Top Trends And Advances In The Financial Services Industry

In times of economic uncertainty, financial advisors remain in high demand thanks to their ability to assist others with their financial needs. But thanks to the recession, new competitors, evolving customer needs, and technological innovation, even this titan of an industry faces big questions in the back half of 2023 and beyond.

“The competition to meet the growing demand for financial support will continue to be fierce, with banks, wealth management firms and fintech companies all looking to fill the gap.” –Mike Sha, CEO of SigFig

Resiliency and adaptability, as always, will be the key to keeping the financial services industry thriving in the future. By looking into expert predictions, combing through the statistics, and researching emerging industry and technological trends, we compiled our ultimate guide for the financial industry.

*Courtesy of the experts at Forbes, DocuSign, FinTech Futures, Finance Magnates, Fast Company, FICO Blog, Ring Central, IBM, Wells Fargo, Microsoft, and more!

Improving the consumer experience

For those outside the industry, working with hard-earned money is an intimidating and often alien process. Finding the right financial advisors and banking services are crucial, and the best organizations will prioritize the consumer experience in order to attract and maintain clientele.

Digital experience

BAI research found that new customer acquisition is the number one priority for banks in 2023, which makes sense. Attracting younger clients is the best way to accomplish this, which means embracing online and digital banking. BAI found that 70% of millennials and Gen Zers have already opened accounts online. Gen Zers, in particular, will be a significant focus as more enter the workforce and require these services. Paul Hindle of Fintech Futures notes that the average Gen Zer gets their first smartphone by age 12 and a large percentage spend up to five hours a day on social media platforms.

Embracing digital trends is the key to keeping this demographic happy. 44% of BAI’s respondents found gaps in onboarding processes and seek a more streamlined experience. Meanwhile, more than 70% of respondents said they would switch to a financial service provider with better digital experiences.

“To address these needs, organizations must prioritize offering mobile-friendly solutions and digital self-service options that provide customers with anytime, anywhere access to their financial lives.” –Manas Baba, financial services industry expert

Interpersonal needs

A digital Renaissance isn’t the only thing customers are seeking. Customers are seeking a more personalized experience, ease of use, and a sense of trust in their financial service providers.

Personalized banking is expected to be the norm, which the experts at Finance Magnates believe means embracing AI-based algorithms to track individual preferences and behaviors. Forbes’ Mike Sha notes that beyond standard investment advice, a financial advisor can use personalized information to advise a family on specific goals they need like how to pay for a family reunion or consolidate credit card debt.

Fast Company notes that in today’s world, many consumers are using different financial institutions for different purposes rather than putting their eggs in one proverbial basket and that their financial lives are connected in ways beyond a traditional nuclear family. Financial service providers can embrace this mindset by making alliances with one another to cover services they can’t. The easier an institution, or group of institutions, can make a consumer’s life, the more likely they’ll stick with that institution.

Finally, trust is a significant concern for consumers. While this has always been true, it’s even more critical in a digital world where you aren’t making face-to-face interactions with your service providers. Trust is essential in any relationship, and it takes a leap of faith to trust someone with money. A dedication to trust can be built by prioritizing security, privacy, and ethical practices according to Darryl Knopp.

Embracing emerging technology

In order to meet these evolving consumer needs, financial service providers must stay on top of trending technological advances. Three emerging technologies are particularly relevant to the industry: artificial intelligence, cloud-based systems, and digital banking.

Artificial intelligence

AI is becoming more widely available and used in more and more industries, and financial services are no exception. In terms of gathering and presenting data and in working directly with consumers, AI is becoming a major part of how financial institutions do business.

Chatbots, AI programs used to gather necessary information from consumers and provide information back, are increasingly prevalent in the industry as a way to improve customer service and innovate tasks according to Forbes’ Murtaza Hussain. Studies have shown that chatbots can save banks up to 30% of their customer service costs alone. Programs like ChatGPT, while imperfect, are great for providing human-like answers and being easy to interact with.

AI will continue evolving and offering even more crucial benefits for financial services. Ring Central’s Matt Lehman says that AI can direct customers to the right services, increase personalization to increase a sense of empathy and find the right solutions, and more quickly share information between industry employees. Studies predict AI capabilities will lead to a 35% boost in productivity by 2035.

