Top Business Trends of 2021 Based on Surveys- Quizlet Insights
2020 has been an unprecedented year for businesses worldwide, with the COVID-19 pandemic disrupting almost every industry and fundamentally changing the way businesses operate. As we step into 2021, it’s essential to take stock of the learning from 2020 and look ahead at what the year has in store for businesses worldwide.
According to a survey conducted by Quizlet, a popular online learning platform globally, there are some specific business trends that businesses need to keep an eye on in 2021. Let’s look at them in detail.
1. Digitalization of Workplace
The COVID-19 pandemic has forced most businesses worldwide to shift their operations quickly and entirely online. This shift has resulted in a wide-scale digitalization of the workplace, with businesses relying heavily on digital communication and collaboration tools. Even as businesses begin a phased return to the office, it is entirely possible that a distributed workforce is here to stay.
Digitalization of the workplace has implications for businesses in several ways. Companies will need to invest in cloud infrastructure and cybersecurity to protect their digital assets. They will also need to continue to innovate and adopt new digital tools to stay ahead in the competition.
2. Focus on Employee Well-Being
The COVID-19 pandemic has brought the issue of employee wellness to the forefront. With remote work becoming the norm, companies will need to rethink their policies and strategies to create an environment that fosters employee well-being, including mental health.
According to the Quizlet survey, 61% of respondents report that their employers have made changes to their employee benefits packages to better support their well-being. The focus on employee well-being will not only lead to a more engaged and productive workforce but will also help companies attract and retain top talent.
3. Emphasis on ESG (Environmental, Social, and Governance)
2020 was a year of heightened social and environmental awareness, with social justice and climate change becoming mainstream topics. Companies that embrace ESG principles – Environmental, Social, and Governance – will likely be more resilient and perform better in the long term.
The Quizlet survey reveals that 41% of respondents believe that prioritizing ESG principles will become more critical in 2021. Companies need to recognize the significance of ESG concerns, embracing sustainable practices and policies that encourage diversity and inclusion in the workplace.
4. Investment in AI and Machine Learning
As per the Quizlet survey, 44% of respondents believe that Artificial Intelligence and Machine Learning will be essential to future business success. The COVID-19 pandemic has accelerated the adoption of AI and ML in several industries and has underlined the advantages of automated decision-making and the use of machines to augment human intelligence.
However, companies need to be mindful that AI and ML don’t replace human instincts. Human oversight is critical in ensuring responsible and ethical use of these technologies.
Conclusion
2021 will likely bring with it several new challenges and opportunities for businesses globally. However, by keeping an eye on these trends above, companies can stay ahead of the curve and thrive in the new normal. As Quizlet’s survey indicates, digitalization of the workplace, focus on employee well-being, emphasis on ESG (Environmental, Social, and Governance), and investment in AI and Machine Learning are the top business trends to watch out for in 2021.
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