Keeping up with the latest trends is essential to stay afloat in the competitive business world. Businesses that innovate or adapt to the newest trends first are the ones that stay ahead of their competition. So, what are the business trends to be aware of in 2022?
In this article, I will be taking a look at 10 business trends that are going to shape the business world in 2022.
Top 10 Business Trends To Look Out For in 2022
After more than a year-long panic since 2020 due to the pandemic, things are slowly and steadily becoming stable in 2022. And when I say stable, I don’t mean, things are going back to normal. On the contrary, many aspects of the business world are changing to adapt to the new challenges that we face.
So, let’s take a look at what trends we can expect to play out in 2022.
Increased Employee Turnover
Many think that after a year of company layoffs that are pretty prevalent during the lockdowns, employee turnover would decrease as people finally get to return or re-join their workplaces. But it is the opposite.
First off, more people have had the taste of flexibility and work-life balance from the work from homework model. So, fewer people are eager to return to their office as companies begin to reopen. More people are thinking about opening their own business than ever before after the pandemic hit.
Also, working from home for a long time has greatly tarnished the bonds employees have with their co-workers. So, they have less developed work relationships. Thus have less social pressure to retain their jobs.
People now are just too addicted to the work from a home model and too detached from the concept of a 9 to 5 job.
An Increase In Older Workforce
Companies already are hiring older employees and appreciating them. There used to be a time when companies would prefer their employees to be young, and in their prime. They were considered more capable. But reliability has become more important to companies than capability as more and more young workers leave their jobs to pursue personal ventures.
Due to the lack of predictability of young employees, companies were fortunate enough to hire and find out that the older generation can be just as productive and are much more likely to retain their position in the company. So, now more companies are eager to hire older employees and we can only assume this trend to increase.
More Focus On Employee Well Being
The pandemic has made companies much more aware of the importance of the physical and mental health of their employees. According to a survey by Gartner, 46% of companies increased their employee well-being budget while 64% are introducing new well-being programs. But why?
After the year-long working in isolation, companies have noticed the physical and mental deterioration of their workforce. More companies are realizing that the company’s performance is directly related to the well-being of their employees. So, they are eager to invest in the physical and mental well-being of their employees.
Global Trade Will Increase
After a halt in global transport and trade, things are finally opening up in 2020. We’ve already seen its impact in various markets. For example, the GPU price hike due to global chip shortages. But these issues are not just because of trade routes closing up or reduced production. On the contrary, global demand for electronics and various other products has increased.
So, with things settling down in 2022 and with restrictions easing up at trade routes, companies are looking to ramp up their production rates to meet this increase in demand. Countries are rethinking trade relations to make the trade even easier to bounce back the economy. All of this points to an increase in global trade as we move further into 2022.
More Emphasis On Subscription-Based Business Model
During the pandemic, companies that pushed to a subscription-based business model have seen much more stable income than companies that rely on one-time purchases.
So, more eCommerce and services are popping up that are purely subscription-based or offer subscription-based plans.
More Reliance On Digital Marketing
Organizations are showing interest in digital marketing to amplify their digital presence. They are aware of the importance of advertising their brand online after witnessing the effects of pandemic lockdowns.
This is especially true for small businesses as they were the least interested in digital marketing before the pandemic situation.
Automation In Workforce Management
Companies are investing millions to automate workforce management and this will continue throughout 2022.
Company managers will play a more relaxed role in the office space is in charge of boosting employee morale and providing guidance. But things like scheduling, monitoring task reports, approving expense reports, etc. will be fully automated.
Companies Will End the Work From Home Model
As hybrid work models are becoming more of a thing now, companies are realizing how complex this can be. Some companies are completely ditching this and returning to remote work. While most are considering going back to the office work model.
With the difficulties that involve managing remote or even hybrid workforces, it’s only a matter of time until attending an office becomes the norm again.
More Companies Will Shorten Work Hours
In the pursuit of hiring the best employees while trying to manage the economic setbacks met during the pandemic lockdowns, many organizations are considering lowering office hours rather than increasing salaries.
As more people are interested in spending time at home than in an office, this tactic seems to be working.
Increased Implementation Of AI
Not every aspect of business in 2022 is influenced by the pandemic. Some are influenced by the latest advancements in technology.
AI or artificial intelligence is one of them. In sectors like data management, cyber security, automation, etc. companies are implanting AI solutions more than ever before.
We are going to see plenty of changes in business trends in 2022. Some are driven by advancements in the fields of technology but mostly by the need for adaptation to the aftermath of the covid situation. As a business owner, you must stay up to date with all of these changes and I hope this article has helped you do that to some extent.