“In contrast, AI is being used to provide personalized recommendations and insights to customers based on their transaction history. According to a PwC report, AI adoption in the banking industry is expected to rise from 16% to 77% by 2022.” –Finance Magnates

Cloud-based systems

Top-performing financial organizations have been embracing a switch to cloud-based platforms for years, and smaller organizations are starting to catch up. IBM found a plethora of good reasons for switching to the cloud, including increased speed, decreasing costs and operational expenses, and making life easier for remote employees. Thanks to the nation embracing more remote and hybrid models, the last point is particularly noteworthy.

DashDev’s Igor Tomych reiterates that the cloud is just the beginning of advanced innovation for industry needs. Breaking free from legacy systems means becoming more consumer-focused and data-driven while leading to better communication and resource sharing.

Digital banking and increased consumer support

As mentioned above, millennial and Gen Z users are heavily focused on ease of use and a well-designed digital interface. Innovations focused on clean, easy-to-access tools and an optimized orientation process will lead to happier consumers.

This starts with mobile-friendly tools and well-made self-service options, according to Manas Baba. Younger consumers are more inclined to do things on their own at their own time. The more an institution’s platform allows a user to operate autonomously, the happier this emerging consumer base will be.

Another innovation discussed by Ather Williams of Wells Fargo is the idea of creating a digital ID, or a way to prove there is a real person on the receiving end of any financial transaction. Third-party services that don’t rely on credit cards like Venmo and Cash App are popular, but their ease of access can lead to fraud. Williams suggests institutions will find their own way to create these IDs but the long-term solution would involve a standardized approach.

“We’re going to have to work to solve this problem of how to know that both the buyer and seller are who they say they are.” –Ather Williams, Wells Fargo

Increased focus on risk management

As technology in this industry advances, you can be sure that those who would disrupt the industry are making technological advancements of their own. According to Microsoft’s Bill Borden, cybercrime is expected to cost the world $10.5 trillion by 2025, tripling the annual amount of a decade ago. Financial institutions have a challenge ahead of them to create more robust risk management techniques while complying with government regulations.

Financial crimes and money laundering are serious concerns and have only become more prevalent thanks to new technology and a shift to remote work. Receeve found that 42% of businesses said that digital fraud prevents innovation and stops expansion into new channels. Because of the shift in remote work, data is constantly moving through different services and software, making it an easier target for ne’er-do-wells.

Forbes’ Sudhir Pai writes that while reporting standards and guidelines have risen, they aren’t always consistent. Because financial data is so complex, firms need to find constantly evolving and innovative software to combat the constantly evolving and innovative software of their enemies. Pai believes digitization, decentralization, and decarbonization will be the top three priorities.

“There will be a rise in the number and growth of regtech firms that offer technological solutions suitable for financial firms to achieve regulatory compliance.” –Sudhir Pai, Forbes

Finance Magnates believes that biometric authentication, artificial intelligence, and machine learning will dominate cybersecurity efforts. These efforts should assist with the previous points as well. Better technology creates a better user experience while building a sense of trust thanks to these efforts will bring in more satisfied consumers.

Matt Lehman says that regulation efforts add an additional challenge. There is more pressure on banks and other institutions to achieve compliance and successfully manage risks, and those that can’t are subject to hefty fines. Finding the right tools to maintain compliance and increase cybersecurity efforts will be a difficult balance.

Cost-cutting versus optimization

There isn’t a single industry out there that isn’t trying to do more with less—it’s a constant truth in business. And financial organizations are no exception. The above points all point to a need to innovate and find better ways to fulfill customer needs, and that isn’t cheap. Finding a way to cut costs across the board while optimizing available resources is the tricky balance financial service providers need to find.

Matt Lehman cites that the majority of financial institutions don’t expect an economic recovery until sometime in 2024, though some are optimistic we could see a turnaround in late 2023. Many institutions are embracing a more conservative approach in the face of this uncertainty and are risk-averse. This leads to the industry trying to do more with less.

via Ring Central

Bill Borden says that a core component of doing more with less is letting technology handle processes by automating tasks and digitizing data. Being able to optimize day-to-day actions better will free up money and time that can be spent on innovating in other areas. It isn’t cheap to invest in new technology, and not every attempt at innovation will work. Being able to free up extra resources by automating more mundane tasks creates more breathing room.

