We didn’t need a crystal ball to compile the five biggest workplace trends for 2023. That’s because many of these trends had already gained momentum over the last two years. However, businesses must be aware of them as they can have a major impact on your ability to attract and retain the best people.
Read on to discover five workplace trends that we predict are going to be increasingly important in 2023.
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Trend #1: The growing demand for flexible working
The idea of remote working or working flexible hours, has become widespread in many industries since the beginning of the pandemic, and it looks set to advance further as we enter 2023.
The 4-day Week Campaign emerged from 2022 with 2,500 people working at 100 UK companies trialling the four-day working week while being paid their normal wage. And it was hailed a success! Employers have reported no loss of productivity and huge gains for staff retention and wellbeing, with 86% of participating companies saying they are extremely likely/likely to consider adopting it permanently.
Of course, every business is different – and a four-day week won’t suit everyone. But employee demand – and expectation – for some form of flexibility is growing. The key lies in finding a solution which suits the needs of the employee and employer in equal measure.
Can flexi-working arrangements create a healthier and happier workforce AND a more productive business? Finding the answer might just be the key to improving employee retention as we enter 2023.
Trend #2: The power shift in the workplace
There is set to be a big shift in workplace dynamics as more and more members of Gen Z enter the workforce and senior positions are increasingly taken up by millennials. Surveys suggest that younger members of the workforce have less qualms about leaving their jobs and looking for new career opportunities if the company isn’t valuing them and providing them with the opportunity to progress and develop their skills.
Around 2 out of 3 workers said they were likely to leave their company due a lack of opportunity for developing their skills development and advancing their career. More and more staff are wanting to boost their skills and employability, so employers will need to be increasingly mindful of this demand.
Trend #3: The demand for greater autonomy
If your organisation finds itself battling away in the war for talent, then providing staff with greater levels of autonomy ought to be a priority in 2023. At a recent Bupa talk entitled: ‘Shaping the Future of Workplace Wellbeing’, the discussion centred on how healthcare needs to move away from a one-size-fits-all approach and shift towards an individualised one. That’s true of healthcare but also employee benefits more widely. Staff are looking for a greater sense of control over their health, working lives, and personal lives.
Today’s employees are more demanding. They increasingly expect more of a say in how they work, when they work, where they work, how their employee benefits are set up, and how their personal health is managed.
Thankfully, digital tools now make it possible to allow employees to tailor their benefits to their own needs. For example, digital benefits platforms allow employees to opt in to particular benefits and access health tools and support as and when they need it. This ensures that businesses can serve the individual needs of each employee.
If you want to learn more about how to better manage your employee benefit scheme and address the needs of your people, then arrange a FREE chat with one of the expert brokers at Engage Health Group. Call +44 (0)1273 974419 or click on the bottom right chatbox.
Trend #4: The growing global talent pool
Due to ever better connectivity around the world, the number of companies employing talent from around the world is set to continue in 2023. Flexible and remote working means employees can now work from anywhere in the world and also means that companies can hire the best talent from overseas.
UK businesses alone employ over 5 million people overseas – this is likely to continue increasing with technology enabling these businesses to find new international markets. Being able to work from anywhere also holds great appeal, especially following pandemic related restrictions. 75% of global workers believe that remote work is now the new normal.
Employing an international workforce can pose challenges for HR. This is particularly true when it comes to employee benefits. For this reason, it’s worth working with a consultant like Engage which has expertise in implementing international employee benefits schemes.
Trend #5: The increased demand for economic support
Our fifth and final 2023 trend prediction is the demand for more financial support, during a time of high inflation. Companies will need to consider whether they can provide further support to help their staff with the costs of living.
Organisations can be offering:
- Grocery discount schemes
- Financial advice and learning opportunities
- Traditional financial benefits, such as pension matching
- Sick pay insurance – to provide additional financial support if a staff member is off work due to sickness
- Life insurance – to ensure that a worker’s loved-ones are financially supported should they die
- Bonus schemes
It’s safe to say everyone has been impacted by 2022’s economic crisis so the expectation on businesses to financially help out staff where they can is going to be at an all-time high.
Further reading: A beginner’s guide to financial and non-financial rewards
Staying ahead of the game in 2023
As businesses continue to grow and evolve, they must learn to adapt to the shifting priorities of their teams. The best way to keep ahead of the game in 2023 is to speak to your staff and consider whether your employee benefits and protection plans are keeping up with what they want.
At Engage Health Group, we go above and beyond to ensure your employee benefit scheme is the best fit for your people and business. We specialise in negotiating with insurance companies and finding the best quotes – often not publicly available – all free of charge.
Contact us at [email protected] or call +44 (0)1273 974419 for FREE no-obligation advice and support.