5 Trends That May Affect Your Small Business In 2018

Wednesday, December 20, 2017

Only a couple of weeks left in 2017 - on the cusp of a new year, it’s a great time to look ahead at some projected trends that may affect your workplace.

We compiled a list of 5 trends that you might consider carefully:

1.  “Gig Economy” - the phrase, coined in 2009 at the height of the financial crisis but we will see a strong resurgence of this trend heading into 2018. Remote work, contract and temp work and freelancers will make a mark on how we do business, more than ever. As a small business owner, pay close attention here and find the ways that incorporating this into your company culture may work to help, rather than hurt you.

2.  Move over, millennials! GenZ’ers are coming in hot, and according to a recent study, there are double the amount of them. Defined by birthdates that fall between 1994 and 2010, by 2020 they are projected to make up 20 percent of the workforce. So, just as you have learned to embrace the quirks of the millennials, another shake it up is coming to a head and flexibility will be clutch in 2018. The major prediction about this generation is that while career driven and hard working, they will redefine what it means to be a job jumper- taking it from a ding on your resume to the definition of success. Recruitment and retention strategies need to be revamped.

3.  Real-time feedback will replace the standard performance review. This one will be a big deal in small business environments. With vocal employee’s realising their worth, as an employer you will need to embrace this new trend and find better ways to provide effective, timely feedback, rather than bank on a once-a-year review.

4.  Robots will rule the world - well, they will start with HR! Not a joke - artificial intelligence is already making its mark on human resources, in particular when it comes to recruitment and hiring processes. Programs based in A.I are being used to assess candidates to an alarmingly high rate of success. At this stage, these programs are being used largely in the early stages of recruitment, determining matches based on a series of analytics.

5.  The evolution of what it means to ‘work’ somewhere. When considering positions, it’s no longer just about pay. The formula has become more inclusive of things like online presence, brand reputation and company perks; which have taken a huge step to the front of the line. Think outside the box, be creative and be prepared to highlight your features in their best light as we coast into 2018!