COVID-19 changed the way businesses operated in 2020, but the rapid technological advancement it caused will continue to have an effect for the next decade. Gartner has released the 7 macro factors that will shape the 2020s.
1. The Global Pandemic
Unsurprisingly, the COVID-19 pandemic tops the list of issues that will shape business in the 2020s. The pandemic is not yet over, so the world is still unsure how quickly everything will return to normal. It will continue to affect societal behaviors like personal hygiene, social gatherings, and workplace rules.
2. Market Crash and Recession
In 2018 and 2019, Gartner found that half of CEOs were anticipating and preparing for an economic downturn, but no one anticipated the damage that would be caused by COVID-19. The market remains fragile with remote work and e-commerce being set up as future big earners.
3. Systemic Mistrust
According to Garner, “even before COVID-19, global consumer and citizen trust was at an all-time low.” Now, with closed borders and mistrust of other nations, the gap is widening. It is unclear how this will affect global business in the future.
4. Weak Productivity
Productivity has been one of the biggest buzzwords of 2020. COVID-19 complicated business operations, increased costs, and required significant reengineering to return to pre-COVID productivity levels. As businesses decide to reopen doors or keep them closed, productivity will remain a major focus for years to come.
5. Environment Concerns
Climate change is at the forefront of long-term business strategies and plans, and it will continue to affect many industries.
6. Talent Shortage
Despite an increase in unemployment, there will be talent shortages in the next decade. With advancements in technology and new pools on in-demand talent, there are new skill sets that need to be learned and recruited for.
You can read the entire Garner report here.