Here are 3 important societal changes that you’ll need to address when considering your business and brand strategies over the next 2-3 years.
Social dynamics, trust, and culture
As a business leader, if you’ve never read the Edleman Trust Barometer (https://www.edelman.com/trust/2022-trust-barometer) then you should. Edelman Data & Intelligence have been issuing these for over 20 years, to survey where trust and credibility lies in society.
As you can see from the timeline above the UK has had a rough ride. That has affected how people think and behave.
Edleman have been saying for years that societal trust has shifted from political and media leaders towards business leaders. Our talent and customers expect us to lead on social issues as well as our business issues. The corollary of that is that if we don’t, they’ll work for someone who does.
Statistics from Edleman back-up that stakeholders hold business accountable.
- 58% will buy or advocate for brands based on their beliefs and values.
- 60% will choose a place to work based on their beliefs and values.
- 80% will invest based on their beliefs and values.
So, are you clear how to grow the culture and build trust within your business?
Attracting and retaining talent
Making the culture / trust issue even more complicated is the problem of attracting and retaining talent. A current problem for sure, but it isn’t going away ever. Hybrid working is here to stay, not to mention the 4-day week becoming more popular, and how you embrace that with your processes, work environments, leadership and communication will be crucial regarding attracting and retaining talent.
This is complicated by the fact that we have a multi-generational workforce. It is commonly accepted that there are 5 generations currently working due to:
- Longer life spans (someone alive today will live to be 150 years).
- Traditionalists and Baby Boomers are not retiring.
- Constant technological advances.
The multi-generational workforce calls on leaders to learn how to acknowledge differences, work with them and leverage them to create a sensational place to work. Each generation has specific advantages and specific issues but harness their talents and experience together and great things can happen.
How will you adapt to the changes in the workplace to attract and keep the right talent?
The 4th Industrial Revolution
The other major revolution happening in real-time is in technology.
We’re in the 4th major leap forward, but this time is different. Each change before was based on a singular technology – Steam, Electricity and Computing.
The current change involves multiple technologies combined to create breath-taking change at unimaginable pace which will create disruptive innovation in every sector world-wide transforming entire systems of production, management, governance and commerce.
This is spanning all disciplines, economies, and industries at immense speed. Klaus Schwab, Chairman of the World Economic Forum said,
“It is no longer ‘am I going to be disrupted?’ but ‘when is disruption coming?’”
So, are you clear what disruption in your industry is coming and what you will do about it?
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