The 2023 workplace is not your parents’ workplace. The infusion of younger employees, their values, perspectives, and technological advances, in addition to the aftermath of the pandemic has radically altered the work environment and how corporations now structure the workplace. The following are some of the major workplace trends and how corporations have or can positively incorporate them.
Flexibility in the Workplace
The pandemic has ushered in a new mindset amongst employees, especially the largest segment, the Millennials. Zip Recruiter recently polled job seekers reporting that 60% were searching for remote work, and of these 60%, 20% only wanted to work from home while the remaining 40% were willing to accept a hybrid position that tilted towards the majority of time spent at home. The hybrid model is the one most employers have been willing to incorporate, realizing this model will attract the younger talent needed, as well as, potentially saving on office space and on-site costs. Workplace flexibility is a positive trend, because it has the potential to affect other important trends like mental health, inclusion and sustainability.
DEI (Diversity Equity and Inclusion) in the Workplace
Maintaining a safe and inclusive environment while increasing profits and productivity is now a goal of many corporations for 2023. The Harvard Business Review found companies with a diverse workforce are 70% more likely to capture new markets. Deloitte reported 74% of millennials seek employment at companies displaying innovations in corporate inclusivity, while 47% are drawn to companies valuing DEI. The Harvard Business Review and Deloitte findings demonstrate that it is incumbent of corporate world to make DEI a priority if it wants to attract and retain millennials which is projected to comprise 75% of the total workforce by 2025.
Mental Health in the Workplace
Mental health in the workplace has been elevated to a priority sparked by the pandemic. The U.S. Surgeon General found 81% of job seekers sought jobs offering mental health benefits. Mental health can also include corporations offering wellness opportunities like free gym memberships and counseling. Many corporations have included wellness plans in their benefits’ package and incentives to maintain good mental and physical health. The adoption of flexible or hybrid work schedules may also contribute to positive mental wellbeing and employee satisfaction.
Social Conscience in the Workplace
More and more corporations are overtly seeking ways increase their social footprint. Newer, younger employees are readily drawn to companies that foster appreciation for diversity, inclusivity, as well as, contribute time and money to social causes, like the environment. Companies are now providing paid time off for employees to volunteer and are financially supporting social causes important to its employees. The younger consumer is also more likely to make purchases from companies that support like minded causes. 78% of Millennials seek employment at companies demonstrating corporate social responsibility (CSR).
Multigenerational in the Workplace
Baby Boomers are rapidly retiring leaving Generation X in charge and making Gen Z and Millennials the soon to be majority of future and current employees. A multigenerational workforce brings different perspectives, diversity of opinions and learned skillsets that can translate into a competitive edge for the corporation, if managed correctly. Employers need to proactively ensure all generations within its workforce are equally valued and respected by management and fellow employees to maintain wellbeing and productivity.