Despite concerning job cuts, recent reports suggest that the trend of workers having the upper hand in the labor market will continue into the new year. In 2023, organizations are expected to face historic challenges: a competitive talent landscape, an exhausted workforce, and pressure to control costs. Job seekers have their sights set on the total package, which includes enjoyment and fulfillment in their role, in addition to a hearty salary and benefits package. The name of the game: Adapt or Die. Here are a few trends to keep a lookout for in the coming year.
According to Glassdoor and Indeed’s Hiring and Workplace Trends report, 2023 will continue to see a tight market with employers vying for top talent and will likely have to take a back seat to employee demands. Employers who are willing to offer the provision of flexibilities, like a remote/hybrid schedule or accommodating working parents will gain their loyalty in return. A happy employee equals a productive employee, and they need to feel a mutual investment from both parties.
As of December 2022, more than 90% of our clients are either working in the office or offering a hybrid schedule. Except for positions in IT/Technology we’re not seeing as much remote work being offered.
Hustle culture is a trend of the past and while remote work was a benefit for some, it has obscured the line between a work-life balance. The glorification of working long hours in the pursuit of success has led to workers feeling defeated, disengaged, and burned out. Employees have become less willing to sacrifice their health and personal lives for work as they realize the greater importance of disconnecting. In a recent Gallup analysis, over 50% of employees say their manager or organization could have done something to prevent them from leaving their job. Companies will be pressed to find ways to invest in their employees, from upskilling or tuition reimbursement to more creative and flexible compensation packages.
Employers must prioritize the demands of employees by having conversations at the employee level often intercepting problems before they occur, or otherwise offering a path toward resolution. Measuring and understanding employee well-being is becoming a vital way to attract and retain top talent. Over 50% of employees place a high value on mental health care and the support they are offered by their employers, stating that their mental well-being at work impacts how they feel at home. Additionally, eight in ten U.S. workers surveyed by the American Psychological Association said a perspective employers’ approach to mental well-being would be “an important consideration” when job hunting. Employers must take an inclusive approach, when adapting to new policies and procedures, toward both prospective and existing employees.
Increasingly trending, DEIB (Diversity, Equity, Inclusion, and Belonging in 2023) will remain a critical factor in a company’s ability to drive success. Organizations placing DEIB at the forefront of priorities will transform how their employees work and relate to each other. More companies are expected to partner with DEIB and HR to lead their people – from the C-suite to entry-level employees – with an inclusive approach. Employees want their companies to “walk the walk” by implementing DEIB strategies toward impactful change.
2023 holds the potential to be a banner year of adaptation to perpetually changing trends within the labor market. Organizations willing to put emphasis on the influx of employee demands will thrive, while others will see a noticeable decrease in employee retention and productivity.
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