3 business trends to keep in mind during 2016
How will businesses continue to change in 2016?As the new year approaches, many businesses are looking toward 2016 in terms of change and further employee development. What are some of the most common business trends workplaces should be aware of entering 2016? Three of the biggest to keep in mind include the following:
Big Data Analytics
Big data analytics are becoming essential in most industries, and continue to grow in importance. It’s not enough to just make changes to a system, it’s imperative to track them as well. According to a recent Forbes study, only 15 percent of Fortune 500 Companies are using big data to their advantage. By creating an integrated, operational and insightful tracking program, data can improve work practices, employee experience and customer satisfaction. Spending on big data is projected to grow by 23 percent each year through 2019.
It seems as if Millennials are on everyone’s mind and they should be on yours too. As the youngest demographic entering the workforce, Generation Z has been characterized as confident and self-motivated, ready to tackle tasks with ease. They expect hands-on experience and practical skills, highlighting a real need for change in development and on-boarding practices. By attracting younger generations, these workers can grow within the company, filling the ranks as others leave and developing into future leaders.
Finally, social media is also essential for businesses of all sizes. A recent study found that 79 percent of salespeople who use social media outsell those who don’t and 65 percent of customers feel that vendor market content has an impact on their final purchase. If a business is not taking advantage of social media, they will find themselves both behind the pack and behind the times. The use of social media is often marked by trial and error for a brand, catering to an engaged audience and ensuring a message is delivered in the best manner possible.
Investing in employee development enhances the worker experience and helps ensure retention is kept at the highest priority.