Final thoughts

More than ever before, the last few years have shown us just how uncertain the world can be. For the financial services industry, economic uncertainty, changing cultural needs, and a surge in technological advances are the biggest challenges of an uncertain future.

“With the rapid rate of change in the financial services space, it can sometimes be difficult for banks and fintechs to keep their finger on the pulse amid a sea of technological advancements and ever-changing consumer demands.” –Paul Hindle, Fintech Futures

Organizations dedicated to crafting a better experience for their customers, finding innovative ways to use technology to create that experience while minimizing risk, and optimizing resources to cut existing costs to fund this technology will be best able to navigate this uncertain future.

Learning About NexGoal

Want NexGoal to help you access the often-closed community of passive candidates and start sourcing top-performing employees for your organization? Filling positions in Accounting, Tax Management, Assurance, Auditing, Analysts, and more, we would love the chance to showcase how our industry expertise and candidate database can benefit you. Contact our CEO, Kevin Dahl, at kevindahl@nexgoal.com to start putting this plan into action.

*Reference this article, and we will also include free paid promotions for your company on online job boards such as LinkedIn and Indeed.

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Industries Still Hiring Remote Workers In 2023

Since the pandemic started in 2020, we’ve seen a rapid rise in the availability of remote jobs. But by early 2023, many companies would prefer to have their staff back in the office. Despite this, a FlexJobs survey found that 65% of respondents wish to remain full-time workers.

Remote work is still a priority for many job seekers thanks to the plethora of conveniences it can offer. The good news is that many thriving industries are still offering remote positions. In fact, CNBC’s Greg Iacurci believes that remote work can thrive even in a recession thanks to its ability to trim labor costs.

FlexJobs found seven industries still offering 100% remote positions. We review their findings and add some of our own insights to assist with your search.

Top industries to explore

  1. Nonprofit & Philanthropy
  2. Analyst
  3. Legal
  4. Medical & Health
  5. Communications
  6. Accounting & Finance
  7. Project Management

Some of the top remote job titles FlexJobs found include Accountant, Executive Assistant, Customer Service Representative, Senior Financial Analyst, Recruiter, Project Manager, Technical Writer, Product Marketing Manager, Customer Success Manager, and Graphic Designer.

Industry analysis

FlexJobs’ senior content manager Jessica Howington notes that many of these categories fall into the “knowledge economy” line, meaning they rely on information and ideas. Because of the ease of sharing information online, it makes sense that these types of industries would continue to do well remotely. Tools like Zoom make it easy to hold digital “face-to-face” meetings, and those in these types of roles can easily service a large area of clients remotely.

This means that tech-savvy industries will continue to excel in offering remote work.

“Many businesses have recognized the advantages of allowing their workers to work remotely, including greater productivity, cheaper overhead costs, and the potential to tap into a worldwide talent pool.” -Simera Talent

In addition to the above industries, Jessica also expects Computer &IT, Marketing, HR & Recruiting, and Customer service to do well for similar reasons.

Recession proofing

While these industries may offer the most remote options compared to their peers, how safe are these industries overall when it comes to the looming recession?

FlexJobs’ research found steady growth in many of these industries through 2022, and that should hold through 2023. Accounting & Finances saw a 31% growth, Nonprofit & Philanthropy 55%, Communications 39%, and Legal 33%, while Medical & Health also saw good growth. HR & Recruiting, Marketing, Computer & IT, and Product Management also saw steady growth.

This is consistent with what we’ve found in our previous look into the most recession-proof industries for 2023. While not all jobs on that list are totally remote, there is a massive overlap with Healthcare and Financial Services. Both industries see steady historical growth during recessions—healthcare is always a necessity, and uncertain financial times mean more people are seeking expert help and financial advice. These industries also heavily rely on quickly-advancing technology in order to thrive. This ultimately creates a nice overlap between being safe in a recession and being likely to be remote.

Career Sherpa’s Hannah Morgan made a special note regarding IT & Technology. Because technology is always moving forward, those jobs will remain in high demand for those with the right skills, and the nature of the work leads to many remote opportunities.

