Thanks to developing technology, several career paths are now available that never were before. If you’re looking for a career change or getting yourself started in a profession, you need to consider the emerging business trends that could shape your future. What are the new business trends you should be on the lookout for in the year to come?
New Trends in the Business World for 2019
The business world has changed for the better. The world is getting smaller as technology makes connecting with people around the globe almost instantaneous. Consumers also have different demands now, and unless businesses adapt to these, they will fail. If you’re entering the workforce, you need to become aware of the changes companies are experiencing and how those changes could impact your career.
Millennials have come of age and entered the business world, and now their successors, called generation Z, are following. This younger generation has never grown up without the Internet, and smartphones and social media have always helped them communicate. Unlike millennials, members of this younger generation don’t just use technology as an adjunct to their lives. They have entirely integrated technology into every aspect of their lives.
Now, as these tech-savvy people enter the workforce, companies must incorporate technology to better cater to them. As workers, members of this generation require using computers and data in their jobs. They have lived with technology close at hand for so long they may be less efficient operating without it. Data collection and analysis will become even more critical as generation Z comes of age. But data is a two-edged sword.
Data has positive and negative ramifications for the business world. While some consumers feel concern over data collection, others recognize its purpose of offering specially tailored products to consumers. Businesses of the future must walk this fine line. Transparency about how companies use the data will help put the customers at ease. Responsible use of the information will also alleviate consumers’ fears.
Consumers both demand and expect they can adapt the goods and services they receive into their lives. Customers can dictate some of this customization. Other forms of tailoring products and services happen based on customers’ previous interactions with the business. Regardless of how the customization happens, it’s an expected part of current business trends. This demand has trickled into education. And personalized instruction is never wrong. With Vista College’s low student-to-teacher ratio and numerous hands-on experiences, each learner gets the individual attention they need from their instructor.
Workers can expect higher wages than ever, even increasing faster than inflation. In the private sector, the Bureau of Labor Statistics — BLS — found in its national research that wages and salaries for workers rose 3.1 percent between September 2017 and September 2018. Some industries fared better than others. Information and technology workers saw a 4.8 percent increase in salaries and wages over time.
This rise in wages is tied to the strength of the economy, which boasts a national unemployment rate of 3.7 percent as of October 2018. Those who feel dissatisfaction in their current wages could switch careers. Thanks to low unemployment, finding another job now could be faster than in an economy with high unemployment. Many sectors added jobs in October 2018, according to national statistics from the BLS. The top industries adding jobs were hospitality with 42,000 jobs, health care with 36,000 jobs, and business with 35,000 jobs.
Changing careers will not automatically mean you can expect higher wages. But if you switch to an in-demand field, such as health care, you may find it easier to find a job thanks to the increased opportunities. Higher wages and more job openings make this an ideal time to consider switching careers.
Video is the advertising and communication means of today. Many businesses have seen the importance of embracing video for marketing. Indeed, 85 percent of companies have the staff to produce in-house videos. Company-produced videos enhance online content. Ideally, the videos should increase interactivity between customers and the business. Some companies take video production a step further by analyzing the effects the videos have on consumers.
To verify videos get the desired results, 35 percent of businesses use advanced methods of analytics such as interactions and revenue impacts. Companies that produce more than 50 videos a year are more likely to use advanced analytics. And companies taking advantage of advanced analytics are much more likely to report increasing their budgets for videos this year.
Increases in video marketing mean a higher demand for careers in media and technology. Additionally, even if you don’t seek a social media marketing job, you may still be required to produce videos as part of your work. Companies will increasingly use videos for in-house training as well as marketing. Business administrators will need to know how to implement video and other media into their communications strategies and marketing. If you’re not ready for this media-driven future, it could pass you by.
The Rise of Social Learning at Work and Beyond
Social learning brings students together to share their thoughts on what they’ve heard during classes. Companies often require their employees to continue their education. But in today’s workplace, continuing education occurs informally 70 to 90 percent of the time. Informal education needs employees to be ready to learn anytime, using any medium. Online training and discussions with co-workers are some ways social learning merges into the informal education that frequently happens in workplaces.
Companies today have changed how they promote employee education. Today, 50 percent of businesses have social learning opportunities for their workers. Two-thirds of employers either plan to increase their social learning or incorporate it into their employees’ continuing education. Social learning takes training away from being an individual practice. Peer feedback and discussions reinforce ideas acquired formally or informally at work. Through social interactions, everyone benefits from a deeper understanding of the material. Social learning quickly addresses any questions that arise during the education process. And everyone has assistance in learning.
Thanks to the increasing use of social learning in business training courses, skills from formal education will help make learning on the job easier. The ability to interact with peers in conjunction with either traditional or online classes will become highly useful for the business world. If you are already familiar with self-paced learning that uses peer interaction, you will have an advantage when it comes to continuing your learning experience. We have both on-campus and online classes that make the transition from education to workplace continuing learning easier.
