Predictions we #nailed
1. Purpose for Purpose: As organisations continue to grapple with the post-pandemic world, climate change, and social justice issues, employees are increasingly looking for a sense of purpose in their work. The race to develop, deploy, and embed a strong Purpose and EVP pushed organisations into a flurry.
2. Money Returns: We all are feeling the pinch of the global economic position, and many employees have been struggling to make ends meet. As a result, organisations have had to find ways to provide financial support to their employees, whether through bonuses, pay increases, or other forms of compensation.
3. Jobs get Crafted: Many organisations felt the talent squeeze and had to rethink their job roles and responsibilities. This led to a renewed focus on crafting jobs that are more agile, adaptable, and flexible.
4. Work from Home stays: It’s clear that this trend is here to stay. With employees now more accustomed to working from home, organisations have met the social push by supporting and managing new ways of working, including extended work-from-anywhere options.
5. Rage fuels Resignation: Frustrated and disillusioned surfaced in rolling trends of rage quitting and then silent quitting. Employees were also more vocal to express their dissatisfaction leading to organisations scrambling to implement employee retention programs and taking engagement seriously.
6. Wellbeing Plummets: The post-pandemic world has had a profound impact on employee mental health and well-being. With so many people feeling isolated and stressed, organisations have had to find ways to support their employees and address their mental health needs. In Australia, new legislation in NSW even placed responsibility on employers to manage psychosocial risks.
7. Leadership is Paradoxical: Leadership evolves to become increasingly complex and paradoxical. Leaders are expected to be both decisive and flexible, both visionary and pragmatic, and both strategic and operational.
8. Learning meets Resilience: Keep up or lose out! Organisations are realising that they need to be more resilient in order to survive. This has led to a renewed focus on learning and development, as employees and organisations alike seek to build the skills and knowledge they need to navigate an uncertain future.
Predictions that made headway #nearlygotthere
1. Neuro-diversity is here: DE&I has seen evolutions to acronyms such as JEDI (Justice, Equity, Diversity and Inclusion). The evolution of DE&I is in itself becoming more inclusive as organisations are starting to recognise the value of neuro-diversity in the workplace.
2. Recruitment goes viral: A lot of organisations tried to move the dial here, but due to the labour market being so tight, a lot of the effort resulted in minimal gain. Moving forward to stand out, organisations have had to find new ways to reach and engage with potential candidates, often turning to social media and other digital platforms to do so.
Overall, 2022 has been a year of unprecedented change and uncertainty, but it has also been a year of growth and learning. As we move into 2023, it’s clear that organisations will need to be more agile and adaptable. Here are some of the key themes and trends we expect to see in the world of work.
1. Immigration turns back on: With borders reopen we expect to see a resurgence in immigration as people and businesses look to capitalise on new opportunities.
2. Skill gap widens: As technology continues to advance at a rapid pace, the skill gap between workers is set to widen even further. Upskilling and reskilling programs become essential.
3. Triple Squeeze: As the cost of living continues to rise, workers are facing a triple squeeze: stagnant wages, increased living costs, and a lack of affordable housing. While there is some good news in wage growth for Australia, is it too little too late?
4. Cost of talent rises: The demand for top talent is only set to increase in 2023, and as a result, the cost of hiring and retaining that talent is also set to rise.
5. Moving seats: How’s your mobility process looking? We expect to see more and more employees moving around within organisations. This could mean more internal transfers, promotions, and even changes in job function.
6. Possibility trumps potential: Potential, although a strong driver for achievement can also be very limiting. Those that cling to the status quo or prioritise potential over possibility are likely to be left behind.
7. Social Intelligence: As the world becomes increasingly interconnected all eyes will be on the position an organisation takes on particular topics. Social intelligence will become an essential skill for organisations and employees.
8. Ways of working: The pandemic has accelerated the shift to remote and flexible working, and this trend is set to continue in 2023. This is not going away and will only evolve further!
9. Automate, digitise, and offshore: With the ongoing digital transformation, organisations will look to increase effectiveness and efficiencies through automation and digitialisation.
10. ChatGPT in your workforce: As businesses become more data-driven, ChatGPT can help organisations to extract insights, automate repetitive tasks, and assist fast-paced businesses to focus on higher-value tasks.
As we move into 2023, it’s clear that we are locked in for another exciting year of continued evolution and rapid pace. Is your organisation prepared? We are here to help, reach out today and the team at Red Wolf Group can discuss the best solutions for your organisation!