6 Trend Types for 2021: Are You Ahead or Behind the Wave?
Workgroup Report: Ten Center members used the Trends Outline to generate the checklist for 2021
Ten Center members used the Trends Outline of the 6 standard trend types to think constructively about 2021. They generated the 3 big question every planner must answer.
- Nathan Bares
- Susan Dineen
- Kevin Hickman
- Steve Johannsen
- Bryon Johnson
- Mike Markiewicz
- Bill Mitchell
- Valerie Renk
- Tim Stewart
- Kristi Thering
- Derrick Van Mell
3 Big Questions
- How can we use technology to enhance, not replace personal interaction?
- While digital tools allow us to sell anywhere, how can we still deliver quality?
- How will the new Democratic President and Congress change things?
- Review this list with your fellow managers and revise and add for your situation.
- Pick the top three in each category.
- Pick the top 3 among them all and let those shape your plans.
- Contact The Center for assistance: firstname.lastname@example.org.
Reminder to members: refer to The GMs Index for responses (e.g., 5.5 Compensation)
Major trends by type
Customer demographics and behavior
- New digital platforms affecting some customer buying patterns
- Changes in marketing on digital platforms
- Online buying and customer service will continue to grow
- Customers (especially B2B) taking short-term view, cautious with cash, focused on survival
- Large ticket buyers depending more on advisors
- Many experienced buyers and salespeople are retiring. New buyers coming up.
- Remote buying becoming less personal. Less reliance on personal relationship.
- Technology allows buyers to shelter themselves from vendors
Labor demographics and behavior
- Work restrictions severely limiting volunteer pools. Need to recruit younger volunteers
- Volunteer-based organizations beginning to rely on more paid staff
- More “digital nomads,” forcing culture changes
- Key talent moving to low-cost regions of the country
- Talent ‘boomeranging’ out of cities
- More staff retiring – some loss of mission-critical ‘corporate memory’
- Harder to create succession of skilled and knowledgeable people
- Whatever future mix of remote work, need new work/life balance policies
- Challenges in making workspaces more attractive to talent (getting ROI from leasing/owning)
- Economic uncertainty changing compensation: more base, less incentive, including salespeople
- Need different compensation structures for different cohorts
- Increase importance of benefits
- How can each organization find its own balance of remote and in-person work, post-COVID
- Increasing information security concerns
- New process technologies (e.g., billing systems, 3D tours, etc.)
- Virtual technologies reducing need for travel and in-person meetings (e.g., virtual showrooms)
- Technologies can either reduce or enhance customer service
- Continuing evolution of remote work technologie
- Taxes likely to increase (e.g., to fund COVID stimulus)
- Possible increase in capital gains tax could affect M&A activity
- Democratic control of federal government will result in big changes
- Business values increasing
- Continuing low interest rates
- Digital tools eliminating management geographies: markets, labor pools, supply chain
- Sustained liquidity increasing donations and donor pools
- M&A: Many business owners are Boomers looking to sell; COVID has pent up that need
- Digital tools and pandemic risks are stimulating many more affiliations, even with competitor
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The Center for Management Terms & Practices is the standards body for general management. We help managers and executive work cross-functionally because success is impossible unless everyone can work together. See The GMs Index and The GMs Toolkit for the standard terms, tools and best practices of management.