Unless you’ve been on an online detox over the last few weeks, you’ll no doubt have come across the #10YearChallenge. The reportedly user-generated trend that has gone viral. The craze involves posting a 2009 photo of yourself next to a recent one, to see how much you’ve changed. The hashtag has now moved beyond the trivial and expanded its metadata limits to reflect on bigger global changes over the last decade.
So let’s accept the challenge and in the spirit of the meme have a broad look at the composition of business economics, technology, finance and recruitment over the last ten years.
In this period, global economies have been ‘glowing’ with a post financial crisis economic boom. Trackers, such as the IMF and the OECD, have plotted world economic growth at a moderate and steady rate. Nevertheless, the World Economic Outlook Update published this month, forecasts a ‘softening of momentum’ in the year ahead. Perhaps it would be wise with this façade to get the comparative photos posted sooner rather than later!
When looking at business you could say it’s been a fast-paced ten years! Some of the highlights include remote technologies redefining the workplace; social media based marketing and recruiting as well as web-based collaboration and negotiation. Yes, in 2009 the internet and many social media platforms already existed but things have continued to change and become more refined. Recent years have seen a fascinating shift in the role of business in society. Shareholder value remains critically important but so does corporate responsibility, accountability and a company’s public profile! This was articulately expressed at the World Economic Forum last month, by Mark Weinberger, EY Global Chairman and CEO. In fact, we could think of business metaphorically as a high-profile Instagram influencer and like any good influencer, businesses need to look ahead, stick with the pace and constantly think about improving.
Technology. Now there’s a throwback image! Remember using actual buttons on mobile phones? There have been advances in ecommerce, wearable devices, augmented reality and ironically facial recognition software to name but a few. According to Pulitzer Prize winner, Thomas Friedman ‘the world is flat’- with distance, culture and language becoming less and less pertinent thanks to technological innovation and globalisation. It makes a decade ago seem pretty archaic!
In today’s digital age we see finance and technology rapidly merging. Fintech companies, the birthchild of this union, are challenging traditional banks and financial institutions with their increasingly sophisticated tools and solutions. Digital innovation has transformed the recruitment industry profoundly too, with automation speeding up processes and numerous virtual platforms from which to source candidates. The picture is overwhelmingly pleasing.
As a new start up 1PS can’t display a ‘then and now’ image to participate in the #10YearChallenge phenomenon. But as you can see from this post, it’s thanks to technological developments over the last decade that our business concept is now possible. Alongside a new generation of innovative businesses we look forward to contributing to the changing commercial landscape over the next ten years, and participating further in future trends.