From quiet quitting and laying flat, to the mainstream adoption of the hybrid work arrangement as the world returns to normal, 2022 was an eventful year for employers and employees alike.
What will 2023 hold for workers? Would it still be reasonable for workers to look for hybrid only jobs, or do bosses want everyone back in the office for good? What will workplace benefits look like in 2023? Will 2023 be the year I finally get a raise?
We list down 5 workplace trends that will define 2023.
Tech layoffs look set to continue
2022 was a year that saw tech giants Sea, Meta, Grab, and Twitter lay off hundreds of employees. This trend is not unique to Singapore – even Amazon has plans to lay off 10,000 workers, the largest in it 28-year history.
A looming recession, inflation and interest rate hikes drove these mass layoffs, with the trend continuing into 2023. Glints, DBS and HP are just some companies that have announced job cuts and hiring freezes next year. But this development looks set to improve by 2023, as startups and tech firms recoup their losses from the massive retrenchments.
Remote and hybrid work models (flexi work arrangements) are here to stay
It looks like there is no large scale return to the office anytime soon. Employees are in good stead to ask for a partial work-from-home arrangement, or even a full working away scheme if you sense that your boss is feeling generous.
Employers who want to retain and attract top talent should provide remote and hybrid options, equip your staff with robust collaboration tools as well as educate them on good remote working practices.
Demand for soft skills will rise
It’s no longer enough to hit targets and rake in profits – employers will look at the soft skills and strengths that you have, on top of the technical skills that are already required.
Soft skills are what make you a valuable team worker, colleague, or supervisor. These skills give you extra finesse over your role and enable you to perform your duties with a lot more ease.
For instance, great communication is an important soft skill in the workplace. If you do not explain your directives to your team concisely and professionally, they may waste time trying to fix things instead of delivering results.
Having the flexibility to accommodate diverse backgrounds and working styles and having the leadership qualities to acknowledge your team’s hard work and strengths, will not go unnoticed by your superiors and your colleagues.
Wages are projected to increase but inflation remains a threat
Despite inflation threatening to impede wage growth, the labour landscape in Singapore is looking bright for 2023.
According to Mercer’s Total Remuneration Survey (TRS), over half of companies surveyed anticipate their salary increases that year eclipsing pre-pandemic levels with an average predicted increase of 3.75 per cent.
Although this may be good news for many workers, real wages are still projected to drop by 2 per cent due to heightened inflation persisting into 2022.
Gen Z and millennials to drive professional development and work-life balance
According to a May Deloitte survey, Gen Z and millennials are feeling burned out and have left jobs to pursue opportunities with better work-life balance – 44 per cent of Gen Zs and 4 per cent of millennials switched jobs due to burnout and exhaustion.
The survey adds that “work-life balance, learning and development opportunities, and positive workplace cultures are key factors for Gen Zs and millennials when choosing a job”.
With Gen Z and millennials making up the majority of the future workforce, it will be wise for employers to consider their needs to boost retention rates.