“IT experts have some of the best job security of any modern profession, especially with more and more of the world shifting to an online space. People had to rely on robust networks to communicate with family, shop for groceries, and work remote jobs.” -Hannah Morgan

Wrap up

While many organizations want to get workers back into the office, many recognize the benefits remote work can offer in the form of increased productivity, less wasted downtime, and a happier workforce. Hybrid systems are becoming the norm, blending the above benefits while still providing a physical space for collaboration, meetings, upskilling, and teamwork when needed. But fully remote jobs are still out there, especially if you’re willing to look into the aforementioned industries.

NexGoal works with many industry-leading clients in these sectors, who offer a host of available remote positions. Feel free to check out our job board or reach out to our team to see if there is something right for you!

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The Most Recession-Proof Jobs For 2023

Experts believe that the country is heading towards a recession, meaning jobs could become scarce despite the great number of openings in recent years. But if you’re looking for a new career, you’ll do your best to keep applying and networking regardless.

While some industries will be more difficult to break into, others are more “recession-proof.” We’ve looked at our own experience as recruiters and looked to experts nationwide to find the most recession-proof industries. If you’ve got the skills and experience to be choosy with your targeted industries, you’ll find these industries the safest to conduct your search.

Healthcare

While there are often many conflicting opinions on the most recession-proof industries, one that almost everyone seems to agree on is the healthcare and medical industry. These industries saw consistent growth during the pandemic and continue to grow.

Investopedia found healthcare one of the industries least affected by the Great Resignation and has traditionally done well in economic downturns. It makes sense—medical care is always important, and the industry is filled with openings at all levels. Our own experiences agree, and we’ve continued to find success working with healthcare companies. See if any of our current openings are right for you on our job board!

Financial services

When money is tight, people are more likely to be cautious with their savings and look to the experts for advice. This means that financial professionals at all levels will continue to do well even in a recession.

James Hornick of Hirewell discussed that traditional ‘money’ industries, including financial services, real estate, and banking, continue to do well and bring in talent, and that of Hirewell’s open jobs, 17.7% of their openings are in banking and financial services.

“Finances and taxes are a necessary part of life, so people in these professions usually have plenty of job security.” –Coursera

Private banking is doing particularly well as people look for advice. CBS News found that the annual median salary for private bankers went up 25%.

Trades

Just as healthcare and financial help will always be necessary no matter the state of the economy, infrastructure will need to be repaired and systems need to be kept running. These factors mean that skilled trades will always be in demand.

“People still need power, they still need gas for their homes, that type of thing.” –Morgan Llewellyn, Jobvite

Fast Company’s Gwen Morgan found that the reoccurring nature of utilities and the constant need to upgrade and repair important systems means that those with skilled trades have a good measure of job security—a boon in uncertain times.

Education

You’ll notice a theme in many of these industries—they must persist through any economy thanks to being ingrained in our society. As such, it should be no surprise that teachers are always in high demand.

Coursera believes both K-12 education and higher education will continue to ramp up hiring during a recession. Education was also one of the industries hit hardest by the Great Resignation, meaning there are plenty of openings.

Top Resume’s Natalia Autenrieth points out that this doesn’t mean just traditional teachers will be hired. The way education is delivered has changed, with remote and on-demand learning models becoming more ubiquitous. This means there are more flexible openings available.

Grocery stores

Our final recession-proof industry is one that we all need—groceries. In poor economic times, people will look to stock up on vital products, like we saw with toilet paper during the pandemic. Grocery stores will continue to fill consumer needs in any economy.

Elisabetta Ferri writes that in tough economic times, people are less likely to rely on takeout and will prefer the cheaper option of making meals at home, leading to increased business for the grocers. Meanwhile, Coursera points to more people relying on personal shoppers or grocery delivery thanks to rapidly expanding technology. This intersection of money-saving and spending for convenience means grocery stores will hire at all levels.

Wrap up

We’ve found that the most recession-proof jobs are those that are “essential” for day-to-day life. Luxuries may suffer, but some aspects of life like healthcare, financial assistance, trades, education, and groceries are always necessary. Thankfully, these industries offer opportunities at multiple education and experience levels, which should help you find a position that’s just right for you!

