THE FUTURE IS NOW!
I am hearing very rosy predictions about a bounce back to the national and global economy. Let’s be clear. Most of these assumptions are invalid and many predictions are flawed.
The labor market isn’t likely to return to pre-pandemic levels until 2024, according to a February 1 report from the Congressional Budget Office. The U.S. economy shrank 3.5% last year, its largest annual decline in 74 years, government data shows.
HERE ARE MY PREDICTIONS:
– Many older leaders out of touch with reality regarding the drastic change within business paradigms will be forced to be fired by their own boards, clients or customers.
– Many businesses will never return to business towers and many business locations worldwide will close forever due to markets forcing major changes to embrace remote, virtual, and digital workforces now.
– Urban planning will change drastically as commercial real estate will not dominate urban centers in the future.
– Embracing a local neighborhood economy has already begun as many in the past year have worked from home and this will continue for most, forever.
– Ghost kitchens versus in person dining, home delivery of most goods and services and the choice to live and work from home anywhere in the world will become commonplace as most people will demand it.
– Data and analytics will continue to trump creative in most advertising, marketing and communications, as digital media buys will also continue to dominate worldwide.
– Lawsuits will increase regarding racism, sexism and many forms of inequality in business worldwide backed by data and evidence of all kinds.
– Technology will continue to lead in most areas of our lives and those who do not embrace its growth, as well as new devices, software and apps, will be replaced or left behind.
– The work/life balance has shifted dramatically from hours regained from a lack of work commute to a much greater need to share responsibilities with children and family.
– Managing others virtually is never going to go away. If it is a struggle today, the struggle will never go away. Embrace the change to best adapt.