The Future of Work: Trends and Insights for Entrepreneurs

By Ayomipo Akorede 

The world of work always undergoes notable  transformations conditioned by technologies, societal values that change from time to time, shifting workforce and change in taste or demand. The competition in different industries is very fierce. That's why entrepreneurs strive to stay ahead of the curve and adapt to these changes to remain competitive and relevant.

One of the current trends that shape the future of work in the world today is the continual rise of remote and virtual services. Although outsource remote services or freelance work where people chose to work on project basis wasn't uncommon before COVID 19 in 2020 but that stay-at home period popularised it so much that companies leveraged on it with the advancement of digital communication tools and virtual collaboration platforms like Zoom, WhatsApp, Googlemeet, etc. to manage their teams and keep their businesses going. Today, gig economy is a big deal. In fact, many businesses now prefer to employ remote workers who work on project basis. That way, they are able to cut cost and keep their businesses going.

The second one is artificial intelligence and automation. To be frank, these two things have completely transformed the way businesses operate. With their integration into the work space, they have made certain tasks more efficient and freed up human resources for more strategic and creative work. That notwithstanding, entrepreneurs should also prioritise  upskilling and reskilling as both are essential for productivity and relevance.

I was watching a fashion programme yesterday and there was this special feature that focused on the new crop of fashionprenuers and models in Uganda. It was such an emphatic way of saying even the ones we label disabled have as much talent as we do and can fit perfectly into our revered fashion industry. It really stressed that the future of work demands a focus on diversity, equity, and inclusion, creating work environments that value and celebrate individual differences.

What should entrepreneurs do?

1. Entrepreneurs should embrace flexibility. Rigidity will give no room for new innovations and versatility. Hence, be open to new work arrangements such as remote work and flexible schedules to attract and retain top talent.

2. Prioritise employees' development by training and retraining your workforce to ensure they remain relevant in a rapidly changing job market. Sometimes, assigning demanding responsibilities that require new skills is also a part of training. Also, be adaptive. Leverage technological solutions to streamline operations, enhance productivity, and drive innovation without shutting out humans though.

3.Constantly monitoring industry trends and market conditions always puts one ahead in the game. Useful and relevant information is powerful. That way, you're willing to pivot your business strategy as needed.

Trends are created by certain people and they are followed by the multitude. By understanding and embracing these trends and insights, entrepreneurs can position themselves for success in the future of work or predict it by creating their own like Peter Drucker said.