Imagining Asia 2030: Eight Megatrends That Will Impact Asia
Exponential change is at our doorstep – be it environmental, political or technological. To name a few:
Microscopic particles of plastic are falling out of the sky with snow in the Arctic; trade wars are heating up and global trade and growth is cooling down; the development of artificial intelligence and its application in real life is accelerated.
The World Economic Forum states that we’re on the brink of experiencing a fourth industrial revolution. It will likely to be unprecedented in terms of velocity and scope and in the transformative impact it will have on all aspects of our daily lives. Some predict that we will see changes in the next five years on comparable scale to what we’ve experienced in the previous fifty years.
Center for Creative Leadership (CCL) recently conducted a study on Imagining Asia 2030: Future Fluent Asian Leaders, in partnership with ADP, to understand what the region may look like in the future, critical shifts it may witness, and their impact on societies, organizations, and leaders.
The research identified eight megatrends that will impact Asia in the next 10 years:
- Exponential Advancement in Technology: Technology will touch Asia in multiple ways. While on one side it may directly and adversely impact front-line workers, it will also enable Asia to leapfrog in domains such as healthcare, education, banking, etc.
- Rise of Asia: it is beyond doubt that Asia will be critical to the topline of most organizations. Thanks to the huge population in the region, Asia will not only be a lucrative market, but also the catchment area for talent.
- Changing Demographics: While a few countries in Asia are “graying” rapidly, Asia also will have the maximum number of working age people in the world. This changing demographic will have multiple (and complex) ramifications on the region.
- Rapid Urbanization: Asia will witness a spike in the number of megacities. While these centers of development will not only become fulcrums for economic development, they will also create societal and environmental issues.
- Deteriorating Sustainability: Since the majority of the continent is still developing, sustainability – both on human development and environment – will be a challenge in the future. Climate change, waste management, food security, water scarcity issues will come to the fore.
- Rising Economic Inequality: With more mouths to feed, poverty, and risk of “economic power” being restricted to a few, the region may face a big challenge of an expanding divide between “haves” and “have-nots”.
- Evolving Future of Work: Owing to technology enhancements, changing employee-employer contracts, different aspirations of next generation workers, etc., organizations, teams and the workforce of the future will look very different.
- Increasing Protectionism and Populism: Limited resources and opportunities in individual countries will result in an increasing narrative around “constructing higher walls” around national borders.
Those trends will impact organizations, societies and leaders in multiple ways. What would be the key takeaways? The study further points out that:
- Leaders in Asia will need to build new capabilities, and cultivate new mindsets to leverage critical capabilities and overcome new challenges.
- Organizations in Asia will need to plan ahead to exploit opportunities and manage threats presented due to the megatrends.
- Moreover, societies will need resilience to navigate vulnerabilities and manage constraints.
We will be hosting a webinar on 29 August to discuss in depth on what actions businesses and HR leaders in the region can take to be future-fluent and ready for the changes ahead. You may register here to join our dialogue with Sunil Puri, Head of Research Asia Pacific from CCL on the topic.