What a year we’ve had. From the talent war to enjoying summer Fridays, and to coping with inflation woes, it is safe to say that PTO has had its most important year yet. So, how is 2023 going to top it? Starting January 1, new workplace trends will emerge, and early preparedness is key. Here are some important ones to look out for as we close out the year.
Rise of flexible hours and four-day work weeks
Four-day work weeks are no longer a dream; they are becoming a permanent schedule for companies. In the U.K., for example, 86 percent of workplaces are making five-day workweeks a thing of the past. There is no debate as to why flexibility continues to be a top workplace trend, as it allows employees to do it all–at home and in the office.
Remote work continues to reign supreme
Love it or hate it, society is starting to feel normal again. However, there are some pandemic luxuries that employees are not so eager to give up come 2023, such as working remotely. According to recent surveys, 73 percent of employees need a compelling reason to go to the office. Whether they are more productive at home or feel they deserve more autonomy in their work habits, employers need to be mindful of which office structure best supports the health and wellness of their employees.
Flexible benefits will set companies apart
It was a trend in 2022 and will continue to be a workplace trend come 2023. Flexible benefits are necessary for today’s multigenerational workforce, especially when you have Boomers, Gen X’ers, Millennials, and Gen Z’ers all working in the same space. Traditional benefits such as health and dental insurance can benefit everyone; however, benefits that include dependent care and mental health days are sure to be on trend for 2023. If you are still looking for a benefits package perfect for your workforce come the New Year, consider prioritizing those that offer flexibility.
Company culture is becoming more important
Millennials and Gen Z are taking the world by storm, amounting to a combined 64 percent of the current workforce. Of course, with any change comes new expectations, and this talented group expects high standards regarding the internal environment of a company. By offering flexible work and benefits and correlating DEI (diversity, equity, inclusion) initiatives into company policies, companies can establish competitive differentiation in their industries.
Happiness & well-being matter
2022 was the year of the trends. Despite occurring at different times, The Great Resignation and Quiet Quitting phases had one common denominator: employee burnout. While not every industry can provide four-day work weeks or unlimited PTO, benefit programs such as life planning accounts (LPA’s) are the perfect way to encourage employees to take care of their health and wellness. Being one hundred percent customizable, employers can include benefits that their employees will derive the most value.
DEI & societal impact
Post-pandemic society has been interesting. More prominently, it has been a wake-up call for companies struggling to attract younger generations as the older generation retires. These younger employees want to work for companies whose values reflect their own, especially regarding diversity, equity, and inclusion (DEI). With the battle of attracting and retaining having no end in sight, companies need to make DEI a priority, 73 percent of survey respondents admitting they’d refuse a company or find work elsewhere if it lacked a stance on these societal concerns.
Don’t let your company culture fall by the wayside
To summarize? Company culture and employee benefits MATTER. As the war for talent continues, these seven workforce trends will make all the difference. Be sure to keep up with more 2023 trends with PTO Exchange, and learn more about our platform by requesting a demo today.