Top 10 management trends expected in 2020
Here are the top 10 management trends expected in 2020.Updated: Jan 03, 2020 16:53 IST
Online study material, books, manuals, tutorials - are these the resources which make an ideal manager? No, certainly this is not just enough.
In-depth academic knowledge and vast exposure to the field experience creates a good manager. Practical learning, strategy building, team coordination, management of multiple resources, etc. skills are pre-requisite for an individual to accomplish his/her aspiration of becoming a successful manager.
Apart from acquiring skills, smart research work can make the path easier. Follow the latest trends in the management industry to keep up the pace and face challenges confidently. Read below to know the top 10 management trends expected in 2020.
The well-known social media influencer and online company developer - Gary Vaynerchuk, often states, “the most powerful tool of content marketing strategy in the present scenario is video.” Over 55% of online viewers are habitual of watching at least one marketing video a day, delivering it a higher ROI in comparison to other forms of advertisement. Sharing and liking videos across several social media platforms, websites, portals or any other medium boost traffic and improves engagement.
According to a survey performed by a career listing site - 85% of millennials choose to work remotely as a full-time employee. Advanced digital technology is giving rise to the evolution of telecommuting which is encouraging the trend of working remotely.
This management trend is favourable for businesses as well as their employees and families. Working remotely keeps employees close to their families while reducing commuting costs and boosting productivity. Advanced technologies like cloud, skype, zoho, and other collaborative or data mobility solutions offer the added convenience of effective communication and collaboration between companies and their remotely working staff.
Team Brand Ambassadors
Influencer marketing is the most effective form of marketing these days. Recruiting influencers to share and promote a product is a valid option for every brand. But a smart manager thinks another way round. Instead of hiring an outsider influencer, an ideal manager would rather focus on using the present workforces to advocate for the brand.
Motivate employees to share and promote in-house products and services on their social media accounts. This will give them a sense of belonging to the organization and will also work as an effective and free PR for the brand.
With rising living and health care costs, wages of employees are also expected to be increased to meet the inflation. Employers need to revise their compensation plans to retain their existing employees and to attract new talent in the market.
There are various Indian states which are passing laws to mandatorily improve minimum salary standard. Along with increased basic salaries, workforces should get added benefits like telecommuting options and other bonuses.
The basic step to a successful business strategy is to recognize the need and demands of its target audiences. With a huge variety of analytical tools available in the market, an organization can determine the behaviour and buying preferences of its consumers. Such solutions help an enterprise to derive insightful reports and use them to act accordingly for profitable outcomes.
Businesses are identifying the significance of artificial intelligence and are embracing it to enhance their consumer experience. In this innovative age, Call Centres are transforming their communication concept by harnessing artificial answering services to deliver utmost customer satisfaction. Several applications of AI technology are even capable of learning and adapting to situations without human involvement.
Team leaders must admit that they cannot answer every question every time. This acknowledgment opens doors to the opportunities to seek expert advice and consultation from outside. Consultants and experts from outside the organization may bring new ideas, information, perception, and knowledge on different topics. They work closely with employees and teams and conduct assessments to draft effective strategies for beneficial results. It also helps in developing better communication, organization skills and collaboration in teams.
Continuous education is paramount to learn and practice innovations and the latest management trends. Change is the only constant and one must adopt it to sustain in the market. With the invention of advanced technologies like blockchain, AI, cloud computing and more, employees must learn and evolve with new technologies.
This is something that has been acknowledged after years of negligence. Today, managers understand the importance of maintaining work-life balance and plan appropriately to make it happen. Not just time-off or vacations, rather it can be achieved by allowing work from home opportunities, organizing engagement activities during breaks, offsite meetings and more. Such initiatives keep employees motivated and productive while eliminating employee burnout.
By 2020 almost 46% of the working population would be millennials. It is extremely important to frame out training modules to prepare these young minds to take responsibilities and participate actively in tasks. Such training sessions also help them groom their skills and grow.
If you are an aspiring manager, then follow these trends passionately and carve new paths of success for yourself.
(Author Dr Jitendra K Das is Director, FORE School of Management. Views expressed here are personal.)