“The year is 2020 …”
No, the human race has not been eradicated by an army of rogue robots under the command of newly self-aware Siri and Alexa (as you were Will Smith) — nor is there a thriving civilization on Mars due to vast technological advancements made in interplanetary travel.
Though as unbelievable as it may seem, the year that makes for the perfect science-fiction opener is literally just days away. With it comes three nonfiction challenges every business will have to confront. However, if you’re prepared, you can leverage these challenges and turn them into opportunities for your business to grow. We’ve outlined some ways to help you do this so put on your self-lacing Nikes … the future is here.
It’s no secret that both U.S. and Canada’s unemployment rates are currently at historic lows. In 2019, the U.S. reached its lowest rate since May of 1969 and Canada saw its lowest rate in 43 years.
Numbers like these are interdependently linked to high employee turnover rates as workers can seek out better positions without the fear of becoming jobless for an extended period of time. These factors, along with the creation of new jobs, a shrinking talent pool, and increased competition to find qualified workers, will make hiring and retention efforts difficult for businesses in 2020. This is especially true for small and midsized companies.
Another contributor to this challenge is the changing workforce. According to Pew Research Center, millennials already surpassed Generation X and baby boomers in 2016 to become the largest generation in the U.S. labor force. In 2020, the first-borns of Generation Z (those born between 1997-2012) will turn 23. Many in this group have already begun to graduate college and enter the workforce, with more to follow in 2020.
This younger cohort of job seekers is far different from their parents, grandparents, and even millennials. To attract and retain young talent, businesses will need to learn how to cater to the strengths and desires of this demographic. This comes through taking the time to understand what they value, their preferred work styles, and the expectations they have of their employers.
Ways to Win:
Each year, Edelman, the world’s largest PR firm, conducts a study to gauge the public sentiment of trust.
The 2019 Edelman Trust Barometer Global Study showed that people now trust their employers more than any other institution — ranking them above NGOs, government, businesses, and the media.
That same study found that individuals, in general, are more trusting of brands and businesses than they are of the government and media. Of those surveyed, “41% believe brands have better ideas for solving our country’s problems than government.” This creates a new-age challenge for business owners whose consumers and employees expect them to lead the way in tackling tough issues like climate change, equality, gun control, and other hot topics.
Here’s an area where your Accredited Business can really excel in 2020! You’re already off to a great start by aligning yourself with BBB, a name trusted by consumers for over 100 years. The real challenge now lies in further stepping outside of your own organization and fulfilling your corporate social responsibility.
Ways to win: