The Top Business Demographic Trends to Watch Out for in 2021

The Top Business Demographic Trends to Watch Out for in 2021

If this past year has taught businesses one thing, it’s the importance of adapting to change. The worldwide pandemic has forever changed the way companies must operate, not just in terms of health and safety, but also in how they approach their marketing, hiring and retention strategies. As we move forward into 2021, businesses must keep a keen eye on demographic trends to remain agile and competitive. Here are the top business demographic trends to watch out for in the coming year.

Working from Home

The COVID-19 pandemic forced businesses worldwide to adapt to remote work, and this trend looks to continue even after the pandemic is over. A survey by PwC showed that roughly 55% of executives plan to make remote work a permanent option for employees. Remote work’s rise to prominence in 2021 is due to several factors, including improved communication technology, an increased importance placed on work-life balance, and the desire for a more flexible workforce.

Gen Z Moving into the Workforce

Gen Z, born between 1997 and 2012, is quickly entering the workforce, and businesses must take note. As the most digitally native generation yet, Gen Z brings with them unique skills and attitudes to work that differ from past generations. They prefer to work in a team rather than alone, value social justice and activism, and expect more flexibility in their jobs. Companies can attract and retain Gen Z by offering more challenging and diverse work opportunities, promoting inclusion and diversity and providing an overall positive company culture.

Diversity and Inclusion Taking Center Stage

With movements such as #MeToo and Black Lives Matter, diversity and inclusion are top of mind for businesses everywhere. Embracing diversity fosters creativity, innovation, and can lead to better organizational performance. In 2021, businesses need to ensure they are adequately addressing diversity and inclusion. Companies can do this by having inclusive hiring processes, providing diversity and inclusion training programs, listening to employees’ feedback on experiences, and creating a supportive culture.

Increased Importance of Sustainability

Sustainability has never been more crucial than it is now, and businesses are beginning to take note. Consumers are becoming increasingly aware of climate change and its impacts, and it’s affecting their purchasing choices. Companies can make a difference by taking a stance on environmental issues, such as reducing plastic consumption or ensuring their materials are sustainably sourced. Apart from benefiting the environment, investing in sustainability also improves a company’s image, which is essential to attract and retain customers.

Conclusion

The trends mentioned above are just a few of the many that businesses must watch out for in 2021. With a renewed focus on remote work, an influx of Gen Z employees, a need for more diversity, sustainability, and inclusion, businesses must remain agile and adaptable. Keeping a keen eye on demographics will ensure companies stay competitive and successful even in uncertain times.