As we move into the second half of 2022, now is a great time to consider the business trends that will shape the future of the workplace and how it will impact our workforce.
Forbes, a leading technology and commerce media company, recently compiled a list of the most anticipated global business trends for 2022 – 2025.
Here are top business trends that will impact the workplace in the near future.
Remote work is here to stay.
More than 50% of employees in Canada say that access to teleworking will be a significant determining factor in applying for or accepting a new job. And more than 74% of Canadian small to medium enterprises report that they will provide the opportunity for employees to continue working remotely.
Working remotely not only saves companies and employees additional expenses including rent for office spaces, and the cost of gas respectively, but also helps in protecting our climate.
The evolution of data analytics is on the horizon. Augmented analytics from data lakes and fabrics — especially machine learning – will be able to provide advanced insight for businesses.
Businesses can utilize data to improve and personalize the consumer experience. Understanding consumer sentiments, implementing targeted marketing and streamlining the customer experience are all ways that businesses can harness the power of data analytics.
The relevance of this trend becomes apparent as Canada is facing a shortage of technologically skilled professionals and software engineers. Data scientists continue to be one of the top five in-demand careers in tech.
Another top trend that will impact businesses is robotic technology. Just like AI and machine learning, robotics can help businesses save money.
The robotic revolution can lead to economic growth, increased productivity, new career opportunities, cost-effectiveness and an increasing trust in technology.
Forbes predicts that in the next five to seven years robots will populate homes, offices, factories, schools, stores and more.
Renewable energy is already unfolding as a business model as more organizations continue to pursue sustainable energy solutions.
Renewable energy leads to positive environmental corporate social responsibility for businesses and attracts consumers and employees who value eco-friendly initiatives.
The importance of this trend can be seen through the Government of Canada’s recent $964 million investment in renewable energy. The Government has committed to upgrading its electrical grid to make clean, affordable electricity options more accessible in communities across the country.
According to Forbes, the metaverse is a controversial trend that is still only in the imaginative stage. It will only develop over time as major players define the competitive space and the enabling technology develops.
While the metaverse is a debatable trend according to Forbes, some companies have already begun utilizing it to market their products. Roblox, an online game platform that allows users to program and play games created by other users, allows players to try on and buy digital Gucci products to address their avatars, raising brand awareness amongst a crop of younger consumers.
As it begins to increase in popularity, many unanswered questions must be considered for this developing technology – How will it work? What will the business model look like? Who will be the vendors? What is the adopting trajectory? And will it be immersive, ubiquitous and free to access?
Tackle tomorrow’s challenges of the business world today
University Canada West partners with leading tech and business companies, like Salesforce, Amazon, Shopify, Facebook and many others, to incorporate their latest technology and expertise into its Master of Business Administration program courses to prepare students for the workforce.
Toronto School of Management’s Diploma in Data Analytics Co-op helps students build a strong foundation in this field by providing them with relevant knowledge and skills.
And Trebas Institute’s Analytics, Big Data and Business Intelligence program gives students the tools and knowledge needed to develop proficiency in analytics and BI using industry-standard software programs and online platforms.