Top Employment Trends for 2023
The end of 2022 and the start of 2023 were characterized by a significant number of layoffs from major technology companies. As 2023 begins, the global job market remains uncertain due to economic concerns, but there is some optimism among Southeast Asians.
In a year-end polling conducted by Blackbox Research and ADNA covering over 9,000 respondents from key Southeast Asian countries—Singapore, Malaysia, Indonesia, Philippines, Thailand, and Vietnam—19% of Southeast Asians believe that the global economy will bounce back in 2023.
End of Hybrid Work?
There has been a growing trend within companies to get employees back into offices. While cynics will point out that these companies are led by traditional-minded bosses who equate screen time with work time, it should not be denied that face-to-face contact with colleagues leads to healthier work dynamics. Zoom screens unfortunately get in the way of fostering company culture and some employees have noted the sense of isolation whilst being away from their colleagues. In the Blackbox-ADNA poll, 16% of Southeast Asians feel that employees will be required to return to office.
However, it might be counterproductive if companies went back to a full 5-day-in-office arrangement. Hybrid work arrangements have helped marginalised and previously discriminated workers keep their jobs. Pregnant women, for example, are no longer at risk of being forced to choose between families and employment since mums can now work remotely and look after their children at the same time. Hybrid work has also allowed fathers to take a more proactive role in parenting as well. Those with physical disabilities or mental health concerns can work within the safety of their home instead of a foreign office environment. 2023 might see a rebalancing as companies try to get their employees back into offices more often in a week, but in all likelihood, a 5-day-in-office compulsion might just become a thing of the past.
Reteaching Social Skills
Another reason why employers are keen to bring employees back into the office is the worry that entire young generations have missed out on important social skills such as negotiating, networking, or speaking confidently in front of crowds. These are skills that for the most part can only be learnt with face-to-face interactions. Gen Z workers are especially at risk given that they very likely had their first jobs in the middle of the pandemic. The effects of social isolation could mean that younger workers might struggle to cope with the stress and social dynamics of the modern workplace.
AI as a critical tool at work
While AI art and ChatGPT have seen criticism from many quarters of the labour market over concerns of automating jobs away, AI tools will be critical for workers going forward. Much like how people are expected to google for answers instead of memorising facts, workers in 2023 will rightfully be expected to consider how AI tools can aid them in automating tedious tasks or provide useful insights and ideas for work.
Job hopping will continue in 2023
Companies globally have noticed a trend among younger workers; most leave and change jobs after 1-2 years. Unlike their older counterparts, younger workers face multiple push and pull factors for them to job hop. Seeking salary increments, promotions, and the lack of incentives to stay within the same organisation for years are some cited reasons behind job hopping.
Job hopping can be considered as a generational trend. Different social, personal, and economic circumstances mean that millennials and Gen Zs are likely to have one eye on a potential move. Yet, for companies, this is not a lost opportunity. Younger workers are likely to value intangibles in addition to the usual salaries. Valuing younger workers by investing time into developing their skills and capabilities as well as respecting their unique needs will go a long way in encouraging them to stay. Even if these workers do leave, the industry connections created can spur new growth opportunities in the future.
Quiet hiring gives workers new meaning to their jobs
Quiet quitting became the buzzword in 2022 as workers, seeking a better work-life balance, refused to go “above and beyond”, choosing instead to do the minimum required to keep their jobs. However, in 2023, quiet hiring might be the new buzzword. Facing a tighter labour market, companies will struggle to hire new workers into their organisations. As such, some companies might opt to develop their existing talent instead. Companies could provide reskilling opportunities for workers to shift into more critical functions. This might also be rewarding to workers who are seeking new challenges, and improving internal talent mobility could entice workers to stay with their companies for longer.
In today’s environment, rapid changes to work will pose challenges and opportunities to both employers and employees. Reach out to us on connect@blackbox.com.sg for a consultation.