310 million - this is how many Southeast Asian digital consumers we can expect by 2025. In Asia Pacific alone, 54% of companies have adopted digitalised services during the Covid-19 crisis, translating to an average adoption acceleration of more than 10 years as compared to the pre-crisis years of 2017-2019.

Just a year ago, countries all around the globe hurried to pull the shutters down on their airports; citizens were prohibited from traveling out, and visitors could not enter - even interstate movement was forbidden. It was the height of the pandemic and many country leaders were firm on these drastic lockdown measures to curb the spread of the novel coronavirus. But today paints a different picture; across the world, country borders are opening up to vaccinated persons for international travel, economies are preparing for an upturn, and governments like that of Singapore are attempting to embrace Covid-19 as endemic.

While we grapple with the ongoing unpredictability, one thing is clear - we need to change the way we work. The pandemic has presented an opportunity to transform the way businesses are run, and in order to head towards recovery, companies need to relook at how they optimise talent and resources.

Accenture’s recent study, “The Rise of Forerunners”, found that only 11% of its surveyed companies have demonstrated their readiness to adapt to the demands of a virus-laced world. This translates to almost 90% of companies risk being left behind. This statistic is alarming not because it falls starkly behind the speed at which the pandemic is overturning old ways of working, but because a majority of the companies do not see the urgency of preparing to meet evolving societal needs despite standing to gain the most. In particular, 60% of the 1,500 senior executives across 12 countries surveyed said that their organisations are not proactively reshaping their pre-crisis strategies.

Forerunners will emerge ahead

This means that the 11% who anticipate impact from new lifestyles and are intentionally driving strategic change will arrive much faster. These companies, known as the Forerunners, have expressed that the focus on trends like smarter habitats, affordable technology, and the state of health will impact the future of society to a large extent. More significantly, they exhibit a higher sense of urgency to implement bold steps to address these shifts.

So what are the Forerunners doing to prepare for a society of the future? They are prioritising these four business areas:

1. Target versatile talent

15% of jobs are expected to be fully automated, and 29% to be AI-augmented in the next five years. With a significant percentage of jobs highlighting the tech element and shedding the human element, it is important for employers and employees alike to grow into new roles that underscore the human touch. The spotlight must shift towards soft skills like empathy, leadership, and ethics.

For the Forerunners, positions like Chief AI Ethics Officer and Chief Empathy Officer will become commonplace. 52% of the companies said they will invest early into attracting talent with humanities, education, and social sciences (HESS) skills. According to the World Economic Forum’s Future of Jobs 2020 study, emotional intelligence and service orientation rank among the top 15 skills to have in the year 2025.

The workplace is becoming increasingly digital and tech-powered, and Forerunners recognise the value of hiring talent who can adapt quickly to the jobs of tomorrow.

2. Create sustainable solutions

With so much talk about climate change and climate-related health risks today, more and more companies are implementing the ESG (Environmental, Social, and Corporate Governance) framework into their business plans. The recent COP26 held in Glasgow where global leaders have pledged to decarbonisation and net-zero emissions is further testament that sustainability is the way forward.

A global survey by BlackRock revealed that 54% of its respondents consider sustainable investing to be fundamental to investment processes and outcomes, and 57% of Asia Pacific respondents stated that sustainable investing is already - or will become - central to their investment strategies.

Forerunners are attracted to building and investing in a sustainable infrastructure for the future. This includes developing products that follow a sustainability-first design principle and investing into redevelopment projects so as to reduce waste.

3. Invest in human care

The Covid-19 pandemic has resulted in an onslaught of calls for mental wellness programmes and better healthcare for workers across industries and age groups. Nonetheless, this trend is more significant among the Millennials and Gen Zs, with more than half of them reporting that science-backed health information is now more important after the pandemic.

Forerunners are committed to addressing these new concerns amongst workers, especially from this group who will form the bulk of tomorrow’s workforce. The most attractive opportunities for Forerunners are human-centric innovations. 33% of them are focused on preventive healthcare enabled by artificial intelligence, and 50% prioritise products and services that improve individual well-being and self care, such as personalised nutrition and fitness.

An example is Japan’s Honda, who recently debuted an “antiviral mask” for cars. The car maker’s new filter promises to clean more than 99.8% of airborne particles within the cabin in 15 minutes. Initially designed to safely transport Covid-19 patients without infecting the driver, Honda now intends to roll out this mask to other car models in the future.

4. Use technology responsibly

With the world becoming more digital and cloud-based, it is inevitable that crime takes place virtually as it does in the physical world. 71% of senior executives expect an increase in demand for cybersecurity services while 53% see the same for financial technology services. This not only shows that there is no slowing down of digitising day-to-day services like accessing a bank balance, it also highlights the speed at which we are exposed to digital vulnerabilities.

Forerunners lead the charge in building a strong security posture and defending against cybercrime. This means that they focus on digital asset protection including customer and employee data, as well as optimise for smarter tech-augmented operations.

Australia’s Origin Energy is a case in point. The energy solutions provider is using emerging technologies to create smarter solutions for consumers to take control of energy consumption in their homes. This means the option to monitor and control their air conditioners remotely via their mobile devices. On top of saving cost, consumers become a part of conserving the environment as well.

While many businesses are finding their footing in today’s unstable economic and frail health climate, Forerunners pay attention to emerging lifestyle trends and act upon them quickly, ultimately emerging ahead of the pack. These companies will create a huge impact on our society and ensure it is future-proofed, within or without a pandemic.

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