5 Trends People Professionals Can Benefit from in 2023!
The year 2023 is anticipated to be full of unprecedented opportunities, where a hybrid work mode, four-day workweek and possibilities of a metaverse workplace are on the horizon.
These are only a handful of innumerable possibilities people professionals will need to consider in the post-COVID era. As a third of the world's population is now working remotely, people professionals will have to look out for innovative methods and models on positive and holistic approaches for employee wellbeing and low turnover.
The changing patterns in work-life have affected us all and have reminded us of the need to create an environmentally-positive workplace culture.
As the work-life balance intertwines with factors such as financial stability, emotional and physical health, and overall wellbeing, people professionals might need to go the extra mile to retain the workforce in 2023.
The top 5 most trending concepts that will benefit peoples professional are:
- New flexible work strategies
- Pay parity, bonuses and incentives
- Gamification and employee wellbeing activities
- Metaverse meetings
- Four-day workweek
Let’s talk about them in detail:
Remote work is here to stay!
With astronomical changes forced by the pandemic and high inflation in 2022, no one really knows what lies ahead for 2023. That said, one thing is for sure: People professionals will need to frame new strategies revolving around "flexible working," as remote working is not going anywhere.
According to a hypothesis presented in Deloitte's report on human capital trends 2021 survey, "executives are still missing the importance of connecting worker wellbeing and work transformation." It suggests “organizations that are able to integrate wellbeing into the design of work at the individual, team, and organizational levels will build a sustainable future where workers can feel and perform at their best.”
Working on a hybrid work model will prove to be beneficial. A hybrid work model is a combination of in-person and virtual working. But what sets it apart from other work models is "autonomy."
For people professionals, supporting their employees' autonomy propagates trust, i.e. believing in the ability of your employees to get the job done. Relying on your employees and demonstrating that you care about their wellbeing and individual growth at the same time is the core idea of hybrid working, which comes with recognizing employees' autonomy.
Taking the autonomy away from them ruins the whole idea behind the hybrid work model. It is not entirely hybrid if companies decide when the employees show up at work. This is what people professionals will have to work on in 2023.
Treating employees with bonuses and pay parity ensures low turnover:
Retaining employees in the new year will undoubtedly be challenging. Why so? Well, simply because people now have more options than they had before the pandemic. With the work-from-home option, which has become the “new normal,” you can only retain your employees if they get value for their work.
The rising cost of living is another factor. Maintaining financial stability is stressful as an employee will not stay with an organization that underpays or offers poor incentives.
According to a study by the Economic Policy Institute named “The Productivity–Pay Gap,” productivity multiplied 3.7 times as much as pay, with productivity standing at +64.6 percent and hourly pay +17.3 percent in 2021.
People professionals will need to work on ways to offer above-average salaries to employees. It will help people want to work with your organization and build loyalty.
Bonuses from time to time and increments and pay parity have always been powerful tools. It gives a sense of appreciation and builds trust in the organization, which is crucial for maintaining work welfare and employee wellbeing.
It will be even more vital in the new year to work on strategies that ensure employee wellbeing to avoid a stressful work environment and encourage mindfulness.
Sprinkle in some extra confetti to lighten the work environment!
Gamification helps encourage employees to participate more, become social, express themselves and work harder. Yes, employees work harder when they feel appreciated and rewarded for their sincere effort.
According to statistics by Finance Online, 83 percent of employees who undergo gamified training feel more motivated toward daily work. The same study says that while 61 percent of employees receive gamified training, 49 percent of those who receive non-gamified training feel bored and lose interest.
Respondents, around 88 percent, revealed that gamification made them feel happier and encouraged at work, while 78 percent believe companies would be more desirable if they had a gamified recruitment process.
As per eLearning Industry statistics, 71 percent of employees affirmed increased energy levels, while 66 percent reported reduced stress levels.
All this proves that gamification ensures strong teamwork. Happy people, more revenue!
The formula is that basic. People professionals need more strategies in 2023 to strengthen teamwork using gamification -- rewarding team members on various parameters, such as efficiency, speed, and outcome while making it fun at the same time. This can be achieved via a digital tool, which helps in promoting employee happiness.
Metaverse is the future!
Metaverse is changing the way we think. There is absolutely no doubt that the time is not far when we will be virtually present in places we can't be and carry out business, dates, gatherings, social events, and other unimaginable things. What seemed to be an illusion a few years ago is not changing into reality with the metaverse.
Meta’s report on future workplace trends that would define the future says that 62 percent of people want to engage virtually with their avatars for collaboration via digital media. On the other hand, 60 percent of businesses want to incorporate VR headsets in their workplaces by the year 2024. The world is changing at rocket speed thanks to the hybrid revolution that has opened doors to innumerable possibilities.
As a third of the world is now working remotely, a metaverse work environment can help bring people to feel a sense of belongingness to an organization despite working miles away.
Around 66 percent of employees, according to the report, think that metaverse will replicate the sense of togetherness that comes from working in an office, while 68 percent are positive a sense of belonging will grow should organizations create a realistic virtual environment.
Meta is not the only one thinking about the future prospects that lie ahead for the new year. Gartner, a reliable source for business insights, says 30 percent of the organizations globally would have products and services ready for the metaverse age by 2026.
Four-day work week turning into a global possibility:
The year 2022 saw many countries piloting a four-day workweek model; Belgium, the U.K., Spain, Japan, the UAE, etc. to name a few.
While some countries are rooting to enter the new work model into their legislation, some are still skeptical about the transition. This further underlines the need for more pilot studies as we try to figure out the future working life. Will it be a hit or a fail is for time to tell.
The U.K. started a six-month trial based on the four-day workweek model, with the participation of 3,300 employees. The trial will end in January 2023, but the country is already experiencing positive effects, hailing it as "extremely succesful" already.
Inspired by the success rate in the U.K., as the large majority of companies - some 86 percent - said they are "extremely likely" or "likely" to consider continuing the four-day week policy after the trial, Scotland and Wales are rooting to join the movement in 2023.
According to a survey by Joblist, 94 percent of U.S. job seekers want a four-day workweek. Around 51 percent said in the survey that they are better able to do their jobs to a maximum extent in 40 hours or less, while 85 percent said a shorter work week is logistically possible for them. This is not all, as 28 percent said they were ready to have their pay cut in exchange for a four-day workweek.
There have been mixed reactions though, as companies are apprehensive that such a work model might affect output or put more stress on their employees. Though employees get to work four days a week, they will have to deliver their 100 percent nonetheless. This means doing a five-day job in four days, which can raise stress levels, make employees feel underpaid, less compensated, or cause negative feelings.
On the other hand, people say they are much happier working four days a week and can perform better. The motivation behind this is they get their sweet time to spend with their families and friends or have a relaxing weekend that helps them to focus better.
To wrap it up:
People professionals will have a more serious role in 2023 as the world is shifting quickly to new means of working.
War, rising inflation, high cost of living, instability in the market, and more, we are heading to a world of uncertainties. While the pandemic is still not over, the ongoing war has added fuel to the fire, gravely affecting lives worldwide. How high the inflation will go, is the world heading to a new economic depression, or what more obstacles we might face are only a few of the questions that have come to the fore. Therefore, making it all the more important for people professionals to stay well-prepared for the new year.
While some companies are open to transitions, others are still hesitant. People professionals would most likely need to work on pilot programs to achieve better results and ensure employee wellbeing. Using a data-driven digital tool that can help assess employee wellbeing holistically, financially and physically will result in retaining top talent, low turnover and achieving greater outcomes.