Top 7 Biggest Business & Workplace Global Trends Which Will Shape 2023
By Varun Bodhi
The way business work across the globe is always changing, however the past few years has changed everything in an unprecedented manner. From the pandemic, inflation, supply shortages from Russia’s conflict with Ukraine and constantly evolving consumer needs, businesses are facing a hyper advancing market like never before.
Here are the top 7 business trends which will be prominent throughout 2023.
Although there are no official figures, the average person is exposed to 6000 to 10,000 advertisements every day. This is a number that most people will question, but through the advent of digital marketing, people are extremely saturated with marketing content.
As a result of this, consumers are more aware and knowledgeable about businesses which means brands can no longer pretend to be more sustainable than what they are. Albeit sustainability is perhaps one of the biggest business trends, greenwashing is now becoming a common tactic by businesses to join the work trend.
By definition, greenwashing is a process of creating a misleading impression on how a business’s products or services are more environmentally friendly than what they are. With the globe witnessing significant temperature increases per year, consumers are genuinely seeking environmentally friendly products and are willing to pay more to reduce their carbon footprint.
Real sustainability is key and regardless of size, businesses which invest in sustainable practices will have a head start in 2023. Whether it’s through sustainable packaging, green energy or changing the resources of products, this is a business trend which is here to stay and businesses need to ensure their ESG (environmental, social and governance) processes become a central strategy.
The “Great Resignation” which took place in 2021 as a byproduct of the pandemic saw millions of people quit their job.
Now that the pandemic has slowed down and business operations are returning to normal, people are still quitting their jobs. There are an abundance of jobs available but businesses are struggling to hire people as most are rejecting roles.
The reasoning for this is varied across the board but some of them are due to:
- Workers seeking remote conditions
- Workers seeking hybrid conditions
- Workers wanting more in-person opportunities
- People are desiring more job satisfaction
- Coming out of the pandemic, people are placing happiness and mental health as a priority; they are not afraid to completely switch professions if it means they are happier
The amalgamation of these factors has led to major hiring challenges for business which is costing them significant amount of money in the process of losing employees.
Upskilling employees is likely to become a big business trend in 2023, as companies will find value in holding on to workers which have stuck around. Training employees strong fundamental skills such as critical thinking, interpersonal communication and self-leadership will be important during a time where many jobs are being automated or involve automation to some degree.
Based on research from Gartner, attracting and retaining critical technical talent is a priority for 96% of R&D leaders.
Teaching employees new skills which allow them to grow past their original job description will not only ensure a team of skillful individuals, but also people who are more likely to stick around as they feel valued.
Identifying Risks and Planning Ahead
Inflation has hit hard and is showing no signs of fading out even during early to mid-2023. Industries had been shook by extreme supply chain congestion which emerged in the depth of the pandemic.
Global shutdown of warehouses led to huge delays and shortage of staff exacerbated this in a time where online shopping had reached high peaks as a result of everyone staying home. Now businesses are facing further supply chain insecurity with Ukraine being in a volatile position.
Global supplies of wheat, sunflower oil, natural gas, metals, semiconductor microchips and many other essential goods are becoming difficult to source. This is where identifying supply chain risks and being prepared for changes in logistical costs will be a business trend in 2023.
Having a complete map which analyses any point of supply chain insecurity and establishing a plan of action will be paramount to ensure businesses don’t drown amidst unforeseen circumstances. Explore paths which reduce risks of supply chain blockage and be prepared to work with manufacturers located in different countries or even in-source certain parts if possible.
With many businesses reducing their operations by closing branches or some facing complete closure, having a strong plan of action to stay afloat will prove to be very profitable and be a major business trend in 2023.
Working with Technology
The development of automation, robots and artificial intelligence is helping businesses reach new heights in efficiency and is saving cost in the long term. Most jobs are delving into some form of augmentation and for businesses to keep up they must invest in the right technology and understand how to maximize its capabilities. Technology investment will undoubtedly be one of the biggest business trends in 2023, and their ability to mesh together is why they are becoming so effective.
Artificial intelligence, virtual reality, cloud computing and fast-networks all coexist with each other and businesses which harness these correctly will find themselves having a vital advantage. This technology also enables businesses to keep up with the high demand of hybrid work conditions, which will enable them to retain more employees and save money overtime.
Using voice search through phones and other devices including Google hub, Siri and Alexa are experiencing steep growth. According to Google, 41% of adults and 55% of teenagers use voice search on a daily basis.
Furthermore, 20% of all Google mobile queries are voice searches and it’s grown by 35 times its original use rate. Since voice search is continuing to grow, it is indefinitely a business trend. Voice search is also a trend which isn’t expected to fade away as 89% of teenagers and 85% of adults believe it’s the future of Google queries.
Unexpectedly, this business trend isn’t exclusive to mobile devices and smart speakers, people are also using voice search on their desktop computers. Businesses will need to implement voice search to optimize their SEO.
Global Businesses Powered via Remote Work
Remote work has given businesses access to a global talent pool and a team which can be working in different time zones which effectively creates a 24/7 operating business. While there may be some communication difficulties, this can be solved by aligning roles across the globe to match the same time zones.
Many employees now also demand remote work before accepting a role – this has become a prominent job expectation in 2022 and is forecasted to carry through 2023. While remote work has existed much before the pandemic, the reliance of remote work for businesses to survive has made this a business trend.
The Role of the Manager
Originally, the role of a manager was more streamlined and consisted of monitoring employee performance, along with providing feedback. Middle management has now evolved into a more multifaceted role and involves having an appropriate attitude to coach, mentor and be empathetic towards employees.
The trend of hybrid and remote work has also added further complications for managers as they need to keep track of where their employees are working and if performance is being effected. Giving managers the correct training to achieve this will be pivotal and a business trend that firms should keep an eye out for in 2023.
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