Before we talk about these global workplace trends, let get some facts in place. The year 2022 came and presented high hopes for people to recover from certain financial mess either orchestrated by the COVID-19 pandemic or inflation and other financial irregularities. This patch-up and catch-up continued till later in the year when the news of layoffs began to make the rounds. The largest layoff of the year 2022 by a single company came from Meta which kicked out 11,000 employees in one swoop, a 13% of its staff count. Before this in July, e-Commerce giant, Shopify laid off 1000 workers or around 10% of its global workforce. The situation wasn’t different in Africa, particularly Nigeria. In November 2022, the Nigerian crypto exchange platform laid off 25% of its workforce. Earlier in September, Nigerian digital bank, Kuda laid off 5% of its workforce. Bordering on the various reasons presented by the management of the companies highlighted, we can draw inferences and blame the impacts of the economic downturn or a case of quick expansion.
What does this means going forward?
Even with these layoffs (as of December 2022, over 150,000 tech workers have lost their jobs globally, making it the highest the tech industry has witnessed since its inception), the situation presented mixed realities for Africa. From an increase in funding and deals (raised a record 4.6 billion dollars, according to data from Big Deal Africa show), to Nigeria maintaining the lead in absolute numbers (almost $1.2 billion), over 150 agric-tech VC deals, and the revelations of chaotic culture in some of Nigeria’s workplaces, 2023 might be increasingly optimistic.
As the world continues to evolve, so does the way we work. With the challenges of the COVID-19 pandemic and the shift towards remote work, workplace trends have been rapidly changing. In 2023, it is essential to look at the emerging trends that will likely shape the workplace environment in the coming year. From the rise of flexible working arrangements to the incorporation of advanced technologies, companies must stay ahead of the curve to remain competitive and attract the best talent. In this article, we explore the top global workplace trends to watch out for in 2023 and how they can impact workplace culture, employee engagement, and overall business performance.
Three global workplace trends to watch in 2023.
Retention over Recruiting
Many fashion companies spent the past two years responding to talent deficits in areas like supply chain, technology, and sales, a report by Business of Fashion says. “As the labour shortage peaked in 2022 and “The Great Resignation” proved companies shouldn’t presume employee loyalty, more companies are starting to tilt their talent investment toward retention over recruitment, experts say.” The situation is different in the tech industry, which recorded the highest layoffs since its inception, due to the impacts of the economic downturn. A bit different situation is experienced in the financial sector, seeing as Bloomberg recruited more employees across the world in 2022, with others running summer internship programs that even come with relocation opportunities.
What’s the summary? Regardless of the sector and current or pre-existing recruiting situation, in 2023, companies will need to place greater opportunities on certain job benefits and opportunities, such as educational subsidies and training functions and flexibility training, plus the provision of long-term growth opportunities, a clear case of retention over recruiting.
A short while ago, Piggyvest, a Nigerian automated micro-savings and micro-investment platform released a form as they were “looking to tell even more inspiring money stories of Nigerians from different backgrounds.” In the global fashion industry, new changes are being introduced in the sector’s C-suites with instances of The Gap, The RealReal, Glossier, and Chanel, all in a bid to introduce a shakeout that could create an opportunity for new leaders in the fashion sectors; leaders whose job descriptions will be more of customer engagement and retention.
In 2023, the global workplace may witness a surge in customer engagement efforts, a factor that serves as a pillar for turnover of most companies, considering the effects of the economic downturn on the global tech industry.
Remote / Hybrid Work Models
The COVID-19 pandemic although catastrophic, also presented innovations in the workplace, and one of them is the introduction and in some cases, amplification of the remote and hybrid work models. It is now more common than ever to see companies advertise open roles with hybrid or remote work options, a situation that was not the norm a few years ago.
Even with the layoffs and great resignations, business executives, HR professionals, and even researchers from Ladders have projected that remote work is here to stay. Data projections from the company also show that remote work opportunities will continue to increase through 2023.