“Inflation will not change the way companies hire and pay employees,” Sriharsha A Achar

2022 was a volatile year for HR & workforce

Post-pandemic effects, political instability in Ukraine, recession fears, troubled start-up world, return-to-office debate, impulsive hiring, changing job profiles and short-term thinking by organisations, led to two extremes – the Great Resignation and then mass layoffs. The rush to reopen industries after many of the pandemic restrictions eased, led to an upsurge in demand for workers in multiple areas.

In the rapidly changing employment market, the balance of power is shifting. The tide has now turned from the employer to the candidate. Now, the negotiating power sits firmly with the employee.

Those with technology skills, in particular, are in hot demand, as companies scramble to transform their digital platforms. For tech companies, it’s the compound effect of the pandemic on the already growing skills gap, and of course, moonlighting.

2023: Will it be a turmoil again or peace?

As the COVID wave subsides and economic growth returns, consumer confidence will be renewed. This, in turn, will stimulate recovery and expansion initiatives leading to businesses
increasing headcount.

Hiring havoc will continue however employee experience will be centre stage.

Along with the skills gap being bridged through upskilling, cross skilling will gain traction. ‘Back to office’ will be the mantra, provided COVID does not raise its ugly head again. The HR will continue to face an unprecedented amount of disruption.

While employees still want the freedom of WFH, they also want all the perks of a well-paid job, while companies want 100 per cent commitment. The race is on to find a balance

Balance between rising inflation and changing employee expectations

Inflation will not change the way companies hire and pay employees. Critical talent will, however, continue to get a premium.

Redesign the workplace for hybrid workforce

The office design needs to accommodate a variety of work environments, as well as act as a culture hub to draw the very best talent. Digital communication, especially video-conferencing necessitates transformation of workspace design.

The workplace needs to be COVID conscious, and a redesign intent will communicate to the employees that the business cares about the daily experience of its employees.

Productivity, profitability and engagement, all begin with employee well-being. To entice this competitive market, the office of the future will need to embrace the needs of this emerging workforce.

Debate on moonlighting to continue

Many great startups seen today are a result of their founder or founders moonlighting at their job.

The moonlighting debate is a reminder of the changing nature of work, especially the employer-employee relationship.

While employees still want the freedom of WFH, they also want all the perks of a well-paid job, while companies want 100 per cent commitment. The race is on to find a balance.

The truth is that the future of work has arrived, but in a completely different package than was expected!

33 leaders predict the upcoming trends for 2023. To find out more click here.