Fjord Trends 2020: Many faces of growth

“New year, new me” doesn’t just apply to people. As we enter this first year of the new decade, businesses too should be rethinking their strategies and objectives in preparation for the twists and turns ahead.

To help define the journey, we recently published our annual Fjord Trends report, highlighting seven emerging trends in business for 2020 – from trackable bodies, to the future of artificial intelligence (AI), and the search for greater meaning in life.

Over the coming weeks, I will share in-depth insights on each of the seven trends to help organizations and their C-suites achieve maximum value. Up first: Many faces of growth.

This trend is a push to have businesses break out of their routine and challenge the standards for success. The traditional benchmark of financial growth has become too narrow a focus amidst employee, client and stakeholder calls for more meaningful metrics. 

Companies need to target changing societal values such as corporate social responsibility and upskilling, with the goal of enhancing people’s lives and society at large.

The benefits of expanding expectations and redefining success are infinite. Economic models will evolve. New ways of thinking will unlock unprecedented growth opportunities. Shareholders will take pride in supporting a responsible corporate citizen. Employees will be empowered with the essential skills for the present and the future. These are just the beginning.

We’ve already seen great examples of this trend in action. Last summer, Business Roundtable, an influential association of nearly 200 prominent CEOs in North America, revisited their statement of corporate purpose to embrace changing societal views. The association has since embedded providing “value for customers,” “investing in employees” and fostering “diversity and inclusion” into their mission – and that’s before shareholders even get a mention.

Marc Benioff, the founder and co-CEO of Salesforce, recently said, “It’s time for a new capitalism – a more fair, equal and sustainable capitalism that actually works for everyone, and where businesses don’t just take from society, but truly give back and have a positive impact.” All seven of our 2020 Fjord Trends relate back to this key observation in some significant way.

So, challenge yourself to imagine new ways of creating and tracking value, and consider the impact they will have inside and outside your organization. To learn more about all of the year’s trends, browse the full report and stay tuned for more insights.