One in seven bosses believe workforce will be working from home in 50 years, research reveals
The role of insurance will be even more important in the future as the SME industry gears up for a shift in how it does business over the next 50 years.
Research by Zurich has revealed that the biggest risks facing SMEs will include managing a significant increase in home working and driverless commercial fleets.
The independent study, which surveyed more than 1,000 SMEs, was unveiled at The Royal Institution in London last night.
The key findings included:
- One in seven SME bosses say their entire workforce will be working from home in 2062;
- Sixty per cent say artificial intelligence will eventually become trusted workplace advisors in 50 years; and
- Half of SMEs say robotics will play a critical role in SMEs delivering services in 2062
Zurich SME director Richard Coleman said: “The UK’s SMEs are already embracing change on a daily basis, with developments in technology, demographics and globalisation having profound effects on their businesses. Our research has revealed that SMEs are predicting nothing less than a seismic shift in the business landscape of the future.
“Their predictions highlight some significant future opportunities, such as the opening up of overseas trade, the ability to reach new customers and lower fixed costs owing to redundant business offices. Many of these changes are happening today and will only grow in the future.
“As SMEs embrace this brave new world, there are also unavoidable risks that must be considered so they can remain resilient and take full advantage of the emerging new shifts. While it is encouraging that a significant number of businesses recognise the challenges and risks that they will have to face, it’s even more heartening to see that nearly half remain optimistic, predicting not only SME growth but also their importance to the UK economy and community increasing in the future.”
Zurich’s research found that more than half (54%) of SMEs believe the high street as we currently know it will transform in just eight years, being replaced by a ‘virtual high street’ online. Seventy per cent believe traditional high street SMEs must radically change their customer experience to compete with online purchasing in 2020, the study revealed.
Almost one quarter (24%) were concerned about the lack of customer interaction and loss of personal relationships, followed by the threat of cyber crime (20%).
Thirty seven per cent believe that traditional business centres will disappear in 50 years, 24% say traditional distribution, such as freight vehicles, will vanish and 19% believe factories will die out.
One in seven (14%) SMEs predict the workforce (100%) will be working from home in the future, compared to only 27% of the SME workforce that is working from home today.
Subsequently, more than half of SMEs (53%) said that by 2062 people will no longer commute to work. Despite this, 37% believe that having their employees working from home will have a significant effect on their organisation, of which 16% believe the very nature of their business will completely change in 50 years.
On a positive note, almost two-thirds (65%) of SMEs see the ageing workforce as an opportunity for their business to retain talent and experience, but only 21% stated it would be too risky for their business to employ an older workforce.
More than one third of respondents (35%) said international trade laws and sanctions were likely to be liberalised by 2062. And more than a quarter (27%) believe SMEs will be able to trade anywhere in the world in 50 years, with no physical presence required.
Twenty nine per cent of respondents predicted everyone will own a 3D printer in eight years, enabling the ordering and printing of goods.
Robotics will also play a critical role in SMEs delivering services at home, with half of the respondents (50%) saying that robotics will deliver SME services, such as plumbing, by 2062.
Science fiction writer Alastair Reynolds, who was the keynote speaker at the event, told delegates that the future could spell the end of the traditional business centres and the prospect of robotic workers taking over odd jobs.
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