The workplace culture and working environments have changed drastically over the past 2 years. From the Great Resignation to the layoffs, remote working, and digital health solutions, many changes have impacted employee wellbeing, engagement, and workplace wellness.
According to Workhuman’s 2022 Human Workplace Index, the decisions made by employers are critical to workplace wellness and business growth. Almost 81.5% of the workforce felt entitled to hold their employers liable to establish a better workplace in 2022. Also, 56% felt they would wait only for a month or two for their leaders to address issues and take action before they considered quitting their jobs.
With 2023 bringing in new hope for betterment, leaders and administration are still under the radar to ensure the workplace needs of their workforce are addressed.
Although employee wellness programs are known to be effective in boosting workplace wellness and employee wellbeing, they still need to be on par with the latest trends.
Apart from the corporate wellness trends 2023, here are some key workplace trends anticipated to stay in 2023 and beyond.
1. Employees are Driving the Change
According to a 2022 Gallup study, disengaged employees cost $7.8 trillion in lost productivity globally. With quiet quitting (workers refusing to work beyond their job descriptions) becoming the next phase of the Great Resignation, employees have sent clear signals that their lives are no longer monotonous like it was previously. They have made it clear that their purpose in life is more than eating, sleeping, and working. They have become in charge of their lives and are the driving force to bring changes in workplace culture by demanding flexible working environments, better pay scale, improved benefits, and more.
2. Employee Engagement and Retention
The spike in inflation leading to rising costs, along with the shortage of labor, has caused a significant impact on employee pay structure. The new scenario of “Pay Compression” has surfaced where the new hires get a relatively higher pay package compared to the existing employees who do not even get a raise on the same level, the “loyalty tax.” This can affect employee engagement and retention as the rising inflation can force them to quit to find an employer who offers better pay, benefits, and workplace culture.
3. Valuing and Investing More for the Workforce
The remote working culture has emphasized the need for work-life balance, and employees are now taking it seriously to ensure their health and wellbeing. Work overload and burnout issues have impacted employee mental health in many ways. Employers had to look for effective employee engagement strategies to make them feel valued and retain them. As per a Gallup study, almost 52% of the employees who quit their jobs said their company could have taken steps to stop them from quitting. So, to save their loyal and skilled employees from leaving, employers must look for different effective strategies and ways to invest more in their welfare. Offering incentives, reimbursements, upskilling for occupational wellbeing, personal benefits, and flexible compensation can be a few creative ways to make the employees feel valued and possibly retain them. However, the best way is to conduct a pulse survey to know what the workforce really needs and address their concerns accordingly.
4. Hybrid Working Modes
Hybrid working methods are here to stay, as many corporate organizations are adopting dynamic on-site and remote working policies. While some prefer working remotely, some are waiting to get back to the workplace, and some others are choosing flexibility that allows working from home and the workplace whenever convenient. So, employers must ensure their working policies balance the requirements and limitations of employees who work remotely and who wish to come to the workplace 3 – 4 times a week.
4. Transparency is the Key
While the new pay transparency law is bound to help millions of workers across the U.S. to make more money, many companies are emphasizing other factors like diversity, equity, and inclusion (DEI) to build a healthy, positive, and transparent workplace culture. Be it financial or inclusive factors, the needs of an employee change and evolve through their career. Employers must be ready to support their initiatives in a way they are scalable with the evolving needs, meet the expectations of the workforce, and contribute to workplace wellness.
The recent layoffs by many tech giants have caused severe labor shortages and are tough for both skilled and unskilled workers. At such hard times, it is vital to ensure skilled and loyal employees are retained. Making a few trending changes to workplace policies can go a long way in workplace wellness and business growth.
As 2023 brings new hopes to rebuild workplaces with a better culture and business growth, companies must focus on their employee wellbeing, holistic health, and benefits packages to ensure the organization’s vital assets, i.e., its employees, are protected, valued, retained, and engaged.