Today’s workplace is constantly changing. With it, numerous era-defining improvements are being made to how we select and keep elite talent, how we get things done, the ways and business models in which we run our companies, and much more.
Moreover, the fact that the modern-day workplace is under the heavy influence of globalization, automation, and economic shifts, makes an additional impact on the ever-changing business landscape, something that all people involved in business should understand and move forward in compliance with.
Put differently; business leaders need to stay ahead of the curve to remain competitive and demonstrate a comprehensive awareness of the most recent workplace trends to keep up with these developments. According to a recent survey, 80% of executives believe tracking the latest industry trends is essential to their company’s success.
However, many business leaders struggle with bad habits when it comes to decision-making. They may rely too heavily on gut instincts or fail to gather the necessary data to make informed decisions.
In this article, we’ll explore how to stop bad habits
when making business decisions and start tracking the latest trends in the industry to take your business to the next level. From remote work to automation, we’ll cover the top six work trends shaping work’s future in 2023 that you should know.
Continued Growth Of The Gig Economy
Experts believe hiring freelancers and contractors will further blossom and become the most popular way companies employ talent in 2023. As remote work becomes more prevalent, businesses are turning to a flexible workforce to fill skill gaps and manage workloads. However, managing a remote and dispersed workforce can be challenging without the right tools.
That’s precisely where a good contractor management platform should come in. These platforms provide businesses with a centralized location to manage contracts, track time and expenses, and ensure compliance with legal and financial regulations. As a result, these platforms will become an essential tool for businesses looking to stay competitive in the future of work and hire the best talent out there.
Gen Z Entering The Workforce
Born after 1997, Gen Z is the first generation to have grown up with technology fully integrated into their lives. This generation is tech-savvy, socially conscious, and highly educated. They value flexibility, work-life balance, and opportunities for personal growth.
Employers must adapt their recruitment, management, and retention strategies to attract and retain Gen Z talent. By providing a positive and inclusive work environment, offering flexible working arrangements, and providing opportunities for personal and professional development, employers can attract and retain top Gen Z talent.
Flexible Work Hours And Remote Work
The freedom to work from anywhere, at any time, is what attracts modern employees, therefore, the regular “9 to 5 work schedule” may soon become obsolete. These shifts suggest a shifting landscape, especially when combined with the disruptive forces of technology. In reality, workers these days naturally prefer a more flexible work schedule. And there are many reasons to think that the work schedule modification is long overdue.
Some employees claim they would choose a flexible schedule over healthcare since they have such a strong preference for agreeable work schedules. These days, a lot of businesses have adopted flexible work hours as a result of the trend. As an illustration, eBay has launched the eBay@Home program for customer care agents. At the same time, the UK Labor Union fights for the introduction of the so-called 4-day workweek, something that we expect to see in the years to come.
Investing In Employee Wellbeing
With the shift towards remote, employee mental and physical health is taking center stage. Employers are recognizing the importance of promoting employee well-being and are investing in programs and resources to help employees maintain a healthy work-life balance.
This can include offering mental health support, promoting physical activity, and providing access to healthy food options. Additionally, employers are also investing in technology to help employees manage their mental and physical health, such as mental health apps and virtual fitness classes.
Employers can improve employee engagement, productivity, and overall job satisfaction by prioritizing employee well-being, leading to a more prosperous and sustainable business.
Gender Equality
The concept of gender equality has been around for quite some time, but that hasn’t stopped people from discussing it. Over the past few years, we have witnessed intensive diversity campaigns to increase the number of women who hold senior leadership roles. Although we have not arrived at our target just yet, positive change is on the horizon thanks to the involvement of businesses and nations.
It is beneficial and morally right to provide women the opportunity to manage their enterprises. According to recent studies, businesses with women in leadership positions have a 50% greater chance of outperforming their competitors. As a consequence of this, businesses are racing to investigate these benefits, and the gender gap is getting smaller by the day. The movement toward gender equality is gaining momentum, and we believe that businesses will continue to appoint women to senior positions in the years to come.
Benefits Will Play A More Significant Role In Recruitment Efforts
In the following year, we also anticipate seeing increasing importance of benefits in the worker compensation packages that companies will offer to their prospective employees. As a matter of fact, according to a Gallup report, 64% of U.S. employees name “pay and benefits” increase as a critical factor for accepting a new job position. As you can tell, U.S. job seekers find benefits to be an essential factor when looking for a job, second only to salary.
For that treason, with the continued talent crunch in the labor market, many companies will turn to incorporate more attractive and comprehensive benefits packages to attract and retain top talent.
Non-traditional benefits like financial wellness programs, access to fertility treatments, and pet insurance won’t be uncommon benefits in the following year, as they are already highly sought after by the U.S. workforce. Furthermore, as an increasing number of U.S. states move in the direction of complete pay transparency, job seekers will also turn to benefits as a real negotiation tactic. Parental leave, 401(k), and increased vacation days are just several of the many avenues job seekers will leverage to increase the value of their compensation package.
Final Thoughts
In conclusion, the future of work is rapidly evolving and will continue to do so in 2023 and beyond. For one, companies of all sizes are set to face historical challenges with the competitive talent landscape, exhausted workforce, and the pressure to control costs. For that reason, executives must become savvy to snag in-demand talent by focusing on employee mental health and maintaining high ethical levels around the workplace to achieve that.
The six high-impact trends mentioned above can create an exciting, one-of-a-kind opportunity for your organization to differentiate itself as the employer of choice. Therefore, we strongly suggest you do everything within your power to adopt the above-mentioned trends and use them to create some leverage for your company in the labor market and stay competitive. With the right mindset and approach, your organization will indeed thrive in this new world of work.
