Korn Ferry recently released their 2023 Playbook. And experts say it’s more important than ever for leaders to clearly define their strategy and follow through.
Whether that means trying to go back to how things were pre-pandemic, or pushing in the new directions that have opened up over the last three years, Korn Ferry claims the best leaders will begin designing answers to the massive questions at hand.
They break down their report by framing out the unknowns of what they consider the biggest topics of 2023. For example, retention, company culture, and leadership.
Here are some of their biggest takeaways and insights.
- “During the last 18 months, many companies stretched their salary guidelines. But over time, some employees discovered they were making far less than new hires. This has created some headaches for managers, especially if it looks like firms handed out raises to one group of people but not another.”
- “The best way forward, experts say, is to create more robust principles around compensation management, such as hiring guidelines, promotions, hiring and retention bonuses, and counteroffers.”
- “Employees all around the world are redefining what we’re calling their ‘worth it’ equation—that is, what they want from work and what they’re willing to give up in return,” Spataro says. Indeed, in one 2021 survey, nearly 50 percent of US workers say they would take up to a 5 percent pay cut to continue to work remotely at least part-time post-pandemic.
- That figure will vary widely from organization to organization, which is why leaders should figure out what their own employees really want when it comes to hybrid work, as well as what, if anything, they’re willing to trade for it.
- Particularly for Generation Z and younger millennials, there are things intrinsically important to them, like how a company lives its values, but may not show up in how they are getting paid.
- On the social front, numerous studies have shown how adding diversity throughout an organization often leads to better decision-making, more innovative products, and higher profits.
- Despite the combined challenges of inflation, a recession, a war, and a lingering pandemic, some leaders will be tempted to try to pick up all the initiatives and strategies they dropped off when the pandemic struck. That could be a sound strategy, experts say, depending on the situation; but leaders need to consider whether it’s viable.
- The best leaders will carve out time for themselves and their top executives to create opportunities in their days to think. It’s not about taking a month off, Stevenson says; it’s about devoting mental energy to strategic thinking.
At Kantola, we believe managers are a critical part of advancing your organizational goals. Why? Because they are a primary conduit, yielding influence in multiple directions—their team, senior leaders and peers. They can either play a crucial role in creating a more diverse, equitable and inclusive work environment, or they can become a significant detractor to real progress—the difference is in whether they are empowered with the support they need.