Business Trends Going into 2023
Looking at 2023, TLR Search believes these are the business trends that will change the face of business and in turn will require a change in hiring, training, and reskilling. Like a double edged sword, the trends listed below will also be areas new employees are evaluating when they determine who to work for.
Digitalization and AI are accelerating
In the past three decades, artificial Intelligence has been a futuristic view until recently. Though it has been steadily progressing, AI has made some great strides in the past 6 months alone. It's already made a significant impact on current technological solutions, most notably in search engines, e-commerce, fraud detection, voice assistance, navigation, facial recognition, tailored instruction, and autonomous vehicles. Two most notable areas that are effected by AI are art and writing.
AI is no longer simply a concept but a reality and a powerful tool being utilized, and it's getting more advanced daily. It will soon integrate into most organizations.
Sustainability will continue to grow in importance for businesses and individuals careers
As society puts importance on the impact of climate change, so does the business world. In 2023 and beyond, companies will be met with increased regulations by regulatory authorities and investors when it comes to their sustainability impact.
As Gen Z enters the workforce, it has also become necessary to new hires that sustainability is engrained into a business. Consumers also place an importance on sustainability when it comes to purchasing a companies product or services.
With the evolution of regulations and reporting practices, there is a growing degree of pressure on organizations to collect and report data that accurately reflects their ESG activity.
More progress in green technology
With a huge leap in nuclear fusion just this past month, the outlook for green technology is bigger and brighter. AI has helped companies strengthen their supply chain, and this only helps aid in the push toward green technology. It's expected that this will be a huge trend heading into 2023 for companies.
"One of the biggest challenges the world (as shared by this futurist in #7 in the article “ The Top 10 Tech Trends In 2023 Everyone Must Be Ready For”)is facing right now is putting the brakes on our carbon emissions so we can tackle the climate crisis.
Customers will crave experiences from businesses, which TLR Search has been predicting for the last 4 years
The digital experience companies offer to customers had to change during the pandemic and, with that, changed the expectations from customers of what a company could digitally offer them. However, customers are dissatisfied with the level of service currently provided through digital platforms. Recent survey results reveal that a majority of US customers, 54%, believe that the online user experience provided by brands needs to be upgraded.
Consumers crave experiences in person as well. Consumers find that memories last rather than material possessions. After the pandemic, 58% of people felt that they had missed the experience of being “out.” Cherishing every moment has become a part of our everyday lives as people missed out on seeing loved ones for so long.
This climate has produced a preference for “doing rather than having” and a shift in spending habits toward experience-driven purchases over material items.
Skill gaps for applicants as people moved out of the workforce and into the gig economy.
There has been massive growth in the gig economy since the pandemic and since the great resignation. This has created skill gaps in the workforce. Also, as mentioned above, there has been a huge burst in the growth of technology for sustainability and AI. This burst has caused a gap in skilled individuals who can work with those technologies.
It comes to a full circle now as companies are struggling to fill those gaps, especially with recent layoffs for the potential recession. Businesses are looking to the gig economy to fill those gaps and though this article talks about India specifically, this is something happening globally.