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Emerging Trends and Outlooks For Construction & Manufacturing

The commercial construction industry is an odd spot entering 2023. With the country staring down a potential recession, there may be fewer projects available thanks to high-interest costs and perceived reduced spending. But Forbes’ Bill Conerly notes that industry employment is on the rise for both actual building work and specialty trades. The manufacturing industry is in a similar spot—while momentum carried the industry through 2022, inflation and economic certainty paint a cloudy future for 2023, according to Deloitte.

“This year my motto is: Don’t just get ready, stay ready. If you haven’t started planning for next year, now’s the time — then you’ll be ready to tackle 12 months of come-what-may.” Dave Evans, Forbes

Even facing economic uncertainty, the simple truth is that things need to be built and skilled labor will always have a place. By researching market trends, assessing expert opinions and predictions, and looking into the statistics, we’ve created the ultimate guide to the commercial construction and manufacturing industries for 2023.

*Courtesy of the experts at Big Top Manufacturing, Revolutionized, Building Design + Construction, Forbes, Exploding Topics, Deloitte, Armacell, and more!

Labor shortages

It’s no surprise that the COVID-19 pandemic had a massive effect on available jobs and created a multitude of layoffs in the construction and manufacturing industries as it did many others. While the country started opening back up and alleviated some of the shortage, the pandemic is far from the only reason there is a labor shortage in these industries.

Nick Grandy, senior analyst at RSM US, believes there are 25% more unfilled construction positions than hires. Grandy compares the shortage to that of the early pandemic toilet paper shortage—a lack of inventory creating a market filled with desperate buyers.

Revolutionized’s Emily Newton writes that many long-standing construction professionals have either left the workforce, are near retirement, or have faced layoffs. In this industry, it can take a long time for information and skills to transfer from veterans to new hires, leading to a dearth of particularly qualified professionals. In addition, it’s more difficult to get those entering the workforce to consider construction in the first place.

Luckily, there are solutions on the horizon. CBS News’ Nancy Chen reports that there has been a 50% increase in the number of women in construction thanks to targeted marketing campaigns. Deloitte reports that despite the high number of voluntary exits in the manufacturing industry, organizations industry-wide are researching retainment strategies.

Reducing Costs

With inflation at work and a shortage of laborers, it’s crucial for companies to find a way to reduce costs around the board. Construction management firm Skanska found that construction spending will increase in many vital sectors, including manufacturing, transportation, highways, multifamily housing, lodging, and communications. In order to help meet the demand, industry leaders are looking for creative ways to reduce costs.

via Building Design + Construction

Material costs

Skanska’s Vice President of National Strategic Supply Chain, Tom Park, noted that a reduction in housing has eased demand for raw materials, making it both cheaper and less time-consuming to acquire many necessary building components, including commercial roofing materials, architectural interiors, lumber, and plumping.

Emily Newton found that while the labor shortage and sourcing difficulties led to a rise in the cost of construction materials in recent years, the burden should be eased in 2023, corroborating Skanska’s findings.

Outsourcing

In order to further reduce costs, companies will start outsourcing manufacturing more than ever before. The 2022 State of Manufacturing report found that 48% of companies increased their manufacturing outsourcing in 2022, and that number is expected to rise in 2023. Forbes’ Dave Evans says that while finding the right outsourcing partners are key, a good diversification of geographic partners will further slow any potential disruptions.

Construction sites

Big Top Manufacturing suggests that rethinking the literal foundations of construction and manufacturing sites is a key way to reduce costs without sacrificing quality. Switching to fabric buildings is not only more cost-effective but they take much less time to build, meaning these sites can start producing, and thus become profitable, much more quickly. These sites are surprisingly more resilient to the elements, don’t require as many expensive repairs, and are more environmentally friendly than traditionally-constructed buildings.

Emerging Technologies

A rise in emerging technologies means rapid changes are constantly occurring worldwide, and the construction and manufacturing industries are no strangers to technological growth. Advancing technology should lead to smoother training and more efficient processing industry-wide.

VR training

As mentioned above, many qualified professionals are leaving the industry, and the labor shortage makes it difficult to replace that productivity. An effective way to speed up training and reduce the skill gap is the use of virtual reality training programs.

Big Top Shelters notes this technology can allow new hires to get hands-on experience with concepts that are difficult or expensive to organically practice otherwise. VR also allows workers to see structures before they are built in real space, speeding up the process by allowing them to eliminate blueprint errors and test designs before work begins. This ultimately saves the company a great deal of money while also creating a safer environment.

