10 Big Ideas that will change our world in 2024

In 2023, Southeast Asian economies faced challenges due to an unexpected economic slowdown in China. Environmental concerns gained prominence with more frequent heat waves. Despite the initial trend of working from home during the pandemic, there was a surprising return to office settings. The excitement around AI grew rapidly in Asia among entrepreneurs and businesses. Predictions for the year proved difficult, highlighting the unpredictable nature of events. Despite the uncertainty, making predictions helps us explore possibilities and see the world in new ways

.In the upcoming year, the job market is expected to remain competitive. High inflation and minimal reductions in interest rates contribute to financial challenges for those approaching retirement. Many individuals are postponing or reconsidering retirement due to financial constraints.

Preparation is emphasized as crucial for financial readiness in retirement, according to Kenneth Goh, a Senior Client Advisor at UOB. In Malaysia, only 4% of people can afford to retire, with retirement funds depleting as Malaysians withdraw substantial amounts to cope with the pandemic's impact.

In Japan, over 40% of companies hired individuals aged 70 or older in response to labor shortages caused by an aging population. In Singapore, a majority of those aged 50 and above support raising reemployment and retirement ages, as revealed by a survey.

While the aging workforce trend poses challenges, research featured in Harvard Business Review suggests that intergenerational teams can enhance collaboration and overall performance through diverse skills and abilities. However, successful outcomes require team members to be open to sharing and learning from their differences

In 2024, there's a shift in focus towards economic decisions that positively impact community, creativity, nature, and hope for the future, moving beyond traditional GDP measures. Acknowledging that growth-centric economies have brought environmental concerns and widespread stress, governments, companies, and individuals are reevaluating priorities.

While Asia, particularly Singapore, continues to be a major contributor to global GDP growth, there's a noticeable shift in worker priorities. Work-life balance now outweighs salary as the primary factor for workplace happiness among employees in the Asia-Pacific region.

Bhutan serves as a notable example, emphasizing its Gross National Happiness Index in shaping policies. The OECD Better Life Index is another indicator gaining importance, measuring success by factors such as health, education, and economic opportunity, rather than solely focusing on profit.

However, transitioning to more meaningful metrics requires thoughtful actions to build an economy that values both people and the planet. The question remains: What steps can be taken to shape an economic system aligned with these values? — Alex Kantrowitz and Ting Wei Toh

As professionals return to office settings and companies revert to pre-pandemic work models, there's a concern about a potential resurgence of psychological strain and sleep issues. Sleep deprivation is a significant problem, especially in Asia, where the average sleep duration is notably lower than the global average.

According to a 2021 OECD survey, Japanese people, on average, sleep for 7 hours and 22 minutes, the shortest among the 33 countries surveyed. South Korea follows closely, with an average sleep duration of 7 hours and 51 minutes. Recognizing the importance of quality sleep, many individuals, including Singapore-based travelers, are prioritizing it in their plans.

To address sleep challenges, a growing number of companies are contributing to the emerging "sleep economy." This includes products like wearable devices that track sleep quality and quantity, mattress covers with temperature-adjusting sensors, and even apps like one from Pokemon that rewards users with characters based on their sleep duration.

Anticipate a trend where employers support the well-being of their workforce by joining the "sleep bandwagon." Companies may subsidize sleep-tracking devices for employees and provide access to sleep specialists as part of their wellness programs. The changing perception of sleep in the business world is evident, with leaders recognizing the emotional, physical, and economic toll of overworking. As Arianna Huffington, CEO of Thrive Global, notes, there's a positive shift when tech CEOs now boast about getting sufficient sleep. — Satoshi Ebitan

Wealthy nations, including China and Thailand, are grappling with declining fertility rates due to factors like climate concerns and changing career priorities. Despite attempts with incentives like "baby bonuses," tax breaks, and loans, governments are struggling to reverse the trend. Critics argue that these measures overlook the core issue – the challenge of affording a family for those without significant wealth.

