Business Trends in 2023 // 5 Trends that Can’t be Ignored

Here, we reflect on five important business trends in 2023 that businesses can’t ignore if they want to hit the ground running in 2023.

Business Trends // 5 Trends that Can’t be Ignored in 2023

From new workplace trends, the great resignation, economic challenges, and ever-faster development of technologies so many more businesses have faced huge challenges and have undergone an incredible amount of change over the past few years, and this won’t slow down in 2023. 

Here are the business trends in 2023 that we believe will have the greatest day-to-day impact on the way we work and do business in 2023.

More Businesses will continue adopting Blockchain Innovations

Blockchain makes transactions transparent, secure, and tamper-proof. While this technology is currently primarily used in cryptocurrency transactions, it has a trove of potential business applications.

In the new year, another business trend more companies will continue leveraging blockchain to create a secure digital identity for individuals or businesses. This would help to prevent fraud and identity theft, as well as simplify compliance.

Blockchain will also be used to create smart contracts, which would allow two parties to agree on terms and conditions without the need for a third party, such as a bank or lawyer.

As blockchain technology continues to develop, we are likely to see even more innovative applications in the future, and your business should be prepared for such advancements.

Companies will Increasingly adopt Flexible Work Environment

Employees saw that remote work is possible and functional during the pandemic when companies were forced to transition to remote office models. 

Employees also saw that remote work offers several benefits over traditional in-office work environment models such as increased flexibility, higher productivity (in many cases), better work-life balance, transportation savings, time savings, improved quality of life, and more time spent with family, friends, and pets.

Employees know remote work is possible, and many view it as superior to working in the office. So, employees are now looking for jobs that offer increased flexibility in terms of remote work and hybrid office models, and they’re leaving and passing over opportunities that require 100% on-site work.

Employees desire remote work, and it can actually offer many benefits to businesses as well. When possible, remote work can result in big savings on the cost of office space. It can also result in increased productivity.

While there are many benefits to remote work, lots of businesses are turning to hybrid office models that offer the best of both worlds.

More companies are also adopting flexible workspaces like coworking spaces that offer flexible office space packages.

Nairobi Garage facilities are designed to help your workforce get the most out of hybrid working. With business-grade tech, super-fast Wi-Fi, and flexible contracts businesses can create a customized workspace and position themselves for success in 2023 and beyond.

A physical office helps businesses maintain workplace culture, a sense of community, collaboration, and human contact for those who prefer to work in a more social environment. 

The hybrid model, however, also provides flexibility for those who prefer to work remotely. As a result, businesses with hybrid models reap the benefits of both office types and increase their desirability for employees who prefer a flexible work environment.

The Great Resignation and Silent Quitting will continue

Remember the great resignation experienced last year? Over the past year, we have seen huge movements of talented people, referred to as the great resignation and quiet quitting, as workers reassessed the impact of work and what they want to get out of their lives. 

This has put pressure on employers to ensure they are providing attractive careers, the flexibility of hybrid work, and an enticing work environment and company culture.

Offering people fulfilling work, ongoing opportunities to grow and learn, flexibility, and diverse, value-oriented workplaces will all be essential in 2023.

Also Read // How The Great Resignationis helping beat Human Experience Management

Over the past year, businesses experienced incredibly high employee turnover rates that were compounded by lagging productivity as a result of employees simultaneously silently quitting 

In 2023, these trends aren’t likely to slow or change unless businesses also start making some changes designed to attract and hire the right employees while also actively working toward increasing the satisfaction of existing employees.

Primary adjustments designed to stymie turnover will include improvements to company culture, employee compensation and benefits, and the work environment.

Focus on Company Culture

In 2023, we will likely see businesses of all sizes focusing on improvements to workplace culture in response to the Great Resignation.

Companies will have a greater focus on creating a strong company culture is the best strategy for retaining employees because workplace culture touches just about every aspect of an employee’s life at work. 

A strong company culture should be based on a set of positive core values from which every facet of a business is built. 

For example, each policy, procedure, and benefit should be based on upholding your company’s values and creating a positive culture.

Attractive workplace cultures that help to retain employees offer a strong sense of community and support, they help employees feel as if they belong and are a vital part of something bigger, they foster open and clear communication, they do not punish failure but celebrate it as a learning experience, they properly recognize and reward successes, and they offer opportunities for professional and personal development.

Businesses will also likely focus on discouraging quiet quitting with improved incentive policies that increase employee engagement and satisfaction.

More companies will continue adopting Sustainability

Whether it’s one of your business’s core values or not, sustainability cannot be ignored in the current global climate. Energy costs are soaring, efficiency is key, and sustainability is on the mind of just about every consumer.

In 2023, you’ll see more SMBs seriously considering the footprint of their businesses and focusing on their triple bottom lines to determine what actions they can take to increase the sustainability of their companies and the profits they offer to, not just their businesses, but also to their people, communities, and the world.

No matter what kinds of challenges and opportunities 2023 brings to your business, Flexspaces are the key to making this viable for today’s workforce. With 5 locations across Nairobi and a strong focus on expansion into rural and suburban areas, Nairobi Garage is dedicated to facilitating a better year for your team this year. Get in touch with us or email us at join@nairobigarage.com.