Here are some of the key areas we think matter and should be top of the mind for business leaders.
Investment in Technology
With digital technologies accelerating rapidly over the last two years, companies need to invest more and more in tech capabilities and adopt cloud and other digital technologies not only to become more agile and efficient but to differentiate themselves.
Finding the right tech talent is also important so organizations should focus both on attracting and developing tech-savvy executives and integrating the tech talent into the organization. According to a McKinsey survey, attracting and reskilling tech-savvy executives is harder than reskilling frontline technical talent—and it’s equally hard to integrate each group into the organization. Top-performing companies have also been struggling to attract and retain high-quality product managers — key to strengthening a company’s capabilities for developing software. So a focus on finding the right product managers and retaining them will be crucial for all companies in the future.
The recent emergence of new domains such as metaverse, NFTs, and Web 3.0, combined with the rapid evolution of technology and changing work culture, has made upskilling essential for any organisation, business, or individual. Companies should provide learning opportunities to their employees in the workplace to maximize the retention of existing staff and save on costs. Not only do upskilling and reskilling employees benefit the employer, but it also increases the market value of professionals looking for a new job, both within and outside their current industry.
Handling layoffs and hiring freezes
Handling a hiring freeze requires dexterity and compassion. Organizations need to communicate clearly and honestly to keep their employees in the loop and up-to-date. Additionally, asking for employee input on work-related topics, boosting morale and productivity can help keep motivation high.
At the end of the day, hiring freezes and layoffs are short-term measures necessitated by economic instability, fluctuating market conditions and global crisis. In such a situation, employees should understand their role in the organization, have a frank conversation with their manager or HR and simultaneously upskill themselves to navigate this uncertain time with ease.
Redefining the Hybrid culture and workplace
The pandemic taught us that remote working had its benefits both for the business and for employees. A whole range of collaborative tools and solutions have sprung up to support this widespread behavioural shift. In 2023, we will see the emergence of more collaborative platforms, Virtual Reality and metaverse environments to make remote collaboration more immersive and engaging and companies need to leverage these tech tools and solutions.Additionally, employers should focus on creating a thorough onboarding process for new joiners to ensure everyone feels included and understands the culture from the start.
Remote working has also meant re-prioritizing health and wellness, particularly as face-to-face interaction in the office is limited so employers need to regularly check in and implement initiatives that promote health and well-being, such as gym memberships and mindfulness sessions.
Wishing everyone a Happy 2023!