The Year Ahead: 3 Big Ideas for the evolving workplace

It’s been a bumpy few years, hasn’t it? We’ve gone through so much in a short time – the long-stretching pandemic, geopolitical tensions, and now, we’re facing economic uncertainty as we head into the new year.?

With 2023 on the horizon, there may be bright spots to look forward to – low unemployment rates across most of APAC, and we know some industries are still hiring aggressively (for example, job postings are up in Consumer Services in India and Entertainment Providers in Singapore). While we don’t have a crystal ball for what the year will hold, I believe that the only way to lead through uncertainty is to plan for it. What are some strategies we can implement to be better prepared for the year ahead?

We’ve looked at what we can learn from our unique data, and I’ve reflected on the conversations we’ve had with business leaders about what they’re seeing in their organisations. I believe the workplace will continue to evolve and present us with challenges and opportunities that require quick thinking, pragmatism and a shift in mindset. I hope the following ideas inspire conversations and actions that support your business in the year ahead.?

Big Idea 1: Adaptive leaders will emerge stronger during times of change

Considering the current mixed economic signals – we’re still seeing a tight labour market in APAC despite the layoffs, slowdown in hiring, and high inflation – the best strategy is to be open and prepared for all possibilities. This is where adaptive leadership becomes handy.?

A recent LinkedIn survey with over 2,900 executives globally revealed that problem-solving, communication, and creative thinking are the top three skills needed to navigate the modern business world. Apart from investing in these skills, leaders should also be willing to adapt and expand their views and look at things from a new perspective. Sometimes, solutions come from unexpected quarters, and an able leader must be open to new strategies and methods to solve a problem. Leaders can confidently help their business sail through rough patches by being adaptive to times, challenges, and problems.

Big Idea 2: Skills will be the most important currency in a competitive job market

LinkedIn data reveals that hiring for skills instead of years of experience gives companies access to wider talent pools. For instance, we saw how businesses across APAC raced towards digital transformation during the pandemic. Companies had to redraw their supply chains, customer service channels, sales, and other processes. Businesses that employed the right talent with relevant skills could adapt to changing scenarios, and they fared far better and with greater ease than others.

The hiring-for-skills approach benefits the workforce as it levels the playing field. Gen Zs, for example, will benefit the most from this approach, as the lack of previous experience wouldn’t be a deterrent to employing young talent. The skills-first approach will also be a game-changer for women as they are often subjected to many biases during the hiring process. Though many women possess the right skills, they lose out on opportunities because of these gaps. Hiring based on skills rather than experience will see more women hired into roles they’re under-represented in currently.

Big Idea 3: Upskilling, flexibility and internal mobility will be critical for employees retention?

People are every organisation’s greatest asset, and forward-thinking businesses that focus on their employees will be the ones that outperform competitors and come out stronger. Upskilling and career advancement are important expectations of employees alongside flexible work arrangements. However, we know that many businesses are scaling back on their learning and developmental expenditure due to the current economic conditions. In many countries remote work has been in decline for six months or more, yet it remains extremely popular with job seekers – pointing to a growing disconnect between employers and employees. This conflict of interests can make it hard for leaders to attract and retain top talent.?

To create a future-proof workforce, companies should invest in continuous training for their employees, helping them develop new skills they’ll need to stay competitive. Likewise, employers who provide flexible working and opportunities for internal mobility will have an edge in retaining talent. Companies that excel at internal mobility are able to retain employees for nearly 2x as long as companies that struggle with it.

Having an agile, motivated, purpose-driven and high-performing team is key to the growth of any business. When the interests of the employees and the business fail to sync, business leaders have the opportunity to communicate openly with their most valuable asset – employees – to find a mutually beneficial solution together.?

I’d love to hear from you – what are some of your winning strategies heading into the new year?