The future of business: 2016 predictions
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The future of business: 2016 predictions

25th November 2015
By Candice Choo

Planning for the upcoming year is an essential aspect of most businesses’ winter routine. Knowing and understanding the challenges you’ll face can help to prepare for the future, and for many, industry-wide issues need to be taken into consideration.

With the New Year looming, we surveyed a range of industries in the UK to find out their business predictions for 2016. The results were fascinating.
Below, we outline what these influencers told us so you can use their insights to help yourself and your business, plan for the new quarter and prepare for any hurdles or, indeed, positives 2016 may hold.

All about social

If 2015 has proven anything, it’s that social media is here to stay and absolutely needs to be taken seriously. Businesses of all sizes now dominate a variety of social networks, with many proving that, when done well, it can be a truly effective form of marketing.

On this note, 64% of total respondents thought that Facebook would be one of their biggest challenges in 2016, with those in the retail industry in particular (83%) naming it as their main challenge in the New Year.

With more than one billion active members, Facebook is an essential platform to crack for those B2C businesses looking to grow their customer reach, and develop a meaningful relationship with their audience.

Having a well-constructed and thought-out social plan will help those who look to improve their reach on Facebook in 2016, alongside a dedicated in-house social team able to respond to queries and enquiries during business hours.

The Next Generation

The graduate market is continually refreshing itself, with young adults seeking what is often their first permanent, full-time employment. For businesses, this market can be an opportunity to take advantage of fresh perspectives, with employees who are often digital natives with a firm understanding of how to tackle many of the difficulties industries face in a digital world.

Just under half (44%) of respondents stated they would be looking to invest more heavily in graduate schemes in 2016, though for many (54%), this is due to the low-cost nature of hiring those who’ve just left university.
Keeping cost low is, of course, an important part of any business, but a company planning on recruiting fresh faces should also be mindful of the benefits of graduates, rather than simply seeking a low-cost workforce.
Not every market is following suit, however; only 11% of those in the travel and leisure industry will seek to create or develop their graduate schemes in the New Year. So, for some, perhaps the next generation aren’t all they’re cracked up to be…

Employee benefits

Enticing the best employees for your business means that you need to offer more than just a regular wage. Employee benefits are seen as an expected part of the role, especially for those with experience under their belt, so many businesses are looking at the kinds of perks they can offer in 2016.
Pension schemes are becoming increasingly wide-spread across most industries in the UK, especially given the Workplace Pensions Scheme that recently came into effect. Whilst employees will certainly be satisfied with a guaranteed pension, some industries are not; 70% of technology industry respondents said that the scheme will impact their top line revenue figures.
Given the technology industry’s nature, many of these companies are start-ups and SMEs (small and medium enterprises), meaning balancing their finances can be a delicate act.

However, with these drawbacks come perks, as 57% also stated that they would be adapting remote working schemes for their employees in the New Year. Which just goes to show that money isn’t always everything, to both employees and employers when it comes to new businesses.

So, there you have it; the business predictions of 2016 straight from the source. What do you think the business prediction of the New Year will be? Drop us a tweet @Powwownow to give us your perspective!