09/28/2022

Keeping Pace with Members’ Increasingly Dynamic Needs

Today’s dynamics are more complicated than in years past

A mere 20 years ago, a song typically stayed on the Billboard Top 100 charts for 20 weeks. Right now, it's closer to two weeks. Similarly, the skillset that would once last your whole career now requires a complete refresh every three to five years. Corporate longevity is also rapidly changing: in 2020, the average company lifespan on Standard and Poor’s 500 was just over 21 years, compared with 32 years in 1965. It's expected to fall even further throughout the 2020s.

The half-life of relevance has never been shorter, and it's no wonder: Technology advancements, cultural shifts, pandemics and global conflicts are reshaping the world at record pace. And the resulting change isn't just happening faster — it's happening in a more profound way.

Facing this barrage of uncertain and chaotic external forces, people are rethinking who they are and what matters to them. In an Accenture survey of 25,000 global consumers, released in July 2022, 60 percent of them told us their priorities are changing based on global events. Nearly the same number say they've completely reassessed their life purpose and values in 2022, up from 50% in 2021.

Please select this link to read the complete article from Harvard Business Review.