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Pay transparency and flexibility are the top trends in the workplace in 2023

The past year has been full of evolving ideas about what the workplace of the future might look like. There has been a shift in what workers expect from their jobs and who those workers are.

According to Mandy Price, co-founder and CEO of Kanarys, a technology company that provides organizations with data on diversity, equity and inclusion, employees are no longer interested in burning oil at midnight.

“What we’ve already seen is a more human-centric approach where we start thinking about the workforce,” Price said.

The Dallas Morning News spoke with half a dozen industry experts and employers about workplace trends for the coming year. In 2023, more workers will demand transparency and pay flexibility, and employers plan to invest in their existing talent and work to understand the new generation joining a more virtual workforce.

Training

Companies tend to invest in existing employees rather than hiring new ones. Price said that of the thousands of groups that Canaris tracks and the CEOs they follow, the business leaders plan to upskill.

“They already have so much institutional knowledge about the organization,” Price said. “AND [companies] want to be able to invest in their current workforce.”

As new innovations and advances change what is needed for different professions, there is a need for upskilling, Brian Daniel, chairman of the Texas Workforce Commission, said at a December Dallas Regional Chamber event.

Daniel points to a mismatch between the skills employers need and the skills workers have in their arsenal, from managerial skills to software maintenance. Investment in Texas’ existing workforce will boost the state’s growth as the state competes to retain talent, he said.

“49 states are constantly trying to get jobs created by Texas employers,” said Daniel.

Ed Curtis, founder of YTexas, a network dedicated to supporting companies relocating or expanding in Texas, said that better communication with young people about the needs and skills required before they embark on a career can help fill gaps in the workforce. .

“Texas is in a good position when it comes to affordable labor and meeting the needs of companies that come here and expand,” Curtis said.

Generation Z becomes a force

By 2025, more than a quarter of the workforce will be Generation Z, meaning people born between 1997 and 2012. The younger group of workers is more active and diverse than its predecessors. The Group prioritizes pay and work-life balance. A generation expects something very different from the workforce than previous generations, Price said.

According to the Deloitte Gen Z and Millennial report, which included 14,808 Gen Zers and 8,412 Millennials, Gen Z workers are struggling with financial challenges and seeking more focused and flexible work.

According to the Deloitte report, those who were satisfied with their employers’ impact on society and the environment said they were more likely to want to stay with their employers in less than a year, compared to 40% of all employees, according to the Deloitte report. report from Lever, a software company that tracks hiring.

According to the Deloitte report, those who were satisfied with their employers’ impact on society and the environment said they were more likely to want to stay with their employer.

“They don’t aspire to be in an organization for 20 to 30 years,” Price said of Generation Z workers. “The way they think about the workforce and their place in it is very, very different.”

Flexible schedule, working weeks

Since the beginning of the pandemic, the number of working women has not yet recovered.

To retain employees, companies will need to find ways to support workers and their caregiving responsibilities. According to a GOBankingRates survey, more than a quarter of women said the biggest career barrier is lack of time for childcare and lack of affordable childcare. According to Syndio’s report, Caregiving is a new group with 12% of companies following.

“There will be objections to how to balance these caregiving responsibilities with the demands of actually being in the office,” Price said. “Companies must either provide a hybrid option or a work-from-home option.”

Earlier this year, the United Kingdom launched a six-month, four-day pilot program with promising averages. While American companies are generally far from considering a four-day work week, a California congressman has introduced a bill to reduce the standard 40-hour work week to 32 hours.

More traditional industries such as financial services and manufacturing have largely returned to work, while industries such as technology are hybrid and more inclined to try new approaches.

As hybrid work models become more widely adopted, large headquarters spaces are likely to shrink and companies will opt for smaller offices and sublease their premises.

The percentage of deleted jobs on LinkedIn hit an all-time high of 20% in February 2022. By October, only 1 in 7 job postings in the country offered remote work, according to the LinkedIn Economic Graph. While the number of remote jobs has slowed, it is still nearly 10 times the share of remote work in LinkedIn job postings in January 2020.

Payment transparency

A growing number of states across the country are enacting pay transparency laws that require employers to provide clear pay information to candidates in advance. California, Colorado, and New York are among the areas that now require the posting of a salary range with job listings.

According to a report by Lattice, a performance and compensation services platform, more than two-thirds of U.S. employees want more transparency from their companies about pay practices. More than half of the workers surveyed said companies should disclose everyone’s wages.

Price said that whether or not Texas pay transparency is mandated by law, other major cities and states requiring published pay ranges will influence local employers as they compete for talent.

“It will have an organic ripple effect that we will start seeing across the country,” Price said.

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