Forrester Europe Predictions 2022: One-Third Of Companies Will Fail At Anywhere Work, And It Won't Be The Virus' Fault
10/26/2021 | 06:06am EDT
LONDON, October 26, 2021 - According to Forrester's (FORR: NASDAQ) 2022 Predictions for Europe, released today, by mid-2022, 50% of billion-dollar companies will have implemented some type of vaccine mandate. While mandates will lead to complications, they won't be the cause of most return-to-office failures. Those will result from the fact that 60% of companies that shift to hybrid work models won't do it right and will still design employee experiences - meetings, job roles, and promotion opportunities - around face-to-face experiences.
Forrester's Predictions reports analyse the dynamics and trends in different industries and disciplines, including technology and innovation, customer experience (CX), employee experience (EX), and marketing. These insights showcase Forrester's bold calls for the next year, helping business and technology leaders see around the corner, craft a clear vision, and gain a competitive edge to thrive in the year ahead. In 2022, the demands of customers - for seamless cross-channel experiences, convenience, reassurance, and commitment to environmental, social, and governance values - will only grow stronger.
Additional select highlights from Forrester's European 2022 Predictions include:
More than half of European consumers will buy from brands that match their values.
According to Forrester Analytics data, 69% of European adults wish more companies were transparent about their business practices. Forty-seven percent of Europeans say they regularly purchase from brands that align with their personal values, including 62% in the Netherlands, 57% in Spain, and 55% in Italy. In 2022, Forrester expects a 15% increase in those averages.
Greenwashing will dwindle as more EU firms appoint chief sustainability officers. Forrester's 2021 data reveals that just 34% of consumers trust companies when they say they will commit to reducing climate change. Looking ahead, 25% more European companies - especially in financial services and retail - will hire chief sustainability officers to promote action.
European businesses will invest between €2.4 billion and €3.3 billion in automation to boost productivity. European enterprises have been investing in employee productivity automation tools such as digital process automation, digital decisioning platforms, workforce optimisation, and robotic process automation. In 2022, this trend will continue, particularly in low-wage sectors including retail and hospitality.
The number of bank-led lifestyle apps will double as banks respond to open finance. The EU and UK have already consulted on open finance, a push that will yield more data sharing between financial and nonfinancial firms. 2022 will see the number of banks offering lifestyle platforms Using "super apps" like India's Paytm, Indonesia's Sea, and Alipay and WeChat in China as inspiration, though globally, bank-led lifestyle apps will still number fewer than 50.
A ransomware attack will hit a major financial market, forcing a cyber insurer exit. Ransomware attacks occur every 11 seconds, and extortion demands have ratcheted up by 300% in a single year, putting big dents in a once very profitable line. Emboldened by past success, bad actors will continue their assaults. At least one top-10 cyber carrier will cease writing new business.
"Although 2022 is anticipated to be less volatile than the two preceding years, it will remain far from a stable new normal," said Laura Koetzle, VP and group director at Forrester. "Faced with pandemic-induced changes, supply chain disruptions, and tectonic shifts in consumer behaviour, the ability to act quickly and intelligently has never been more critical for organisations across Europe. In this environment, those with a solid foundation of insight, strong customer understanding, and a backbone of smart technology investments will emerge as winners."
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Forrester Research Inc. published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 10:05:07 UTC.