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Business trends change year on year. Technology advances, consumer needs evolve, and economic conditions fluctuate. As a result, how you operate your business today may be different from how you operate it a decade from now.
We don’t know what the future holds. Still, we can make a good guess based on the data and information we already have. Here are some of the emerging business trends that will shape 2024.
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Prioritizing Social Procurement
Social procurement refers to actions you take for positive social and environmental outcomes. In business, it relates to how you procure goods, services, and work.
Many businesses now understand the importance of social procurement. As a result, they have been busy creating a social procurement framework to work from. Their hard work prioritizing social procurement has meant that some countries are seeing significant increases in social procurement spending.
Changing Hiring Practices
We are in the middle of a global worker shortage, with more demand than workers. This has meant that workplaces are trying to hire skilled people to fill their many vacancies.
Alongside providing more competitive salary packages, 2024 may be the year that businesses change their hiring practices. They may be more focused on skills, experience, and growth potential than qualifications and credentials alone.
Using Generative Artificial Intelligence (AI)
Generative artificial intelligence (AI) is AI that can generate text, images, and data from provided models. It can learn patterns and structures and generate new data with similar characteristics.
If search engine data is anything to go by, generative AI will be a popular addition to businesses for productivity. By the end of 2023, 55% of organizations had already piloted it. More than half had also increased their investment in it.
Businesses Returning to Traditional Advertising Avenues
We all know that social media, email, and pay-per-click ads can help many businesses make sales and appeal to their target audiences. However, many of these modern marketing methods are getting crowded.
The year 2024 could be when businesses start replacing some of their digital marketing campaigns with more traditional ones. Flyers, newspaper ads, and billboards are all making a comeback. Many business owners believe reverting to classic advertising avenues is an effective way to break through the digital clutter.
Employees Seeking Out Remote Employment Opportunities
Many corporations are now ordering employees to return to their offices. Still, that doesn’t mean all employees are happy about it. Some workers have become accustomed to working from home, so they’re seeking new positions that will let them keep doing so.
The good news is that hybrid and remote work models are here to stay to cater to the 98% of workers wanting to work remotely at least some of the time. It’s believed that 32.6 million Americans will work remotely by 2025.
Prioritizing Sustainability
Customers care about the environment and hope the businesses they buy from do just as much. The good news is that it looks like they do. Many companies now prioritize sustainability by making small changes in their everyday operations.
They’re ditching single-use plastic and working with sustainable suppliers and service providers. Some are even welcoming electric vehicles into their fleets. The smallest of changes can sometimes have the largest impact on the environment’s benefit and customer perception.
The year 2024 is shaping up to be one of innovation, sustainability, and creativity. These are just a few of the many business trends that may help businesses evolve with the times and maintain happy customers.
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