2020 Predictions: 5 Things You Need to Know to Win the New Decade
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We predict this will be a pivotal year for business relative to talent - it’ll be essential for companies to prioritize their talent strategy above all else.
Why now? We’re in a unique time, with high rates of boomer retirement, younger generations entering the workforce with different philosophies, a hot economy adding jobs faster than ever before, and tightened immigration laws bringing in fewer workers than in years past.
The result of all this is high stress on businesses, struggling to attract and retain talent.
IT will positively bend the cost curve of Health Care, while making millions if not billions for the IT Channel.
Every day we both read and experience the skyrocketing costs of health care in America. Just a little over a year ago, I had a minor medical event, where the rural Hospital I went to transferred me to a University based hospital sixty five miles away.
It was a pleasant ride in a small ambulance, as I was not in pain, not very sick and the EMT and I chatted about our favorite NFL teams... Pleasant till I received the bill for $13.5K just for the sixty-five mile ride, of which I was personally responsible for $6K. This seemed insane and my minor case could have easily been handled remotely with simple, affordable, and readily available technology.
Today, 85% of an individual’s lifetime medical costs will occur in the last eighteen months of life. Frequent, unpleasant, expensive and often unnecessary trips to the hospital ER department have become a normal for the chronically ill and elderly.
Perhaps Grandpa who is experiencing labored breathing just needs to be propped up in bed, or needs an extra dose of his inhaler. Not another trip to the hospital, where he would receive the same diagnosis and recommended treatment.
Today’s affordable technology in cameras, watches, monitors, remote medication delivery devices; together with powerful software will bend that cost curve materially, while improving the patient experience.
Local solution providers will accelerate both home and assisted living remote diagnostic solutions in 2020, earning huge profits while making a difference to their community. Virtual reality solutions will manage pain effectively, without the often devastating side effects of medication.
Yes, remote medicine has existed for a number of years, effectively serving the rural based population, but 2020 will result in these solutions being both ubiquitous and affordable. Technology will save health care costs for millions and make millions for those solution providers who see and execute on the vision.
Ignore sustainability at your own risk.
The 2020s will be the decade where B2B customers and employees demand to work with sustainable and socially responsible companies.
Consumers are already driving major transformations around sustainability:
Burger King is launching an Impossible Burger version of their Whopper.
Bands including Coldplay and Massive Attack are putting their tours on hold as they research the impact of touring on climate change.
Marriott and Hyatt are poised to eliminate single use plastic containers for shampoo.
Unilever purchased Seventh Generation, a line of natural cleaning products.
Standouts in the fashion industry - Poshmark, the RealReal, and ThredUp - are making it fashionable and simple to buy and sell used clothing.
Sustainability and Social Responsibility are no longer niche concerns, they are mainstream.
We predict sustainability will be the next frontier where B2B will be a fast follower of B2C. An ever growing number of companies will be transparent in addressing their positions on, investments in, and commitment to sustainability head on. And, we predict the B2B customer will demand this transparency.
Sales Professional Certification will Incubate.
We believe some form of Sales Certification, similar to the CPA, CFP, Cisco Certified Engineer, etc. will begin to take shape in 2020.
While there are indeed some sales certification programs in existence today, we see this much needed “sales quality control testing” beginning to incubate as a standard and with some companies requiring a “sales cert” for high level and critical sales positions.
Universities, community colleges, and for profit training schools will begin to offer cases and programs for effective selling in today’s age. Digital Marketing, Social Selling, AI selling, remote selling, etc. combined with traditional selling skills will define course and cert design. In the not too distant future these institutions will offer full degrees in “Selling”.
While all companies will benefit from this change, small and mid-size companies will benefit the most, as they will further level the playing field with F1000 companies that have sales training and sales academies.
Toxic environments will lead to fallout.
We predict 2020 will be the year more employees take action against toxic workplaces - from walkouts to leaving companies to sharing their stories on social media - unless more leaders are willing to actively seek out truth tellers and make an authentic commitment to create a best-place-to-work environment.
And in order to survive, businesses will have to address these issues. While the risks to an individual are either actually or perceived to be high, the risks to a company of NOT listening to their employees are even greater.
Ignoring the voice of employees can lead to a public relations crisis, an un-engaged and non-productive workforce, sub-optimized business results, or a full-on implosion.
Further, the company’s reputation takes a hit. The speed of news travels instantaneously on the internet for better or worse. Reviews on Glass Door, unflattering tweets, leaked messages, or Facebook groups are all impacting company reputations in real time.