In the last few years, we have been inundated with events and trends that have profoundly changed us. The pandemic, hybrid and remote work, ‘great resignations’ and ‘quiet quitting’ are now topics of everyday conversation.
In preparation for the year ahead, here are a few talent trends you may expect in 2023 and how to address them.
Attrition Will Continue
According to a Robert Half study, 50 per cent of Canadian workers will look for a new job in 2023, a nearly twofold increase from a year ago. Why? In a study of more than 13,000 workers globally, management-consulting company McKinsey reveals most workers are leaving to take on very different roles — or just leaving the workforce entirely. With nearly 30 per cent of professionals considering quitting their jobs to pursue a full-time contracting career, employers are now competing with a variety of non-traditional employment options, including the gig economy. In order to counter this trend, companies must enable workers to envision a future for themselves at their organizations. Offering competitive compensation is now the bare minimum to attraction. Relational factors such as flexibility, community, inclusivity, and a deeper connection to company purpose and mission are increasingly important to luring workers to return to traditional full-time employment.
Gen Zs Are Shaping the Workforce
Boomers, Canada’s largest population segment are now retiring. Employment and Social Development Canada expects 3.7 million positions will have opened between 2015 and 2024 and Gen Z’s, born between 1997 to 2012, are well timed to be finding their place in the professional world. However, their entrance into the work world during the uncertainties of a global pandemic, rising inflation rates, recession concerns, geopolitical conflicts, and climate change, has shaped a different set of workplace needs. Studies show that Gen Zs may feel less optimistic about work prospects, financial security, and their ability to access opportunities than other generations. As such, learning is intensely important, with 76 per cent of Gen Zs seeing this as the key to advancement. Real mental-health support and financial-wellness training are employment benefits of choice, and offering connection beyond a paycheck will go a long way to recruiting and retaining Gen-Z employees.
Resilience Will Drive Success
Resilience is defined as the capacity to withstand or to recover quickly from difficulties. Without question, the hotel industry is well practiced at flexing this muscle. The more resilient an organization is, the greater its ability to compete and succeed financially. In order to grow, resilience needs to be woven into the culture of an organization and displayed through healthy team behaviours, such as knowledge sharing, bottom-up innovation and problem solving. This happens when teams are allowed to be self-sufficient, empowered and given ownership of outcomes. Resilience is nurtured by developing and promoting leaders who display adaptability as a core skill. Adaptable leaders coach others to find lessons in challenging situations. They identify multiple possibilities and avoid seeing situations as either right or wrong. They celebrate when teams step out of their comfort zone or work differently to achieve a goal. Resilient employers are well positioned for success when faced with ever-changing workforce trends and expectations.
BY CAYLEY DOW – Cayley Dow is the Founder of Thrivity Inc. (thrivityhr.com), a human resources consulting and coaching firm that helps service-oriented businesses to thrive in the ever-evolving world of work.
