It’s Halftime. What’s the next play?
by Bea Lim
Early this year, we released a B2B Podcast episode on business trends for 2021, a year of transition. McKinsey & Company released an article at the start of the year that named eight major trends that would lead the course of transitioning from a year of uncertainty and constant shifts due to the COVID-19 pandemic, to years of recovery and evolution. The article highlighted the definition of what 2021 could look like: “Barring any unexpected catastrophes, individuals, businesses, and society can start to look forward to shaping their futures rather than just grinding through the present.”
As a business owner, I latched on to that visual. Coming from 2020, we knew for certain that we were going to have to roll up our sleeves and get to work on recovery. If last year was all about the big pivot—going from day to day, shift to shift—this year was about defining what that future was going to look like for all of us. We get to claim that future and make changes as we see fit. That was in January of 2021. Now it’s the last week of June and as I stare at my cup of coffee, I wonder—really, was that just six months ago? It felt like a year! Or maybe two.
So, I went back to that podcast, reviewed the trends and looked into how we are faring now that we are halfway through this year of transition. So let’s go through it, trend by trend.
TREND 1 | The crisis sparks a wave of innovation and launches a generation of entrepreneurs
Yep, it’s here to stay and we can be certain innovation is going to keep pushing boundaries and making waves. As we get more “ammo” to define our future with the major shifts happening all around us, we can be certain that entrepreneurs are going to continue looking for solutions and opportunities to answer the needs (both immediate and long-term) of our communities. I see this in tech, healthcare, food and essential services, education and many many more. I can actually see it happening everywhere, because as the world continues to evolve, we are pushed to adapt, pivot and redefine the next move. So yes, innovation is here to stay. As the genius Plato says, “necessity is the mother of invention.” Just have a listen to the three-part episode we had last March featuring inspiring lady bosses making waves in the mobility, edutech and insurtech space.
TREND 2 | Digitally enabled productivity gains accelerate the Fourth Industrial Revolution
We will continue to see tech innovation accelerate at a faster pace as we see more brands and communities in need of tools and solutions to make things happen, whether it’s at home, at work, at school or at play. I will never tire in saying that the pandemic and the major shifts globally propelled us into the greatest tech experiment of mankind. It forced us all to adapt to tech that we all just “dreamed about” or talked about in so many conferences on the internet of things or tech advancements. Well, that all happened and it all happened fast. So I can only imagine that now that we know we can handle this kind of tech (and that we actually need it), we will see more digital transformation everywhere. It’s exciting, don’t you think? Human and tech are evolving together!
TREND 3 | The Future of Work arrives ahead of schedule
Absolutely. I cannot count the number of webinars, articles and discussions being had in the world today on the future of work. And this will be an ongoing discussion as we see shifts in the business landscape happening. Last January, we touched on remote work being the norm and how to approach management from a holistic perspective—ensuring the overall wellbeing of the company and its employees are front and center. Six months later, I want to add two things that I have observed and been thinking quite a lot about: culture management and hybrid models.
Culture Management. TeamAsia decided last year to go remote work for the long term, with our satellite office as a collab space for team members who would like to go to the office for essential work, or just to take a breather from remote work life. We will continue doing this in the long term, but what I am now working on is making sure our company culture continues to thrive even in a remote work environment. It’s not easy. While we have activities that were easy enough to shift to the online space, the water cooler conversations, the sudden burst of energy (or debates) midafternoon or the all-day-long brainstorms have been harder to replicate. It’s because it’s people energy—the camaraderie that is built in a common space. So we have shifted that to open space sessions where we can talk about anything from our mental health to Netflix’s latest series (yes, Bridgerton included), to social sessions that include singing, dancing and trivia nights. It will continue to be a challenge to look for ways to keep that culture alive and strong. But it’s worth it. It’s your people. Need a little nudge on creating your exciting and spice-filled employee engagement events? Here’s a quick blog on how to engage your teams meaningfully in the virtual space.
Hybrid Models. Something for us to start thinking about would be hybrid models where remote work meets onsite work when people are more confident and feeling more secure about going to work. Some folks can work from home, but others find it more difficult. And we have to be prepared to cater to that as well. Look into ways where teams can be together both offline and online—where processes are seamless, yet agile (thank you, digital transformation) and that the culture is strong and binding.
I talked about this at length with Uploan’s Jenn Simons in our podcast episode how to create wellbeing programs at the workplace. Check it out!
TREND 4 | Pandemic-induced changes in shopping behavior forever alter consumer business
The short answer here is yes. We will continue to see changes in consumer behavior because people, in general, are moving with the shifts around the globe. As we all recover and evolve from this global crisis, we will continue to experience shifts in consumer priorities which will dictate consumer behavior.
Enter experience. Our goal as brands and communicators is to ensure that we listen to our consumers and create meaningful and relevant experiences that will make a positive impact in their lives. We are their partners in recovery. Let’s continue to do that.
TREND 5 | Green is the color of recovery
I would love to believe that everyone will take part in making climate change a priority, because, if you think about it — we need to or else we lose everything. Our planet is in need of care, and we need to do something about the work we do and the innovations we are putting in place to ensure that Mother Earth is well cared for. Sustainability is the name of the game—not only for our businesses, but for our environment as well. If we do not take care of our environment now, we will not have the space, nutrition and resources we need to continue living and thriving in the future.
It’s halftime. What are you and your teams going to do to continue thriving in this year of transition? Remember, we can (and will!) define and shape our own future. It’s time we claim it. Be inspired by the constant shifts and changes. I know it’s tough and will continue to do so, but let excitement bloom more than the doubt. We have a game to win. Let’s go!
