The year is progressing gradually, which means a lot of management teams will be exploring the trends that will impact their business. Also, it is essential to be aware of how their actions will affect their relationship with their investors.
After research, here are the global trends that people should watch out for in the year:
Many things will tend towards digital trends as we approach 2020. There will be innovative technologies like Artificial Intelligence and Machine Learning. Many corporations will give priority to these in their Research and Development.
With this in mind, directors need to be updated on the latest tech advancements. Not only that, it is essential to know how these trends will impact their business. Without a doubt, firms and boards that embrace new tech will be pretty relevant. Not only will there be a chance for better profit, if used the right way, but such a firm will also attract better talent and will be more accountable to their investors.
As the year goes by, the number of Millennials in the workforce is increasing. They form a large part of the customers and even partners and investors. It is estimated that Millennials will comprise half of the American workforce. In five years, it is estimated that 75% of the global workforce will be Millennials.
Millennials are attracted to companies that follow digital trends. Also, as well, companies that invest in training and developing their workforce will be a sweet spot for Millennials.
One of the trends that will gain grounds in the present year is how sustainable the business is. Environmental sustainability will be at the forefront of the agenda of many directors. The year 2020 will be filled with pressure from investors and activist to subscribe to the business process that is healthy for the planet and not the business alone.
Thanks to global sensitization, the consumer now knows that their actions and what they buy have a significant effect on the environment. As a result, this affects the business as well. In making critical business decisions, boards and directors must keep this in mind as it could impact their purchasing habits.
We all know that the main aim of going into business is to make a profit. However, making a profit at the expense of the planet is not a good idea. In time, the sustainability of such a company will be threatened.
As we proceed in 2020, cybersecurity has, and will remain one of the major trends across industries. Investors want to know that companies can handle cyber attacks. Not only that, stakeholders want to know that there are iron clad preventive measures to ensure customer's data are impregnable.
Should there be attacks, investors will be interested in the root cause. This could be an error from the company. As a result, they will be able to make decisions that will help checkmate such mistakes.
Increased media coverage over the years has let the populace in on how public data is handled and processed. As a result, stakeholders will be interested in the measures the firm put to keep the user's information safe.
As a result, there will be an emergence of directors with a cyber-security background. This is because their expertise in cyber security will offer ideas that might not be available from other board members.
The United Kingdom is dealing with Brexit, and they just had an election in the past month. This has impacted trade deals.
In the United States as well, the Presidential Election will also impact a business. This is because investors will be interested in the kinds of campaigns and policies that the government will be in favor of.
The Belgian Committee for Corporate Governance has released a fresh Corporate Governance Code. This is called the 2020 CG Code, which will apply to report previous years from 2020.
Without a doubt, firms and directors will be occupied with observing and determining the effect and impact of these factors on the business world. It is in the best interest of your board to be fully equipped to respond to these trends as they arise.
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