10 ways the business world changed over the last 10 years
How has the business world changed in the last 10 years?
To help you gain insight into how the business world has changed, we asked business owners and a variety of industry leaders this question for their best insights. From the normalization of outsourcing to the speed of tech, there are several ways that the business world has changed over the last 10 years.
Here are 10 ways the business world has changed:
• Outsourcing Has Become the New Norm
• The Deconstruction of the Centralized Workplace
• Startups Have Changed the Game
• Work From Home Revolution
• Shift to Service-Based Industries
• No More “Out of Office”
• Evolution of Social Media for Business
• DTC Businesses Have Exploded
• App & Mobile Adoption
• The Speed of Digital
Outsourcing Has Become the New Norm
The most noticeable change in the entrepreneurial environment is the rise in outsourcing, as opposed to hiring full-time professionals. Not only is this a great way to tap into a global talent pool but it enables organizations to meet their growing needs and delegate tasks a lot more efficiently without having to constantly onboard and train employees from scratch.
Harry Morton, Lower Street
The Deconstruction of the Centralized Workplace
In the last few years, the possibility to work remotely once a week and similar arrangements started becoming more common. With the pandemic, this tendency has become a full-fledged rule and most businesses now allow remote work, even on a full-time basis.
One thing that has gone unnoticed is that this is attracting major talent to the private sector. Engineering or Economics PhDs who would stay in academia because of its flexibility and not wanting to relocate and spend 50 hours a week in an office can now safely enter the private sector knowing they will have the flexibility they wanted as well as much higher pay than in academia.
Natalia Brzezinska, PhotoAiD
Startups Have Changed the Game
People don’t always grasp how much the startup ecosystem has changed our lives.
It’s easy to take everyday items for granted. It could be the exercise bike or rowing machine in the living room that provides you with live classes and access to a huge digital community. It could be the bar soap in your shower that smells like nature and not like the artificially scented goop that you used to buy at the local drugstore. Chances are, by the time you take your lunch break, you’ve used a product that you take for granted – even though it’s only existed for 10 or fewer years.
If you went without those products, your life would be entirely different.
Digital-to-consumer companies provide those products. They’ve exploded in popularity and they will continue to grow – further reducing consumers’ reliance on brick-and-mortar retailers. It makes you wonder how business will look in another 10 years.
Joel Jackson, Lifeforce
Work From Home Revolution
Consumers have changed so much in the last 10 years, but the way we collectively work has changed even more significantly. In 2006, 50% of employees got their best ideas at their desks, compared to only 27% in 2016, radically shifting even further thanks to the work from home revolution. We’re able to think critically and be more productive from home or a hybrid combination, and, as a result, employees are enjoying and demanding a more flexible lifestyle from their employer than they were 10 years ago.
David Aylor, David Aylor Law Offices
Shift to Service-Based Industries
The business world has changed drastically in the last 10 years. The manufacturing sector has taken a huge downturn and is now vastly replaced by the service sector. The service sector’s contributions to gross domestic product have risen just as much as manufacturing’s decline, which is now at 12%. This makes it so that about 85% of all jobs are now in services compared to 80% before. There is also an increased focus on innovation. Since the turn of the century, it has become increasingly difficult for companies to retain talent. External factors such as automation and globalization have made it impossible to provide employees with both a high level of responsibility and a highly competitive salary. The old paradigm in which companies would provide strong benefits and generous compensation in order to stay competitive is no longer relevant, and it’s time we create a new paradigm.
Ben Miller, Focus On Digital
No More “Out of Office”
The working world has come a long way in 10 years, and with the mass adoption of smartphones and increasingly quick mobile connections, the lines between work and personal life are blurred far more than before. You don’t just have a phone and email to answer – you have social media platforms, communications apps, video conferencing to juggle, too. The “out of office” message is no longer a thing unless you draw a hard boundary for yourself. We have been finding work balance in other ways though, by telecommuting to flexing our work hours and taking personal time to enjoy with our devices switched off.
John Li, Fig Loans
Evolution of Social Media For Business
One of the most obvious ways the business world has changed during the past decade is the evolution of social media for business. Ten years ago, a social media presence was still optional for many businesses. Now, it’s a central part of many marketing strategies, and more platforms are continually emerging. It has also changed the work scape for employees because what they post on social platforms can come back to haunt them in the workplace.
Stephanie Venn-Watson, fatty15
DTC Businesses Have Exploded
There have been an explosion of direct-to-consumer (DTC) businesses during the past decade. The technology is available for companies to enable their customers to use services from the safety and convenience of their own homes. Services can be used on apps and products can be delivered directly to a consumer.
These days, companies offer interactive websites, targeted marketing strategies, remote work for employees, and more. Every major development in the business world seems to be geared toward businesses that have eschewed the old brick-and-mortar method.
Jon Carder, Vessel Health
App & Mobile Adoption
Apps and mobile technology were in their infancy 10 years ago, and now are leading business innovation. With over 7 billion cell phone users worldwide, we’ve adopted texting and messaging platforms as the base of our business communications, with phone calls and emails taking a backburner. We use our smart devices to enable us to work from anywhere, leading to a huge shift in remote and hybrid work.
Sylvia Fountaine, Feasting at Home
The Speed of Digital
Apps, SERPS, and ease of access have changed the way business is done. Tech moves fast and having direct access to brands, support, and responsive AI has gotten us used to fast turnaround times and responses. Working virtually has become the norm and is no longer frowned upon. There are people who crave and need the human interaction of in-person meetings, but it is no longer necessary.
Max Juhasz, Cannabiz Marketing Solutions
Terkel creates community-driven content featuring expert insights. Sign up at terkel.io to answer questions and get published.