The 2020s: What Changes Are Coming And How Do I Adapt?

“Alexa, what will happen in politics in the 2020s?”

Boris’ huge majority in the December election means that he will now “get Brexit done”. Britain will leave the EU on 31 January 2020 and then begin trade talks. On one hand, this ends some of the Brexit uncertainty that the country has been submerged in for over three years. 

The result saw the pound rise to the highest level it’s been since before the original Brexit vote. Shares in politically sensitive industries like banking, construction, water, rail and energy also shot up in value. But while this may bring some short-term business and consumer confidence, there’s still a long way to go with the trade negotiations. Many analysts predict a recession and interest-rate cut for the country, particularly if we end up leaving without a deal. 

Other Tory business-related policies pledged to come into place:

• An increase in the National Living Wage for all over-21s by 2024.
• Corporation Tax will stay at 19%.
• Tax relief and an increase in employment allowance for the construction and research industries. 
• Apprenticeship reforms and increased spending plus a new National Retraining Scheme. 
• A focus on broadband infrastructure in rural areas.
• Cut the burden of tax on business by reducing business rates via a fundamental review of the system.
• Increase the Employment Allowance for small businesses – a tax cut for half a million small firms.
• Review and reform Entrepreneur’s Relief.

“Alexa, what will happen to the workforce in the 2020s?”

Gen Z is coming and the businesses that will do best will open their arms wide and embrace the knowledge and skills of this confident age group. They’re habitual multi-taskers who won’t have the attention spans for tedious meetings and drawn out decision making.

5 things Gen Z will look for in an employer: 

1. A progressive attitude to tech. 
2. Permission to act autonomously.
3. Remote and flexible working options. 
4. A strong company culture. 
5. A social and sustainable focus. 

They’re an ambitious bunch with over 50% of 14-25-year-old Brits thinking about or having already started a business (Future Founders). They want to do something they love and something that gives them a sense of purpose. They’re prepared to manage their own skills development and also face fewer barriers when it comes to accessing resource, technology and even the funding required to start a business. 

Because of this, training, development and retention will become of less of a priority but a cool company culture will be a critical advantage. 

And they’re not just making up the workforce, in 2020 Gen Z will overtake Gen Y as the biggest spending consumers. So you want their help in marketing to them, by them.

The faster the pace that the rate of change feels, the more uncertainty it seems to bring. But we know many of the advancements that are coming over the next decade, it’s about who can adopt them quickly and effectively. The easiest way to be able to know what’s coming and adapt to it is by being up to speed with what’s around now or you’ll get left behind.