The top four business trends that will shape how we work in 2023
To say 2022 was a whirlwind is an understatement. We continued to see the impact of the global pandemic on inflation, and the looming recession has brought uncertainty to the forefront. Next year is uncertain on many fronts, but it’s not all bad. Here are the four business trends economists are suggesting will shape how we work in 2023.
1. Hybrid work isn’t going anywhere
The pandemic has forced businesses of all sizes to re-evaluate their office space needs. For many, the answer has been “not as much.” We’re seeing a rise in permanent remote work policies, and even big names like Microsoft and Spotify are going fully remote. As a consequence, they’re enjoying big benefits including attracting international talent. If your business hasn’t already, now is the time to consider how you can make remote-work work for you long-term.
Despite many companies encouraging their employees to return to the office, staff aren’t keen to let go of hybrid and remote work. It is, and will continue to be, a deal breaker for workers. In 2023, employees will pay more attention to how much flexibility their job offers, and think strongly about how they can achieve their desired work-life balance.
While traditional offices may be on the decline, premium coworking spaces are here to stay. Businesses are increasingly seeing the value in flexible workspace solutions; they’re a great option for hybrid work. Staff can enjoy having a shared office to connect with others for one or two days a week, that comes with all the bells and whistles (think: private meeting rooms, in-house baristas and a space for conferences and functions too).
2. Putting happiness first
Coming out of the pandemic, we have learnt how important our mental health is. Workers and families are prioritising their happiness and mental health more than they ever did before.
Life is short; people want a job that they enjoy and feel engaged in, and as a result, businesses are counting happiness as a measure of success. Capterra’s Mental Health Survey showed that the most valuable mental health initiatives for employees are flexible work hours, paid mental-health days, access to company-sponsored psychologists and online resources, as well as ergonomic home office equipment.
At Intersect, we put the happiness of our members first. With a focus on connection, we look to constantly host and create community events and intimate support from our management team allows members to be happy and comfortable in our coworking space. In 2023, we expect to see more businesses investing in their employees’ happiness.
3. Honest Sustainability
The past year has been a big one for sustainability. Previously, 40% of Australian companies were found to be fraudulent, but now Greenwashing is becoming harder and harder to get away with as the ACCC cracks down.
2023 will bring increasing public outcries against greenwashing, and greater transparency and honest reporting from both large and small businesses. It’s no longer acceptable to be dishonest about sustainability, and those who are will be called out.
4. Upskilling employees
One of the biggest issues to come out of 2022 is the ongoing labour shortage. In an effort to retain staff, businesses are offering opportunities for employees to upskill and rise up the ranks. Training courses, secondment programs and opportunities to attend industry events are all becoming readily available for employees.
It’s not just businesses focused on upskilling their team, the workers themselves are also motivated to improve their skills. Due to massive shifts in the job market, many feel unprepared for their future career and are seeking support from employers. According to a 2022 employee survey at Amazon, 88% of workers are already putting time and effort towards upskilling at work.
It is safe to say that businesses who invest in their employees’ education and development will be the ones likely to retain staff in the long run.
While the new year will bring many challenges, it’s great to see businesses already supporting their people. If you’re looking for the right environment to invest in your people’s happiness and development, Intersect might be the coworking space you need. Take a look at what we could offer your business.