September 29, 2023 5 min read
Labour market: The seven dominant trends for 2023


Share on facebook
Share on twitter

To record "τα σημαντικότερα ζητήματα που θα απασχολήσουν την αγορά εργασίας, επιχειρήσεις και εργαζομένους τη φετινή χρονιά και θα καθορίσουν σε μεγάλο βαθμό το future of business" is attempted by the Adecco Group, given that in 2023 "the growth rate of employment will range in low levels as the economic impact of war in the Ukraine, high inflation and monetary tightening will create new challenges for the world of work."

In its latest report, Adecco notes that "the two years of pandemic have left an indelible mark on employment. Its consequences were - and still are - multifaceted and uncharted, affecting every aspect of modern socio-economic life. The impact of the pandemic on labour proved to be stronger than predicted. As new trends and work models emerged, employer-employee relations were reshaped. It has also deteriorated the mental health and well-being of workers globally."

In terms of trends for 2023, Adecco highlights the following issues:

1. Talent shortage and need for skills upgrading

This is the most important issue of concern to all businesses, regardless of their sector. The difficulty in finding talented executives is not a new phenomenon. But the problem got much worse during the pandemic years. Many workers decided to change their sector of activity, creating major reorganisations in organisations and businesses. There is also a difficulty in retaining talented human resources. Companies try to reduce the talent drain by continuous training to upgrade the skills of employees (upskilling).

The labour market has not recover yet completely from the turbulence brought about by the pandemic. At the same time the ejection of inflation makes the a less favourablemacroeconomic environment. Therefore, in order to equip the businesses vis-à-vis the the risks posed by the the impact of inflation in the labour market, it should adopt a clear talent retention strategy with strong incentives for their employees.

2. Changing the leadership model to deal with tacit resignation

Upgrading skills is not just about the workers in a company. It also concerns the leadership team, which is the team responsible for development of the company. As well as for the maintenance of the talented human resources. Businesses should create but also to communicate in a clear way to their employees an ambitious vision that will offer prospects and development opportunities to their people. Especially younger employees want to feel important in an organisation. Enjoy the respect and appreciation of their employer. At the same time they wish to protect themselves from stressful situations. Situations leading to burnout and phenomena such as Quiet Quitting.

3. Providing development opportunities for human resources

The need to continuously upgrade the skills of human resources on a large scale is a huge challenge, which most employers have not put on their agenda despite the multiple benefits it brings to the growth of any business. This is evidenced by the findings of the Adecco Group's Global Workforce of the Future survey, where the prospect of career progression was the third most common reason for an employee to change jobs, behind only the level of pay and work-life balance. If one takes into account the fact that the same survey showed that 27% of employees are considering changing jobs, the training opportunities (upskilling and reskilling) that the employer will provide to employees, along with the prospects for career development, will determine whether or not talented executives will stay.

4. Upgrading the role of the Head of HR

The criticality but also the complexity of talent management makes the role of Head of Human Resources increasingly important. Already from the years of pandemic, the responsibilities of the HR manager in a company have increased significantly, with the result that both managers and Board members consider the skills of the Head of HR very important for the growth of a company. This is confirmed by a Harvard Business Review survey showing that when a CEO level position opens up in a company, the Lead Human Resources should be among the main candidates because the skills of attracting & retaining talent and cultivating a supportive culture are very important for the strategic development of the business.

5. Sustainable human resources management strategy

The process of attracting and retaining talent, taking care of the psychosomatic health of employees and the overall human resource management strategy should be linked to the the ability of the company to create value with sustainable way. In this context, employers should ensure that exemplary management of their people at all levels, from the attracting new workers until the the retention of competent staff and the cultivating a corporate culture to promoting empathy in the leadership model.

6. Establishing safety and control rules to protect workers

The social, economic and technological changes that have taken place in recent years have led to new forms of employment. Η protection of rights of workers employed in different forms of work, through regulations and institutional frameworks that are fully implemented, will be an important step towards the proper functioning of the labour market.

7. Increasing the impact of the Metaverse and Decentralized Autonomous Organizations (DAOs)

In recent years, phenomena such as the Metaverse and Decentralized Autonomous Organizations (DAOs) have appeared in the public debate. Their ambition is to change the its future Labor. According to the results of the Adecco Group's Global Workforce of the Future survey almost the half of the respondents (46%) who are of the same age in Generation Z, they believe that in future the Metaverse will be a piece of everyday life in their work. In fact, this is something they themselves very much want.

Regarding Decentralised Autonomous Agencies, their operation may still be less widespread, however 67% of respondents belonging to Generation Z said they have either already worked or would like to work in such an organisation. The rise in popularity of DAOs and the Maverse is part of the wider trend of remote working and the right of the worker to work from anywhere.

In this context, business leaders need to be trained on the new data. They should assess the benefits and risks of further implementation of innovative tools so that their integration into employment brings maximum benefits with the lowest possible risk.

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter

Subscribe to the Newsletter

You can be the first to be informed about new programmes and new announcements

Κάντε εγγραφή στο

Μπορείτε να ενημερώνεστε πρώτοι για νέα προγράμματα και νέες ανακοινώσεις