What's In Store For Work in 2023
What’s In Store For Workers In 2023?
As 2022 draws to a close with more than 30 percent of Americans back in the office full time, researchers are already looking ahead to what 2023 has in store for the workforce. And not surprisingly, it isn’t all sunshine and rainbows.
According to the most recent Employee Experience Report compiled by the experience management firm Qualtrics, 2023 will be the year that “employees restructure their relationships with work.” What that actually means will become clearer as the new year unfolds, but based on the responses of the nearly 29,000 people surveyed worldwide, here are three workplace trends we can expect to see in 2023:
- Work-life balance will remain critical: The pandemic definitely made many of us reevaluate our views on work and where it fits into our lives, and understandably so. Unfortunately, the workers surveyed noted that their satisfaction with their work-life balance is on the decline, with more than 70 percent of them saying it’s gotten more difficult to keep up with the demands of their job while managing their personal and family life. However, companies that encourage and support work-life balance will find themselves reaping the benefits. Over 60 percent of employees who believe they have a good work-life balance said they’re willing to go the extra mile for their organizations. Plus, they’re nearly 20 percent more likely to plan to stay with their company for at least three years.
“Although many companies are stretched thin, figuring out a way to promote work-life balance is crucial for survival,” said Patrick Moraites, a partner and VP at Tampa-based Axis Group. “That’s what’s going to keep employees happy and ideally prevent them from leaving.”
- Shared values will continue to be a vital piece of the puzzle: It used to be that showing up, collecting a paycheck and clocking out at 5 p.m. was all that mattered to employees. Alas, those days are long gone. Now, workers want to be part of organizations that share their values. In fact, the survey revealed that when employees believe their company’s values align with their own, they’re almost a quarter more likely to stick around for three years or more. Additionally, they’re 17 percent less likely to be at risk for burning out. There is one caveat to those numbers, though: employees need to also feel that their company offers room for advancement. But because fewer than two-thirds of respondents expect that their current company will be able to help them meet their professional goals, the probability that many of them will seek career opportunities with other organizations is high.
“We all want to feel good about the place we work because it does reflect on us as individuals,” Moraites said. “But companies also need to make sure they’re promoting a culture of growth and development for their employees. Otherwise, they’re going to lose their best and brightest employees, and that’s something that few companies can afford.”
- Working smarter, not harder, is the name of the game: There’s nothing more frustrating than trying to work efficiently but constantly getting bogged down by organizational bureaucracy. According to the survey, however, that’s exactly what is happening to many workers. Less than 65 percent of participants said that their work processes are helping them be more productive, and roughly the same number noted that the technologies being used aren’t making things any better. Those factors are major contributors to employee burnout and the data backs it up. Of those surveyed, more than 30 percent of people said they feel “emotionally drained” by their work. That’s never a good thing.
“Most employees want to do a good job but having to deal with inefficiencies and red tape can definitely get old fast,” Moraites said. “Employers should continue to seek feedback from their team members on how processes can be improved. It can make all the difference in the world not only from a productivity standpoint, but also in terms of retention.”
If there’s one message that comes through loud and clear from the data gathered in this survey, it’s that employers need to pay close attention to what their employees are experiencing during their workdays. If they don’t, they’re likely to face an uphill climb with their recruitment and retention efforts, both of which can be costly, time consuming and frustrating. So how can they promote employee morale while putting in the work that’s required to grow their companies? The answer might lie in hiring a Professional Employer Organization.
A Professional Employer Organization, or a PEO, is a single-source provider of integrated services that allows business owners to outsource many of their administrative and employment-related tasks. Whether you’re looking for payroll processing assistance, risk management and safety guidance or help with tax and labor law compliance, a PEO can take a lot of work off your plate. But for organizations who lack a dedicated human resources staff, PEOs can be a truly outstanding source of support. They can:
- Create onboarding and training protocols for new team members
- Set up wellness and mental health programming
- Educate team members on benefits that are available to them
- Develop professional development opportunities to support employee advancement
- Build comprehensive employee handbooks to clarify responsibilities, processes and procedures
Plus, should any of your employees experience health issues as a result of stress inside or outside the workplace, a PEO can help there, too. Because they’re able to leverage economies of scale, PEOs can connect small business owners with high-quality, affordable insurance plans and benefits they might not be able to access on their own. That can certainly go a long way when it comes to retention and recruitment!
As we approach 2023 – and brace for all the challenges that are bound to come with it – now may just be the ideal time to consider a PEO.
“Every company’s needs are different,” Moraites said. “But if you’ve been wondering whether a PEO might be a good fit for your organization, we’ll be more than happy to sit down with you and walk you through your options. After all, who doesn’t want to start the new year on the right foot?
To schedule your no-obligation consultation and learn more about what a PEO can do for you, please contact us today. We’re looking forward to meeting you!