Trends for 2020 Social Impact

5 mins

What does 2020 have in store?Whether you're on the hunt for a new role or like to keep on to...

By Amy Halls

Senior Marketing & Talent Manager

What does 2020 have in store?

Whether you're on the hunt for a new role or like to keep on top of trends, understanding the market and any potential growth areas can keep you on the front foot of the ever-evolving digital industry.

One such significant growth area were start-ups offering a huge social impact.

Social impact is an area that saw a significant rise this year and I have seen a spike of candidates searching for roles in these types of businesses. I predict that 2020 will be huge for continued growth in this area.

What are 'social impact' companies?

One area we saw explode this year were technology revolutions in the hourly paid workforce market.

The hourly paid workforce market, which equates to 60% of the global workforce, has been highly receptive to technological advancement which is supporting them out of the dark ages.  

Workforce Management software (WFM) is not only revolutionising this market but quickly becoming a necessity as workforces continue to evolve. WFM benefits both independent and enterprise businesses alike and, at the risk of sounding like a walking salesman, are available at affordable prices.

The positives are huge. Firstly, companies have seen cost reduction as the software aims to speed up communications between employees and employers. WFM can also cover staff rotating, time clocks, leave management, shift swapping, break planning compliance, performance management, workforce analytics and meal selection (ok disclaimer… no meal selection, yet. But I wish it were true!).

Not only does Workforce Management software cover all these pain points, but the software is also designed to run in sync with other software, including payroll, point of sale and my next point…

…Payday loan alternatives!

Payday Loan Alternatives – Trend for 2020

Payday Loan Alternative software is designed to plug into WFM software, which is plugged into payroll (magical, isn't it?!).

Now the idea of plugging into a plug, plugged into something else reminds me of reading the safety warning sticker for an extension lead… but trust me, this is way safer and hugely beneficial for employers and employees.

Such alternative software offers employees a benefit as an alternative to lenders that charge outrageous interest rates (even higher than our student loans repayments, outrageous!).  

Feedback has shown that by using this alternative, employees have nearly instant access to a proportion of their money, to cover that unexpected night out or spontaneous Tinder date.

How does Payday Loan Alternative software work?

Simply put, money is paid through the company’s banking partner and recouped on the next pay cycle.

It has been noted that the benefits included improved staff retention, a more proactive workforce, an accessible workforce and regular cash flow for employees.

The economic nerd in me is screaming “but what about the future issue of forgoing future earnings, creating a vulnerability to credit, and future pensions from lack of contributions?”... 

Which leads onto a trend of businesses with Financial Wellbeing software… Boom! Financial Wellbeing software typically provides financial education to employees, personalised prompts that help employees manage their finances and looks to maximise financial opportunities that could help to overcome any financial burdens. In short, this software makes money management stress free.

With the Saved Money, you can Invest in Sexy Socks

I was saving the best until last: Sexy socks. Yes, you read that right. Sexy socks are a start-up that I found via a Crowdfunding site for businesses with a social impact; Not only can you get a return on your money, but you can use it for good. 

Sexy Socks donates a pair of socks for every pair you buy through their business, and there are many other businesses on the platform with a focus on social impact, whether that’s planting trees, delivering clean water, or wellbeing focused businesses, and much more.

The Opportunities for Growth in 2020

If 2019 was anything to go by, there will be explosive growth in this space. The benefits to you are a ton of opportunity; as businesses require the expertise of all levels in revenue generation, we will see a growth in Sales, Account Management and Customer success vacancies.

If you are looking for a new opportunity and being part of a scale-up with positive social impact, ticks your checkboxes, message me anytime for a confidential chat.

Jordan Cornish
Sphere Digital Recruitment 2022
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