Thriving in the Decade Ahead

September 17, 2020

In just 10 short years our world will be radically changed in both positive and negative ways. How we adapt to these changes will determine whether we thrive or merely hang on to survive. Developing and further honing creativity and social skills may be key.

In Mauro F. Guillén’s new book, 2030: How Today’s Biggest Trends Will Collide and Reshape the Future of Everything, the author lays out an astonishing list of things to expect and how these will impact all of us in very dramatic ways. Among them:

  • Percentage of the world’s wealth owned by women in 2000: 15%; 2030: 55%
  • Percentage of Americans projected to be obese in 2030: 50%
  • Number of people entering the middle class in emerging markets in 2030: 1 billion
  • Percentage of world’s urban population exposed to rising sea levels in 2030: 80%
  • Percentage of American workers considered part of the “creative class” in 2030: 50%

The huge influx of people migrating to urban areas will further increase inequality as those in the “creative class” will thrive. This creative class, defined by author and University of Toronto professor Richard Florida, are those in knowledge professions, such as scientists, engineers, architects, artists, designers as well as those in healthcare, business, finance, legal and education.

Florida says what it takes for a city to develop a dynamic creative class with the concept of “the three T’s”: talent, tolerance and technology. While talent and technology may be obvious, it is tolerance that has attracted a lot of attention. This tolerance is defined as a melting pot of diverse people, including members of the LGBTQ community, artists, musicians and others.

“Tolerance and openness to diversity is part and parcel of the broad cultural shift toward post-materialist values,” writes Florida. He says this tolerance provides an added source of economic advantage working alongside technology and talent.

An increasing number of jobs also require non-routine analytical skills, according to David J. Deming, an economist at the Harvard Graduate School of Education. Social skills involving coordination, negotiation, persuasion, and social perceptiveness are and will continue to be in high demand. By 2030, Deming’s research suggests a majority of jobs will require the use of social skills and creativity.

The coming decade will likely bring self-driving cars and an ever-increasing amount of automation throughout our lives. It is therefore vital to maintain our (dare I say) human advantage.

[By 2030,] “. . . there will be more computers than human brains, more sensors than eyes, and more robotic arms than human labor in manufacturing,” according to Mauro. In fact, a single robot will displace an average of five to six workers in the manufacturing sector.

Rather than resist or deny the rapid innovation inevitably coming our way, I believe we should embrace the opportunities that will accompany it. In the same way we previously adapted to massive revolutionary technology change in existing industries, markets and occupations, I think we can again. We need to acknowledge and embrace the unique skills we humans (at least currently) have over artificial intelligence.  

This creativity and social skills should continue to remain our competitive advantage. This means learning to regularly think “outside the box,” do more lateral thinking and develop strong social skills. The ability to grow our emotional intelligence to navigate workplace relationships effectively will also be increasingly important in the future.

No matter your profession, the ability to stay relevant and thrive in your career over the next decade will require more than simply staying up to date on your domain expertise and general business knowledge. You will also need to expand your ability to think creatively and strengthen your overall social skills.  

Gray Market Opportunity

August 30, 2020

Marketers target the youngest generation in order to capture spending by those early in their careers, starting families, buying their first home and generally seen as having the most disposable income. With a focus largely on the millennial generation, marketers are missing a huge opportunity with older consumers.

In addition, employers should recognize the value older employees provide in the workplace in helping to best serve the wants and needs of people over the age of 60.

In a new book 2030: How Today’s Biggest Trends Will Collide and Reshape the Future of Everything, author Mauro F. Guillén presents a compelling case for thinking differently about older consumers both today and ten years from now. Consider the following:

  • Currently, 12,000 Americans turning 60 every day; in 2030, those 60 or older will represent more than a quarter of the US population.
  • According to the Economist magazine the “older consumer will reshape the business landscape,” and Boston Consulting Group estimates that only one in seven companies are currently prepared for the growing spending power of this gray market.
  • Durable consumer goods such as appliances, tools and cars should assure older consumers that these products are geared to their needs, including that they are easy to use, provide legible instructions and controls, and offer leasing options.
  • According to AARP, a majority of seniors are optimistic about their overall quality of life, including financial well-being, mental and physical health, recreation and leisure time, and family life. When people feel optimistic, they tend to spend more.
  • Today’s expenditures on healthcare, home care, assisted living and similar service industries will accelerate over the next decade.

Technology certainly plays a part when it comes to aging as the breakthroughs in medicine, nutrition, biotechnology and other fields that help more people enjoy longer and happier lives. “By 2030,” according to Guillén, “the average seventy-year-old will live like today’s average fifty-year-old.”

If companies want to capitalize on this rapidly growing gray market, it’s important they recognize that those over 60—employees as well as customers—cannot be ignored. In fact, organizations should recognize the value employees can bring to serving similar aged consumers. Because they are of the same generation, older employees may be better able to define the feature set, user interface and overall value proposition.

As people live longer lives, the idea of early retirement becomes less attractive—either due to it not being financially viable or because people like working and want to continue being productive as long as it is enjoyable.

Older employees can bring experience and wisdom to complement the expected new ideas and tech savvy of younger people. And employees in their sixties and beyond can often provide stability, predictability and reliability other generations cannot. This is something HR departments should take into account when looking for job candidates.

These older workers are not going to be the best fit for every position. Recognizing those individuals who are will be vital in order to take advantage of this growing gray market. Similar aged employees will best be able to understand and meet the needs of such older customers. That makes good business sense now and in the coming decade.