Traditional four-year college degrees may be a thing of the past. Nanodegrees, which are certificates in specialized fields, could dominate the future marketplace, according to Inc. magazine. Due to their highly skilled nature, nanodegrees take less time to earn. But this reduced time also makes it easier for students to receive multiple nanodegrees. Holding several nanodegrees, or obtaining additional ones throughout your employment, could be the education pattern future businesses will require.
These certifications benefit employers and workers. Unlike traditional four-year college degrees that require a full-time commitment for years, you can earn a certificate in much less time, even while working a full-time job. You can change careers in a lot less time by focusing on Diplomas, certificates, or AAS degrees in specific fields.
Nanodegrees could also make the difference in future promotions. Rather than seeking training through a business, the company may require employees to seek nanodegrees through a third-party education service. Employees benefit from finding an educational service to fit into their learning style and life. And employers no longer bear the burden of training their workers. These benefits are just other reasons nanodegrees could be part of the workplace of the future.
While equipping every employee with Google Glass was a dream that died almost at the device’s inception, augmented reality is becoming a more familiar technology. Like Google Glass, which put an Internet-connected view between the user’s eye and the rest of the field of vision, today’s augmented reality has a similar function to incorporate information from online to diagnose and help solve real-world problems.
Augmented reality is currently in use in businesses around the world, though the technology is far from being universally adopted yet. Porsche mechanics get remote advice from experts who can also see the mechanic’s view. Surgeons can incorporate imaging results such as ultrasounds into their view during surgery. By examining the images laid over the patient’s body, the doctor can conduct the operation with more information.
Future business managers will need to know how to incorporate augmented reality into operations to enhance productivity. Doing so will require both technical knowledge and a little creativity. Keeping abreast of the latest technology and knowing how to most effectively integrate it into a business will be requirements in the future, especially as technology becomes more complex and diverse.
To maintain contact with online customers, retailers are moving toward conversation commerce. For instance, Nordstrom recently acquired Message Yes to bolster their website interactivity. Websites increasingly have chat functions that allow users to get immediate answers to questions about products and services. Chatting requires having personnel on hand to engage the customers and offer quality service, despite the lack of face-to-face interaction.
Integrating conversation commerce into a company’s website takes the virtual experience from passive to active. Customers now can directly converse with an official company representative without having to wait on the phone.
Conversation commerce goes beyond the retail industry. Those who sell directly to businesses or companies offering services can also take advantage of this marketing technique. Almost any company with a website can use chat to give its customers a better experience while assisting with purchases.
Politics Enters the Business World
While companies could remain neutral on political issues in the past, the increased use of social media makes that nearly impossible. Business managers need to not only be aware of what their employees are saying on social media, but also its tone and how others might perceive it. Even a single post by an intern on a company’s official website could prove detrimental to the brand’s image.
Poor brand portrayal has happened numerous times over the years, as businesses realize their ad campaigns online perform very differently from what they predicted. For example, in 2014, Bud Light created an ad campaign that many viewed as advocating date rape. The ad suggested consumers remove the word “no” from their evenings and be “up for whatever.” Ad creators and business operators need to stay aware of current issues and avoid putting out potentially harmful campaigns.
Transparency is critical, even if your company does make a mistake online. Most Americans, 81 percent, expect businesses to be fully transparent online. If a company errs, a history of transparency could save the business. With an established history of openness, 85 percent of consumers will stand by the company, regardless of their experiences. To stay afloat, companies need to establish a brand and stick close to it in their representation on social media. Business owners and CEOs need to be actively involved in creating a transparent profile of the company online.
Those who’ve never worked without direct supervision in the same room might have trouble transitioning to remote work. But many companies will choose to shift their workforce away from a centralized office. Oversight still occurs with remote managers using email, texts, or social media to check on their employees.
Those who experienced online learning will find the move to remote working more natural than those without that background. Online classes, especially, require self-discipline to go through the lessons promptly. The same is true of remote work. Employees must learn to pace themselves to get their job done without someone continually reminding them.
Working from home can be challenging for many unless the employee has firmly established the ability to remain focused on the current task. Online learners and those who take classes while working full-time have already mastered the ability to balance life and work, even without direct supervision. But companies will rarely let remote workers remain wholly alone. Employers are currently testing out new ways to make sure their workers stay on task.
Aside from online check-ins, managers may use technology to monitor their remote workers. Wearable devices that connect to online data could be a future trend. These devices allow employers to see how much time their remote employees are spending on the tasks required. This supervision could be especially crucial for offsite workers engaged in physical labor. Monitoring their health statistics could prove vital in a workers’ compensation claim.
Are You Ready for the Next Step?
Education is the key to staying relevant in business today. The need for higher learning will not change in the future. New business trends in 2019 will make specialized education programs more essential than ever. Learn more about our business programs at Vista College. You may discover a new career or the means to advance your current position.