What the top business trends of 2018 mean for your organization

January 9, 2018 Caitlin Leishman

With the start of a new year, it is the perfect time to touch on the larger trends that have emerged in the business world in 2017. Some positive, and some negative, these trends are regardless shaping the corporate world and will likely continue to do so in the years to come. For business leaders, it is time to take stock of your organization’s initiatives, culture, and workforce in order to achieve success going forward. Through our research, we’ve identified a number of key trends that we believe organizations should focus on, including: growth in e-commerce and artificial intelligence markets, the rise of the gig economy, the rise of fake news, and more.

So how can you and your organization tackle these changes? We have identified the top competencies for 2018, and how you can use them to shape and propel your organization to success. Read through to the end for information on the types of competencies offered by HRSG, and how they are integral to the talent management process.

One of the main trends dominating the business world currently is the growth in e-commerce and artificial intelligence (AI). Technological developments have consistently been one of the number one trends in business, and e-commerce channels are no exception, currently generating nearly $300 billion annually in the United States. The digital literacy competency is crucial in order to make the most of this trend and drive innovation and productivity in your business. Nurturing innovation is also important in creating an environment where employees feel inspired to do more. We also have agility, which is essential to being part of a competitive organization in a fast changing market.

The rise of the gig economy is another trend influencing business. The gig economy refers to self-employed workers, temp workers, and those who work for companies such as Uber and TaskRabbit. In this type of economy it is important to have the competency of emotional intelligence, which is crucial in determining how well the people in an organization work together. Emotionally intelligent staff are better at adjusting to change, essential when your place of work is constantly changing. Acting with empathy and compassion is also important, as it is a key part in building relationships.

Unfortunately, not all trends influencing the workplace are positive. Sexual harassment has also been on the rise, and it is no longer just the responsibility of HR. Business leaders have to be aware of how their workforce interacts with each other, and enforce a positive example. Exemplifying integrity is a critical competency, as while many people are behaving questionably in the workplace it is important to be honest and firm in your moral principles. This allows you to foster a positive workplace culture, and promote respect among peers and superiors.

Another problematic trend is the worsening effects of global warming, and being socially conscious is critical if businesses are going to succeed in 2018. Consumers are becoming more oriented towards eco-friendly practices and products, and corporate social responsibility is an important competency that goes a long way toward improving your public image. Corporate social responsibility will also result in increased employee engagement, as working for a company that is making a difference is a genuine motivational boost.

Lastly, the ‘fake news’ phenomenon has seen a 365% increase in the past year, and organizations need to determine policies on how to determine when news is fact or fiction. Critical judgement is more crucial than ever, and is a key competency in employees who are able to carefully analyze a situation and avoid careless errors. Since the Internet is a huge proponent of fake news, data literacy is also important as staying ahead of the competition means being able to sort through large amounts of data quickly and effectively.

These competencies can be used in a variety of ways; for instance they can be used to create role and job profiles for all positions in your organization, allowing you to measure whether a job candidate has what it takes to succeed. Competencies can also be used in assessments, allowing you to diagnose skills gaps, motivate your best performers, and inspire everyone in your organization to reach their full potential.

Still have questions about competencies? Talk to an expert today!

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