Keeping employees happy is more important than ever: Insights for business leaders in 2023
Workplace flexibility, a focus on employee experience and empathy are key for business leaders, says YPO’s Xavier Mufraggi
As we emerge from the pandemic, the world’s business leaders now face a new set of challenges. Nearly two-thirds of our CEOs are positive about their 2023 outlook but are concerned about inflation, supply chain constraints and geopolitical instability resulting from international conflicts, according to a survey conducted by the Young Presidents Organisation (YPO) with 1,681 executives, representing 96 countries and 47 industries. Mental health, hybrid work and employee retention are other top-of-mind issues for chief executives in the year ahead.
It’s critical that business leaders identify how best to capitalise on today’s unique business environment. What we’ve found across the board is that, in response to the current context of fast-paced change and economic volatility, top executives globally are doubling down on the employee experience by redefining the workplace and investing in employee well-being and retention.
What else has the survey uncovered? Here are some of the key takeaways I found from my peers and my thoughts as we head into 2023:
Executives remain positive overall about business, but optimism is curbed by elevated economic uncertainty.
Even as the world opens up, chief executives in Asia are concerned about geopolitical issues (30 per cent) and the recession (30 per cent), more so than their counterparts in other regions. Inflation and the diminished supply for goods and services are seen as powerful obstacles to business in Asia, with business leaders around the world predicting average price increases of 11.1 per cent in 2023.
The year ahead definitely calls for resilience, along with agility and flexibility. This might mean safeguarding supply chains, identifying risks or staying open to change, such as concentrating more on domestic markets closer to home. The threat of having your business disrupted by new digital competitors persists, but instabil
