By Suzie Coen
There’s no question that 2022 was a rollercoaster year when it comes to the ever-evolving workplace. We’ve seen a further shift to remote work, inflation, layoffs and now there are predictions for a likely recession.
For employees, that will mean asking for promotions, raises or even looking for positions with higher salaries to help them keep up with rising prices.
On the employer side, recruitment and retention activities will take centre stage as workers continue to have leverage in a tight job market.
Combined with a need for further technological innovation and a necessity for companies to prioritise employee well-being, 2023 promises to be a year full of challenges and opportunities. So, what are the most impactful workplace trends for 2023?
Today’s workforce wants to feel both appreciated and adequately compensated for the time, work and effort they put into a company, and now expect yearly scheduled raises, cost-of-living raises and other inflation-related adjustments as well as bonuses in response to exceptional work.
Workers expect their employers to offer more affordable health benefits, as well as providing tools and programmes designed to bolster their financial well-being.
And while most workers expect their companies to improve traditional benefits (such as pension matching), they’re also looking for new offerings such as access to fertility treatments, pet insurance, an emergency savings fund, mortgage assistance or even being paid in cryptocurrency.
Given the ongoing talent crunch in the employment market, it’s no surprise that many large employers are turning to comprehensive and generous benefits packages to attract and retain top talent.
The company also offers attractive benefits such as medical, dental, prescription and vision coverage from the first day of employment.
Those with an eye on career development and upward mobility should note that Siemens provides education and tuition reimbursement programmes as well as fostering internal promotion and growth paths.
Flexibility is key
The concept of work-life balance has long been a goal for millions of professionals. In 2023, more candidates will look for companies that promote work-life integration: being able to put in hours when it suits to take care of personal responsibilities when needed.
A whopping 75 per cent of workers globally believe that remote work is the new normal. Quite simply, the benefits to their life (no commuting time, for instance) far outweigh the negative aspects, such as a lack of connection with colleagues.
With a recession threatening to further increase the cost of living, workers don’t want to spend extra money on fuel and their morning lattes.
Far from just being a hangover from the times of lockdown and the pandemic, research and supporting statistics show that home, remote and hybrid working arrangements are set to become standard.
Along with the daily commute, 2023 could be the year that we wave goodbye to the five-day working week. In 2022, more than 3,300 workers at 70 UK companies started working a four-day week with no loss of pay in the world’s biggest trial of the new working pattern.
This number will boom in 2023, as it’s likely we’re going to see more companies adopting provisions for flexible hours, allowing employees to fit parenting responsibilities as well as educational opportunities around their job.
Companies offering a four-day work week, or shorter working hours, will stand an excellent chance of competing for the first pick of the best recruits, even against companies with more lucrative compensation packages.
Leading the way for future workplaces are French companies such as Deezer (the second largest independent music streaming company in the world) with current open roles for engineers, designers and analysts.
Deezer is particularly proud of its international and passionate workforce and fosters a dedicated and impressive DEIB culture starting right from employee onboarding with multiple learning opportunities.
Beyond expected benefits like health insurance and transportation subsidies, the company offers gym membership, allowances for sports, travelling and cultural events and best of all, is fully committed to a hybrid remote work policy.
Well-being is more than just a buzzword this year. Employee well-being is about how your job - your duties, expectations, stress level and the environment - affects your overall health and happiness.
The risk of burnout remains high. A Korn Ferry Study indicated that 89 per cent of professionals say they have experienced burnout in the last two years, and 80 per cent of that group says they’re more burned out now than at the start of the pandemic.
Employers will need to invest in a series of countermeasures: improved workforce planning to better predict what skills/roles and how many roles are needed, more generous hours and/or flexible schedules (including extra time off to recharge), tools and techniques for mental health and well-being, and expanding support for groups that may have left the workforce in an effort to woo them back.
Companies will also need to help improve their frequency of communication, appeal to and support employees’ common social interests, and determine ways for in-person and remote staff to connect more frequently to drive a sense of integration and belonging.
There's no one-size-fits-all when it comes to employee well-being, and what works for one business might not work for others.
Experts agree that employers who can proactively invest in a range of wellness programmes to suit differing needs will reap the long-term rewards of a happier, healthier, and more engaged workforce.
Multiverse’s commitment to employee wellbeing includes private medical insurance with Bupa, a medical cashback scheme, life insurance, and access to Spill––all-in-one mental health support.
The company fosters regular team social events for employee integration and time off includes 27 days of holiday, plus six additional days off. It also offers time off for employees and their families for illness, compassionate leave and short-term disability.
As the world of work continues to evolve in 2023, it’s clear employees feel more and more empowered to find the right fit as their priorities in work and life change. With a fresh start and a new year, the time is right to have a good look at your alternatives. Work out what your path is and plan your next steps accordingly.