Robotics and IoT

Both robotics and the Internet of Things (IoT) are becoming commonplace in many industries thanks to their ability to save time and money.

Nidhi Aggarwal mentions the importance of IoT in allowing companies to remain productive with remote work sites, which became a necessity during the pandemic but persistent thanks to how much time and money they save. The more work that can be done offsite, the more money the client and the company can save while also keeping workers safe.

Robotics meanwhile serve to assist workers by decreasing the time tasks take while keeping laborers safe. Robotics don’t exist to replace human workers but enhance what they can do. Emily Newton notes how robotics can help with manual tasks like bricklaying to allow humans to work faster and without as much strain on their bodies. A common trend is the rise of exoskeletons that can reduce the fatigue common in many physical labor tasks.

Supply chain innovations

Supply chain disruptions have been a frequent topic when discussing these industries, and that isn’t going to change anytime soon. Industry innovations to stay ahead of disruptions while further lower costs will be essential.

At the surface level, finding ways to automate processes and lowering the amount of physical labor will save time that could be better focused elsewhere. Exploding Topics’ Josh Howarth says that reshoring, or looking to other countries for material processing plants, is estimated to be around $443 billion in the US. With this in mind, those manufacturers best able to incorporate new technologies that can reduce delays will be highly-profitable and sought out.

Dave Evans reports that the companies that will best weather potential disruptions are those that are agile and strategic and that taking time now to reevaluate processes and create redundancies will save time when delays inevitably occur.

Smart factories

All of the above will coalesce into “smart factories,” a concept that has surged in recent years according to Josh Howarth. Gartner defines these as “a concept used to describe the application of different combinations of modern technologies to create a hyperflexible, self-adapting manufacturing capability.” The ability to automate tasks, minimize errors, and promote worker safety will allow productivity to surge. Howarth reports that automotive manufacturers expect to have one-quarter of their plants as smart factories and that those factories could create $160 billion in value. Other industries will certainly follow suit.

“Industry 4.0 continues the push towards automation, employing technologies such as IIoT (industrial internet of things), big data, machine learning, artificial intelligence (AI), and advanced analytics.” –Josh Howarth

Howarth also believes there will be a rise in microfactories, or small, highly modular setups that make use of leading-edge technology like artificial intelligence, robotics, and big data, to enable hyper-autonomous manufacturing, thanks to the ascension of smart factories and the need to restructure supply chains. Microfactories can be built closer to points of trade and cut down on travel time, errors, and costs.

Environmentalism

As more companies make concentrated efforts to have less of an impact on our environment, green technology and environmental efforts will be prioritized heavily in 2023.

Key components of green building include energy efficiency, renewable energy, water efficiency, using recycled materials, reducing waste, increasing air quality, and smart growth. Emily Newton lists incorporating solar panels, recycling materials during and after projects, and using sustainable materials like bamboo as tangible methods to achieve these goals.

Via Armacell, green buildings accounted for just 8% of construction spending in 2013. In 2022, green buildings made up 47% of new construction processes, and that number is expected to skyrocket to 60% by 2025. These 60% are believed to be net-zero ready, or able to be built with zero carbon emissions.

Not only are these green buildings much better for the environment but will be profitable as well—Armacell cites that the green building market will be over $81 billion. Tax incentives are being created to further entice companies to invest in energy-efficient buildings.

The aforementioned emerging technologies should factor into making environmentally-sustainable buildings as well. By increasing digital efforts, utilizing VR training, and using robotics for environmentally-friendly construction, an organization will be able to lower its carbon footprint.

Final thoughts

The construction and manufacturing industries are in a challenging but exciting state entering 2023. Forbes’ Bill Conerly cites the growing costs and upcoming recession conflicting with the rise of employment opportunities and activity increasing as factors that make projecting the 2023 landscape difficult.

What is clear is that the pandemic forever altered the face of these industries, and companies willing to evolve and embrace new technology and rethink supply chains will be the most successful moving forward.

