7 Trends That Will Shape the Future of Work Starting From 2023 - Concierge Elite
Updated: 2 days ago
The world was expected to return to normalcy at the beginning of 2021. After all the vaccinations began rolling out, many executives believed we would return to work within a few days or months. However, 2021 proved more volatile than expected.
As new Covid variants emerged, a massive talent war broke out, and the rates at which employees quit reached an all-time high.
"In 2023, volatility in the labor market will only increase, especially in the medical field. There will be wage cuts for many employees and no annual compensation increases, which in turn, employees will fall behind inflation. Long-term technological changes, political disruption, and uncertainty will add to these realities and the reality for many workers."
Top Trends we believe, that will Shape the Workplace - Concierge Elite
Fairness and Equity
Debates with fairness at the core, whether around race, climate change, or Covid vaccinations. These all have become flashpoints in society. The frequency with which CEOs discuss issues of equity, fairness, and inclusion has increased by 658% since 2018.
Questions that Human Resources might face on fairness and equity:
Is flexible work available to everyone?
In some organizations, employees have flexibility, while in others, they do not.
When employees relocate to a lower-cost location, what happens? Should employers lower their salaries although their work hasn't changed?
Companies pay 20% compensation premiums to hire new employees in today's labor market. Should new employees be paid more than established employees?
Companies have to rethink the job and labor market.
Looking for alternatives to lower overhead and still increase ROI and margins. By outsourcing tasks that take the in-house staff too much time, they can target investments at specific segments of their workforce. In addition to helping those employees do their jobs, these investments raise questions regarding the stability of those currently employed.
"Executives must address these questions on fairness and equity while addressing the remote aspect."
Vaccination Mandates in the Health Care
Despite some states challenging the mandate in court, CMS has issued the healthcare worker vaccine mandate interpretive guidance. The guidance was issued a day after the Supreme Court ruling requires Medicare and Medicaid facilities in 24 states to ensure their employees have received a COVID-19 vaccine by February 14, 2022. The deadline for employees to receive complete vaccinations is March 15, 2022.
Medicare and Medicaid programs may terminate healthcare workers who fail to comply with the vaccine mandate.
Non-compliance by hospitals and other acute and continuing care providers can only be enforced by termination. According to the agency, its "primary goal is to bring healthcare facilities into compliance" before terminating them from Medicare and Medicaid programs.
This brings a set of challenges pre-2021 in the medical industry no one saw coming. While vaccinations have been a long-time standard practice, the "mandate" brings a tremendous moral challenge, ultimately healthcare workers quitting or being terminated over policies dictated by governmental entities.
Staying Competitive Means Deceased Pay
As a result of today's competitive market, employers are offering significant compensation increases to attract and retain new talent. According to our research, U.S. salaries have increased more than 4% year-to-date, compared to the norm of 2%. This increase significantly burdens the bottom line while creating animosity among exciting employees.
However, these increases are artificial. Inflation has led to a decline in real wages. Inflation will reduce employee purchasing power if employers continue to offer compensation at a low rate.
The fact is that some companies can compete exclusively based on compensation, while others cannot. This is causing employers to create and, in some cases, cut hours but maintaining the same wage for employees seems logical. Ultimately the business will suffer when days are cut shorter, and the bottom line is also reduced based on the number of patients seen in a day decreases.
Remote Work Become The New Normal
People no longer differentiate themselves by how, where, and when they work; they expect flexibility. Employees in the U.S. expect flexibility within their jobs as much as they do 401(k) plans. Employees will move to roles that provide a value proposition better aligned with their preferences if employers don't offer flexibility.
Companies must adapt to these changes and incorporate remote work into their daily operations; if not, they lose. Today's market is too tight not to increase flexibility.
Concierge Elite offers lower-cost employees with large ready-to-work employees at a fraction of the cost of U.S. employees.
As a plus, the pool of potential employers expands, and more vital forces entice employees away. The geographic radius of organizations for which someone can work expands as remote work become the norm. The great resignation will shift to sustained resignation.
Managerial tasks will be automated
For hybrid and remote employees, the manager is their primary connection to their employer. The manager-employee relationship is more crucial than ever.
Technology and outsourcing companies have developed products that automate and outsource repetitive management tasks. Most charge a nominal fee for scheduling, approving expense reports, and monitoring employees.
The next generation of technology will replace additional managerial duties, such as providing performance feedback and supporting employees.
A company will have to decide whether to decrease the number of managers or adjust management expectations as a result of this growth in automation. Keeping vital managers in place, reducing non-essential tasks, and outsourcing can create financial balance.
The tools change to enable remote work
It's proven that remote employees are more than 60% efficient, and the turnover rate is less than 8%. The same tools will be used to evaluate their contributions as employees work in a virtual environment.
New technologies will provide background information about other participants during virtual meetings. When participants know more about who is on the call, they can concentrate on the most critical issues.
It is also possible to nudge employees to behave differently to improve the overall interaction between employees by using collaboration technology. It might encourage managers to speak to people who haven't been as active in the meeting. As a result of these nudges, participants will adjust the types of interactions they have in meetings in order to improve the quality.
The complexity of managing a remote workforce will drive to outsourcing
More than 90% of employers plan to adopt a hybrid working model for their knowledge workers in 2022. The workplace has undergone the most significant disruption in generations, and the pace will not slow. Disruption's size is the only thing that will change.
Concierge Elite, we are bridging the gap between home and office.