Considering the ever-changing workplace in 2022, it is clear that it was quite the rollercoaster ride. With the shift to remote work, inflation, layoffs, and predictions of a recession, we’ve seen a lot of changes.
To keep up with rising prices, employees will need to ask for promotions, raises, or even look for positions with higher salaries.
In a tight job market, employers will focus on recruitment and retention activities.
Together with technological innovation and the need for companies to prioritize employee well-being, 2023 promises to be a year full of challenges and opportunities. Which workplace trends will have the biggest impact in 2023?
Expansion of benefits
In today’s workplace, employees expect to receive both yearly scheduled raises, cost-of-living raises, and other inflation-related adjustments as well as bonuses in recognition of exceptional work, as well as appreciation and adequate compensation for the time, work, and effort they put into a company.
Employers should provide workers with more affordable health benefits and tools and programs to improve their financial status.
Many workers expect their employers to improve their traditional benefits (such as pension matching), but they also want new things like fertility treatments, pet insurance, emergency savings funds, mortgage assistance, and even cryptocurrency payments.
The ongoing talent crunch in the employment market has led to many large employers offering comprehensive benefits packages in an attempt to attract and retain top employees.
With competitive compensation (salaries and bonuses), immediate employer pension matching, and share options, companies are vying for the best talent.
There is no substitute for flexibility
Millions of professionals strive for work-life balance. Candidates will seek companies that promote work-life integration in 2023: being able to work when it’s convenient and take care of personal responsibilities when necessary.
Remote work has become the norm for 75 percent of workers around the world. As a result, the advantages (no commuting time, for instance) far outweigh the negatives (no connection with coworkers).
As a recession threatens to increase living costs, workers are unwilling to spend extra on fuel and morning lattes. It is clear that home, remote, and hybrid working arrangements are not just a hangover from the lockdown and the pandemic, but are set to become more common in the near future.
2023 could mark the end of the five-day work week along with the daily commute. Over 3,300 workers at 70 UK companies began working a four-day week in 2022 without losing pay as part of the world’s largest trial of the new schedule.
There is a likelihood this number will rise in 2023, as more companies implement flexible hours, allowing employees to balance work with parenting responsibilities and education.
A four-day work week, or shorter working hours, will allow companies to compete for the best recruits, even against more lucrative compensation packages.
There are currently open roles for engineers, designers, and analysts at French companies like Deezer (the second largest independent music streaming company in the world).
From employee onboarding to multiple learning opportunities, Deezer is particularly proud of its international and passionate team.
In addition to benefits such as health insurance and transportation subsidies, the company offers gym memberships and allowances for sports, travel, and cultural events.
The importance of happiness
There’s more to well-being this year than just buzzwords. Workplace well-being refers to how the workplace – your duties, expectations, stress level, and the environment – affects your overall health and happiness.
Burnout remains a high risk. Eighty-nine percent of professionals reported experiencing burnout in the last two years, and 80 percent said they were more burned out now than they were at the beginning of the pandemic.
In order to counteract this, employers will need to invest in a variety of countermeasures: better workforce planning to better predict what skills/roles are needed and how many are needed, more generous hours and/or flexible schedules (including time off for recharge), mental health and well-being tools and techniques, as well as expanding support to woo groups who left the workforce.
The company must also improve communication frequency, engage employees’ common interests, and find ways to create a sense of integration and belonging for both in-person and remote employees.
What works for one business might not work for another when it comes to employee well-being.
Wellness programmes that cater to employers’ needs will result in a happier, healthier, and more engaged workforce in the long run, according to experts.
Progressive companies like tech start-up Multiverse are leading the way in wellness benefits.
Aside from offering medical insurance with Bupa, a medical cashback scheme, and life insurance, Multiverse provides all-in-one mental health support as part of its commitment to employee wellness.
In addition to 27 days of holiday, plus six additional days off, the company holds regular team-building events to encourage employee integration. Additionally, it provides short-term disability, compassionate leave, and time off for employees and their families.
It’s evident employees are increasingly empowered as priorities in work and life change in 2023, as the world of work continues to evolve. Now that a new year has begun, it’s time to assess your options. Identify your path and plan your next steps accordingly.