This is How Industry Leaders Are Preparing for Future-Defining HR Trends
Before the pandemic hit, several different theories emerged, all attempting to speculate on what the future of work looks like. Covid-19 gave us a glimpse into the future by accelerating the adoption of remote work around the world. Many traditional companies transitioned to hybrid working conditions, some retained the fully remote culture - especially for distributed teams, and a few went with on-site resumptions.
2022 saw major layoffs across organisations globally, with the technology sector among the hardest hit. Several other companies initiated hiring freezes till 2023, fueling uncertainty and leaving HR professionals to help outgoing employees smoothly navigate their transitions and to implement improved internal conditions for remaining team members.
While the global economic downturn is primarily blamed by experts for the massive layoffs, it does bring to the fore other valid concerns - on skills, demands of the job market and the performance of talent at the workplace. What is certain is that HR professionals have their work cut out for them.
Here, top Human resource managers, Heads of People and Culture, Chiefs of Staff, C-Suite Executives and CEOs discuss HR trends industry leaders need to keep up with in 2023.
What is the state of work in 2023?
Leul Girma, COO at Gebeya, Africa’s leading freelance and talent sourcing platform, states; “As 2022 comes to a close, it is clear that the future of work is online and on-demand. This (Q4 2022) quarter’s massive layoffs at several large tech firms show that organisations are looking to scale down their teams and reduce costs. Businesses looking to scale have needed to shorten their hiring timelines and augment their teams in order to leverage resources as they need them. The typical 2-3 months hiring cycle that requires sifting through hundreds of resumes don’t work for immediate hiring needs and short-term projects. Flexible, nimble team structures are an organisation’s superpower.”
Employee Wellbeing
Jemima Karugu, Head of Talent & Human Capital GrowthAfrica Foundation, Nairobi, says employee well-being is a crucial element of the future of work in 2023.
“In the wake of the pandemic, many employees are more aware and demand well-being as a minimum from their employers; well-being is divided into three buckets. First, is mental, which involves leveraging solutions to provide mental support to struggling employees with a greater emphasis on work-life balance. Second is financial, compensation as a trend is making a comeback due to the global inflation currently being experienced and the need to feel financially secure in case of any eventuality. The third is physical, employees are looking for more inclusive workspaces, that promote well-being and healthy habits.”
2023 trends that will shape the HR landscape in Africa
According to Adesola Awofeso, HR Lead at Axxela Group, sub-Saharan Africa’s leading gas and power portfolio company, “Quiet quitting might become predominant, especially as many skilled talents are fixated on migrating for more reasons not limited to the quality of life and economic gains.”
To navigate this trend, however, Dominic Ryan, Managing Director of DWR Expatriate & Executive Search – Ghana, Nigeria & West Africa noted that “The nurturing of the domestic market to bring executives up to a higher standard, thus reduce the need for external placements (ex-pats), coupled with the expansion of the economy in certain sectors, and foreign investment which will encourage growth in domestic employment opportunities.”
Folasele Vincent Akinloose, Team Lead, Faculty Management at FCMB, Nigeria’s leading commercial bank highlights two key trends. “Reshaping Workplace Learning and Development – with increased workforce mobility and the depletion of the skilled talent pool in Africa, there exist a need for HR to rise to this challenge through strategic hiring and continuous training. Organisations should start investing in L&D.”
“Diversity, equity, and inclusion – this is one of the behavioural HR components attracting global attention, and also capable of boosting engagement and reducing turnover. HR needs to develop and execute flawlessly the DEI policy,” he explained.
How people leaders can prepare for the future of work
As Girma, COO Gebeya explained, “a healthy feedback culture is critical. Understanding global trends in compensation, benefits, and remote work are important to stay competitive; but being in tune with the specific needs of your own workforce is important to stay relevant. Keep in mind personal and lifecycle factors like age, the pursuit of higher education, and parental status that might mean your employees crave benefits like tuition/ daycare assistance, or a salary advance to move into their first home. These perks are only worth investing in if your team members want and can take advantage of them.”
Also commenting, Tosin Ajayi, HRBP at Reelfruit added, “Irrespective of the number of years an employee stays on a job, people leaders should ensure that employees have good employee experience that will help their brand. Organisations should see training intervention as a contribution such that this would enrich the overall professional market with competent hands. People will keep scouting for better opportunities, but you could keep them as your veterans.”