Original article: https://www.exandpstrategy.com/post/why-should-companies-look-to-invest-more-in-research-in-2023
Source: OECD Data Nov 2023
US economic indicators for 2024 points to return of labor demand and a more aligned labor supply vs demand. The economy is projected to grow at a decent rate at 1.5% with higher projected growth in 2025. The trend also sees the labor demand exceeding labor supply, which may be a welcome sign for many job seekers in the USA. Another good trend is the falling inflation rates which would mean that industries would be doing better due to increased spending power of the consumers.
2023 saw many industries and companies shrinking back not just on experience research and design efforts and staffing, but digital spend altogether. An improved market in 2024 would mean that companies would scramble to hire fast in Q1, with limited talent on supply, likely causing UX wages to increase to higher levels in 2024. As mentioned in the previous article published in 2023, a knee jerk reaction is not the smartest move, and companies that invested in research and design in 2023 instead of cutting back would naturally be in a better position to capitalize on the improved market conditions off the gate, with thougttful and well researched product roadmaps. The good news is that, it is better late than never. Now is the time to double down on Investments in research and design ASAP.
Wondering where to start? eX&P Strategy can help with a suite of research and design services to meet all your market needs. Write to venu@exandpstrategy.com with your specific needs and we can tailor a customized plan for your organization.
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