Today, businesses are constantly having to adapt in order to keep up with consumer trends.
As 2019 draws to a close, Ammad Ahmad, Founder and Managing Director at global insights platform Atheneum, discusses his take on how companies can harness these trends to positively shape business going forward.
Atheneum opens access to a network of over 450,000 experts, providing valuable insights and data to help businesses de-risk their decision making.
Workforce training essential for employee retention
Demand for highly skilled talent will make it necessary for businesses and organisations to invest in developing existing employees to meet their full potential – and hold on to them. Employee retention is becoming more critical as businesses compete for talent in a tight economy.
Companies lose around 25% of all new employees within the first year (Allied Workforce Mobility), however 94% of employees would stay for longer if their employer invests in their career (LinkedIn Workplace Learning Trends). Whereas staff turnover can cost a company six to nine months’ salary on average, time and investment in employee training results in higher productivity and improved quality of work. This year 74% of companies also plan to make changes to their learning programmes to accommodate Gen Z (LinkedIn Workplace Learning Trends).
From surveying staff or monitoring trends and reasons for leaving the workplace, businesses can utilise new technology, data and outsourced expert knowledge to maximise employee retention.
Adapting to an aging population
Current forecasts indicate that more than one fifth of the global population will be over 60 years of age by mid-century. This has triggered a business boom and surge in economic growth, particularly as the elderly are typically healthier and more engaged than ever.
This creates new opportunities in a range of sectors, most notably healthcare, financial services and leisure companies, as there is demand from a wider particular audience of active consumers and customers.
An aging population also brings with it decades of invaluable knowledge and experience. Businesses utilising training and insight from those with many years under their belt will benefit for the long-term.
Brand loyalty/sustainability
With a growing consumer awareness around the impacts of climate change, businesses need to take an environmentally-conscious approach. As we move into a new decade, we will continue to see consumers opting for brands who place sustainability at the core of their business operations.
Brands will need to ensure they position themselves at the forefront of the sustainability movement by aligning themselves with the mindset of the modern consumer.
In 2020 we expect to see many more businesses adopt a ‘triple bottom line’ approach, committing to social and environmental concerns to the same extent as profit, in order to safeguard their reputations and futureproof the company in times of rapidly changing consumer preferences.
The move towards sustainable purchasing has led to a rise in requests for experts within the plant-based food space at Atheneum, and this is only set to increase in 2020. It is more important than ever to understand how shifting consumer priorities are impacting industries and recognise how we can remain a step ahead.
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About Atheneum
Atheneum is a global insights platform that leverages credible industry experts to optimise a client’s intellectual capital, enabling them to make reliable business decisions.
Offering a network of over 450,000 of the world’s leading industry experts, Atheneum delivers tailored insight reports for research and management consultants across a wide range of sectors, including: Life Science & Healthcare, Energy & Utilities and Consumer Goods.
Founded in 2010, Atheneum currently employs 350 people across 10 offices around the world; its client base includes the top 10 global Management Consulting Houses as well as many Corporate and Investment Houses. Atheneum raised €10m investment in Q3 2018 to grow a further 50% by end of 2019.
Ammad Ahmad, Co-founder and Managing Director is available for comment and interviews on request.
For further information, visit: https://atheneum-partners.com/.
