The world norms are changing, and so is the world talent pool. Here are Predictive Success’ insights into what we can expect for the global talent pool in the coming decade.
2020 and Beyond
Urbanization, transport, and environmental concerns
The 2010s seemed to be the decade when policymakers shifted a chunk of their focus to urbanization, transportation, and the environment. With increasing housing costs, many young employees are choosing to live further and further from where they live, instead incurring the large cost and time investment of commuting. In Toronto, commute times are on the rise, averaging about an hour and half total time each day[1]. This has increased the number of employees looking to work from home, skipping the long commute and the environmental impact that comes with it, instead using the saved time to start their work day earlier. Look for the employment landscape to move towards an outcome based system, and away from hours at the desk.
The Changing Guard
Millennials and Generation Z now account for 38%[2] of the workforce, meaning their traits will be ever more present in the global workforce. Look for companies to be re-investing in employee training and company culture as Glassdoor ratings and their underlying turnover rates will become the hiring currency of 2020. Companies that can retain will win. Those plagued by turnover will fall by the wayside.
CSR is a Must
CSR used to be what companies did to stand out, now, it’s what they do to stay relevant. In the new decade, companies of all sizes need to be forming foundations or charitable outlets. Not only will customers and clients expect it, but society as a whole expect that companies are supporting social causes. For our guide to CSR in 2020, click here.
A Move Back to Talking
In the last decade, telecommunication was billed as the future of business. No more need to fly around the world to negotiate deals, access to world markets, and increased connectivity. This phenomenon materialized and did in fact increase connectivity, but an over-reliance on this technology has swung the advantage back to those who can work face-to-face. The lack of truth and overselling that came with the internet mean those who can provide genuine value will win out.
Deeper Understanding
Shifts in AI are going to give deeper and deeper understandings to the aspects of business managers usually used their gut to decide on. Hiring, mentoring, and performance-improvement plans will now rely at least in part on some sort of data. This will bring an increased understanding, and provide a competitive edge to those who use it.
To learn more about data and analytics for your team in 2020, click here.
[1] https://www.iheartradio.ca/newstalk-1010/news/poll-finds-toronto-commute-times-are-going-up-1.9345639
[2] https://www.cnbc.com/2019/03/05/how-millennials-and-gen-z-are-reshaping-the-future-of-the-workforce.html
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