What 2023 Holds for Workers and Employees: Retention Strategies or Job Hopping?

In its most recent survey, The Human Workplace Index (HWI) found that most workers feel only “somewhat valued” or not valued at all in their jobs. In all, sixty percent of 1,000 full-time employees polled said they felt undervalued.

Only 4.3% of the workers said they regretted quitting for a job somewhere that turned out to be worse. More and more individuals are willing to take the risk of leaving their jobs even in the absence of a better employment possibility. At the same time, businesses still need to take advantage of the many benefits that come from incorporating gratitude into the workplace.

Workers Are Becoming More Confident

Darren Shafae, Founder of ResumeBlaze, says that the workforce is changing rapidly as workers become more confident to jump from job to job in search of better opportunities. “I think many employees are gaining valuable experience and skills from these frequent job changes,” he says. “While it may be risky, those willing to take a chance at new opportunities may be better positioned to succeed in an ever-changing job market because they can adapt quickly, take on new challenges confidently, and easily navigate challenging situations.”

So, while quitting one job for another that ends up being worse might not be ideal in the short term, it can ultimately lead to greater professional growth and success in the long run.

However, Shafae points out that this trend may also point to several potential business problems. First, building and maintaining strong teams can be difficult when employees have high turnover. And at the same time, it can be costly to continually invest in training new workers who may leave after a short time. Hence, Shafae emphasizes that it is vital for businesses to focus on creating engaging work environments and offering competitive compensation packages.

Managers must also make an effort to build strong relationships with their employees and develop a sense of community in the workplace. In 2023, the workforce will focus on developing the best retention strategies to help attract and retain top talent, even in a highly competitive job market.

Amid Regrets and Recession Worries, Employees Stay Optimistic

One of the most common complaints from workers is that they put in too many hours and didn't set boundaries. The prospect of losing their jobs in a recession is a significant concern for 62% of respondents. Consequently, they have invested in career safety nets to prepare for a future economic crisis.

In the last year, one-half of employees have added part-time or freelance work to their regular jobs. The growing anxieties of a recession haven’t dampened their optimism for the new year.

According to the report, 8.7% hope to get promoted or get a raise. 32.1% resolve to find a new, higher-paying job. 29.31% resolve to be more organized. 27.9% hope to create more work-life balance, and 25.2% resolve to set better boundaries.

A Rocky Year for Employers

With 72.1% of employees quitting jobs and over 50% taking on a side hustle or freelance role with a full-time job, it is no surprise that this trend toward career cushioning is growing. It could help those who want a better balance make more money from more than one source.

Workers with a financial safety net can make career decisions that prioritize their health and personal development with the stability and peace of mind they require, especially if their side hustle is related to their talents and interests.

But according to Thomas Hawkins, CEO of Electrician Apprentice HQ, it's unclear if this trend will give workers enough resources to really achieve a work-life balance by 2023. Noting that, ultimately, a lot depends on how successful employees become as freelancers and side hustlers. These career cushions will be necessary to reach their goals by next year.

Ronald Ander, CEO SEOAnt is of the opinion that unless, “…even by working two jobs, workers can make sufficient quality time for family and leisure activities, this career cushioning trend will not help them achieve their resolve to achieve a work-life balance,”

Hawkins further notes that employers may have a challenging year in 2023. Because respondents generally did not regret quitting a job for one that didn't turn out to be better, that could spill over into the following year. Turnover could still be an issue, regardless of employers' efforts to prevent it.

Limiting workloads will be critical next year. “If employers think 2023 is the year to reintroduce 50-plus-hour work weeks, overtime, and the like,” Hawkins says, “they would be incorrect. Instead, they'll need to showcase that they respect and encourage work/life balance and display how their company makes this happen for its workers.”

The Future for Workers and Employees?

The fact that people are getting less desirable jobs could mean it will be harder for individuals to land satisfying employment in 2023. People may be more likely to work for themselves and lean more toward being serial entrepreneurs, which is becoming a common survival tactic. That way, they have a decent chance of juggling their obligations at work and home.

This might portend a happy year for workers. Only time will tell.

This article was produced and syndicated by Wealth of Geeks.

Amaka Chukwuma is a freelance content writer with a BA in linguistics. As a result of her insatiable curiosity, she writes in various B2C and B2B niches. Her favorite subject matter, however, is in the financial, health, and technological niches. She has contributed to publications like Buttonwood Tree and FinanceBuzz in the past and currently writes for Wealth of Geeks.