been a lot of discussion about the metaverse from top tech CEOs like Mark Zuckerberg. But what exactly is the metaverse, and how can businesses use it? At the moment, the metaverse is very much in its infancy. It’s a combination of virtual reality, social media, gaming and cryptocurrencies that allow users to interact.
Currently, very few companies have a stake in the metaverse. Development mainly involves massive tech multinationals, including Amazon, Facebook and Snapchat. Still, over the next year, we’re likely to see more companies investing in the future of the internet. The metaverse will give businesses and staff a chance to make more human connections in a virtual and remote working environment.
As an emerging technology, the possibilities of the metaverse are relatively limitless. Its features will likely include:
- Gaming
- Collaborative productivity
- Social networking
- Health, education and communication technology
- Digital currencies.
4. Work-Life Balance
Before the pandemic, remote and hybrid working were terms very few people were aware of. Working from home was a luxury that many businesses didn’t allow. But with COVID-19 forcing people to stay at home, many are now reluctant to return to the office full-time.
Working from home gave employees more time to themselves. Many were better off financially without commuting every day. For many, work-life balance has become an increasingly important aspect of modern work-life.
In September 2021, the UK government announced that employees can now request flexible working from the first day of their contract. While businesses do not have to accept flexible working requests, they likely will for retention and staff satisfaction.
With workers worldwide quitting their jobs at historic rates as part of The Great Resignation, employers will need to consider work-life balance this year. Where customer experience was once the focus, businesses now need to consider the employee experience equally seriously in their business models.
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