Countries like Singapore are addressing the problem by promoting shared parenthood, such as doubling paternity leave. Beyond financial support, creating a supportive workplace environment is crucial, acknowledging challenges like fertility treatments and miscarriages. Some workplaces, like a Japanese company that banned late-night office work, have shown success in boosting fertility rates. The question remains: Can similar changes help counter Asia's declining birthrate? — Natalie MacDonal

Advancements in technology are reshaping healthcare, enabling the issuance of preventive prescriptions based on data analysis before patients even visit a doctor. Fresenius Medical Care uses machine learning to predict life-threatening complications in kidney dialysis patients, allowing for timely intervention.

According to Dr. Timothy Low from Farrer Park Hospital in Singapore, realizing the benefits of predictive healthcare requires an interconnected ecosystem. This involves integrating AI into hospital operations and collaborating with various entities for efficient healthcare through data sharing.

In Singapore, the NUHS' Horus Initiative, a big data AI project, connects hospitals to enhance healthcare efficiency, enabling earlier detection and improvements in clinical care. — Adrian Ta

Job hunters often face disappointment as they invest time and energy in interviews without a guarantee of landing the job. Many candidates feel undervalued, and frustrating interview experiences can impact their decision to accept job offers, according to Michael Page's Talent Trends 2021 report.

To stand out in the competition for top talent, organizations are shifting focus to improve the candidate experience. Some, like Benjamin Loh's company Top of Mind in Singapore, are even paying candidates for job interviews, recognizing the value of their time and creative work.

This approach is seen as a positive move towards a more respectful and empathetic recruitment process, nurturing candidates' self-worth and attracting the best talent for the job. Career coaches support this idea, emphasizing that compensating qualified candidates not only respects their time but also leads to quicker and more intentional hiring decisions. — Cayla Dengate and Neha Jain Kal

The gig economy is extending to the C-suite with the rise of fractional executives—part-time leaders working on a contractual basis for multiple companies. This trend, highlighted by the Society for Human Resource Management, is witnessing increased inquiries for roles in finance, operations, IT, and HR during executive searches, according to Ash Athawale from Robert Half.

Alexia MacPherson, CEO at Messeji Singapore, sees the potential benefits for startups, where fractional executives, especially CFOs, can optimize cash flow and manage burn during funding slowdowns. However, she notes the challenges, emphasizing the need for quick, intentional leadership and active engagement with stakeholders in the fast-paced startup environment. — Misa Han, Marty McCarthy, and Neha Jain Kal

Climate change is causing an increase in dangerous turbulence during flights. Recent incidents, including injuries on British Airways and Air China flights, have been attributed to clear air turbulence, an invisible and hard-to-detect condition caused by disruptions in the jet stream. As the Earth warms, more warm air rises, affecting the currents planes rely on for smoother flights.

Research from the University of Reading indicates a 55 percent increase in this type of turbulence over the past four decades, with predictions suggesting it could triple in some areas in the next three to six decades. While future technologies like sensors, satellites, and AI-powered data modeling may improve turbulence prediction, they are still several years away. In the meantime, following airlines' advice to keep seatbelts fastened at all times is crucial. — Jessi Hempel and Adrian Tay

Bionic prosthetics are evolving from science fiction to reality in the 2020s, offering advanced capabilities and aesthetics. Traditional prostheses are being replaced by lightweight materials like silicone and even spider silk, addressing issues such as excessive weight and poor functionality that led to high discard rates.

Advancements at the intersection of biology, AI-powered software, and hardware (including air muscles and ferrofluids) are creating bionic limbs with remarkable agility and strength. In South Korea, scientists have developed a bionic interface for precise control of robotic arms and legs, enhancing the quality of life for amputees. Japanese researchers have taken a step further with wearable robot arms inspired by Marvel's Doctor Octopus, rooted in the concept of "jizai," denoting autonomy and freedom. — Alec Ross

In 2024, more places are considering adding extra charges for disposable cups to tackle environmental issues. South Korea is leading this trend, with regions like Sejong and Jeju already charging 300 won (25 US cents) for each drink in a takeaway cup, which you get back if you return the cup for recycling. Seoul is likely to do the same, and Starbucks plans to stop using disposable cups there by 2025. Around the world, billions of cups are thrown away each year, causing environmental problems. Some places like the Netherlands and parts of Australia are thinking about banning single-use and plastic cups. In Asia, Starbucks and local coffee shops are encouraging people to bring their reusable cups by offering discounts. — Polly Dennison and Adrian Tay