Last updated on March 22nd, 2024 at 06:24 am
Keeping up with time is an important aspect of any business model. This change becomes significantly more important during this current age of connectivity and digitalization that has come along with the internet. Over the past decade or so, many changes have affected companies and brands and made them restructure specific processes within their organizations.
So, how have businesses adapted to changes in the social, economic, and attitudinal spheres within their organizational structures and business models? Let us find out!
Social Changes
Of course, in the last decade, many social issues have plagued different brands and companies. However, one of the most critical aspects of such issues has been the debate about climate change. Despite being a topic kept on the back burner for the first decade of the 21st century, climate change has been at the forefront of social issues in the last decade.
Companies have adopted policies that are beneficial to the environment. One such instance could be Apple deciding not to add chargers in their iPhone packaging in a bid to reduce the carbon footprint. Many corporations have also focused on sustainability and reusability of resources. For example, companies like ITC have taken major strides by planting trees and using eco-friendly methods of production in recent years.
More importance has also been given to issues like providing healthcare and insurance for employees.
Economic Changes
The distribution of wealth has been a significant issue for companies around the world. Equal pay has been prioritized in many places, while the concept of universal basic wages has also been floated. While some companies have complied with the idea of equal pay for equal work, there is still a long way to go.
The economic front has been quite treacherous for organizations. Many have pointed out that the companies are still taking advantage of the free market mechanism to rob the poor. This had led to an increased call for heavier taxation on the wealthiest members of our society. However, on the brighter side, countries like India have given many tax exemptions to start-ups and small businesses so that they can grow into something bigger.
Business models have also changed based on the economic needs in the last decade. Online marketplaces are slowly replacing physical stores, with many companies focusing on selling their products exclusively on e-commerce websites.
Attitudinal Changes
Overall, there has been a shift in the attitude of organizations, and this has been reflected in their business models. New start-ups are thriving when they collaborate with other companies. Even the biggest organizations have started to interact socially and work together.
The COVID-19 pandemic saw an unprecedented number of companies cooperating in order to sail through rough waters. An example of this would be the Twitter handle of Burger King (United Kingdom) asking its followers to also buy from McDonald’s, KFC, and other places. This was an appeal to save the jobs of the people working at these places. Such gestures go a long way with the general public.
Companies have also implemented policies of humanizing their customer services. Clients can easily interact with representatives of organizations on social media if they have any problems.
Diversity, inclusion, and safety following certain racial issues and the #metoo movement have shaped the business and workplace model of many corporations and institutions. Changes are part of evolution, and organizations and businesses are no exception. Thus, it is safe to say that more such changes will occur in the coming years.
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