Learning About NexGoal

Want NexGoal to help you access the often-closed community of passive candidates and start sourcing top-performing employees for your organization? Filling positions in Sales, Quality Assurance, Quality Control, Manufacturing, R&D Design, Factory Leadership, and more, we would love the chance to showcase how our industry expertise and candidate database can benefit you. Contact our CEO, Kevin Dahl, at kevindahl@nexgoal.com to start putting this plan into action.

*Reference this article, and we will also include free paid promotions for your company on online job boards such as LinkedIn and Indeed.

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Workplace Trend Predictions For 2023

Another new year represents new challenges and opportunities in all facets of life, and the workplace is no exception. January 1st doesn’t mean a legally binding change must occur, but experts are able to look toward the future and make predictions about what the new year can hold.

As we’ve done in previous years, we took a lot at the top trends experts expect for 2023. As always, there’s no guarantee how things will play out—we aren’t fortune tellers. But consider these workplace predictions as you contemplate 2023:

Quiet hiring

“Quiet quitting” was a popular buzz phrase in 2022, the idea being that employees would do the bare minimum to keep their job while being mentally checked out. This concept keeps a position filled but stops an organization from gaining the full benefits.

In order to counter this, Gartner contributors Emily Rose McRae and Peter Aykens believe that smart HR leaders will embrace “quiet hiring”, or a way to bring in new skills and capabilities without hiring new employees. They believe this can be accomplished in three key ways: a focus on internal talent mobility, upskilling and training opportunities for current employees, and alternative approaches to bringing in talent such as temporary workers.

A focus on retention

The Great Resignation of the past few years saw a great number of workers departing their current roles to find something that better aligns with their values and happiness. This has created many job openings, but many companies have struggled to fill their open vacancies, leading toward 2022 being a year that favored employees.

“The gap between the number of people seeking work and the number of open roles remains wide, meaning that effective hiring and employee retention tactics remain highly important.” –Emeritus

Finding and training new talent is an expensive process. Visier’s Amy Furr cites that the average cost to replace an employee is roughly double their salary. Amidst the struggle of acquiring new talent, companies are looking for ways to increase their retention, including investing in employee development initiatives, offering more opportunities for advancement, and training new skills.

Hybrid work models

Remote work saw a massive surge thanks to the pandemic, but with many Covid restrictions being phased out, many companies want workers back in the office. The availability of entirely remote jobs is quickly decreasing, much to the justified chagrin of potential employees.

The sweet spot continues to be in hybrid work models, having employees come into the office a few times a week while still working remotely on other days. This provides the opportunity for freedom and flexibility while still offering the chance for in-person communication and a space for collaboration.

Robert Boersma notes that many companies want to make sure those out-of-office hours are being used correctly and will take measures such as tracking hours or monitoring software, but this is a quick way to erode trust and lose employees.

Increased focus on DEI

Many companies are making efforts to implement Diversity, Equity, and Inclusion (DEI) programs. A Good Hire survey found that 81% of participants would consider quitting if a company isn’t truly committed to DEI. These programs are excellent for educating employees and making sure everyone’s voice is heard. But not every organization does so effectively.

“In addition to potential turnover issues, failing to prioritize DEI can lead to major financial losses. Accenture has found that companies are losing over a trillion dollars a year due to their lack of DEI efforts.” –Emeritus

Emily Rose McRae and Peter Aykens note that many of these initiatives are pushed back against by a significant portion of employees, which can disrupt the efforts. Learning how to handle opposition and educate more efficiently will be crucial in making sure these efforts aren’t in vain.

A shorter workweek

Finally, we see a trend that many employees will be especially excited about—a reduced work week.

Tracy White Brown, Chief HR Officer at Clark Nuber, believes more companies will take a serious look at the 32-hour work week. Not only will this make employees happy while letting them keep earning, but it will have tangible benefits for employers as well. A shorter work week creates higher morale (leading to increased retention), will make workers more productive with the hours they have, will cut down on distractions, and will make the organization more attractive to new candidates. Finally, it helps with sustainability and lowers a company’s carbon footprint.

Wrap up

Employees want more than a good paycheck. They seek value in their work and strive for a good work-life balance and high quality of life. Many of 2023’s hottest trends seem to follow that line of thinking. By providing skill opportunities and diversity initiatives for employees and allowing for flexibility, companies will create a better environment for their employees, leading to a happier, more fulfilled, and more productive workforce. 2023 has the potential to be an exciting and innovative year!

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