Written by: Gayle Terzis, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
2022 was an eventful business year! There were a lot of trending buzzwords that marked our careers and opened our eyes to new concepts practiced in the business world ‒ from the great resignation, to quiet quitting and career cushioning.
Most of these business trends will continue well into 2023 given the global recession we are facing, and knowing them is crucial to help us understand what we might face.
So, what business trends and buzzwords started in 2022 and that every professional should know about?
Here are five of them:
1. Remote work and its counterparts, such as hybrid work: the pandemic has seen a rise in remote work, a trend that has continued well after many offices opened up again and companies resumed their usual work routine. One thing is for sure, remote work is here to stay because its flexibility opened up many possibilities for employees, employers, and entrepreneurs. It has allowed them to create the work-life balance they have always wanted. It also freed the time they spent preparing to go to the office and commuting ‒ time they are now using to spend with their loved ones, or practice activities they enjoy. On top of this, there is the Great resignation wave that many employers and companies have experienced, where employees are leaving the workplace en masse to seek better opportunities and more work-life balance. This led to a definitive change in the work landscape where many companies have started adopting remote and hybrid work to create a better working environment for their employees and retain top talent.
2. Quiet quitting: this happens when an employee decides to quit their job without actually quitting. In other words, they have stopped being productive and invested in their job and are simply doing the minimum that is needed of them in order not to lose their position. This is also referred to as "ghosting" or "the fade away”.
One of the main reasons why quiet quitting happens is because employees feel unappreciated and/or undervalued at their company. They might feel like their contributions are not being properly recognized, or that there is a lack of career advancement opportunities for them. They may also feel that the company culture does not align with their values or that they do not have a good work-life balance.
There are many things that employers can do to prevent quiet quitting because it can negatively affect the morale of the rest of their staff, as well as the company's performance as a whole. They can start, for example, by fostering a positive work culture that recognizes the contributions of their employees. They can also improve communication between the different members, practice transparency, and implement a fair process that allows for constructive feedback and open dialogue between the management and the employees.
Quiet quitting has seen a rise among employees last year, and the trend might continue if employers do not find solutions fast.
3. Career cushioning: this is a concept that was inspired by the dating world and that bridged over to the business world. Career cushioning means keeping your career options open while still having a job. Employees usually do this when they feel underappreciated in their current job role or because they feel threatened. Therefore, they seek multiple job opportunities and diverse sources of income for them to have a safety net.
In recent years, there have been a lot of changes in the business world, such as massive shifts in the job market, downsizing and lay-offs, financial threats to several companies, and so forth. To counter this and protect themselves, employees started practicing career cushioning to feel more secure ‒ in case the worse happens; they have other sources of income.
Another reason employees may revert to career cushioning is to have the ability to work on multiple projects and hone different skills. This allows them to become more adaptable should one of their skills or one of the industries they operate in, come crashing down.
Career cushioning can negatively impact the performance of employees, and there are many measures employers can undertake to prevent it, such as providing employees with opportunities for professional development, readapting job descriptions and encouraging internal mobility. They can also provide them with benefits, flexibility and a work culture that is founded on transparency, trust, and open communication.
4. Productivity paranoia: refers to the state of fear many employees experience when they are under constant pressure to always outperform themselves. In the last few years, companies have become more and more focused on maximizing the efficiency of their employees, indirectly pressuring them always to give more. This, in turn, creates a negative cycle and a toxic working environment.
When employees are given unrealistic demands or have overly tight deadlines to meet, they will start experiencing productivity paranoia, which will eventually become counterproductive. They might also be micromanaged and given little control over their work. This usually happens when there is no communication and a lack of trust between employees and their managers. If not remedied quickly, the situation can escalate, and employees will feel unmotivated. They will eventually underperform.
To remedy this, employers can provide employees with the autonomy they need to complete their work. They can hold them accountable by setting specified KPIs and reasonable deadlines, then give them the flexibility and appropriate room for them to maneuver their work as they see fit. This approach, amongst different measures that need to be implemented, can help them counteract productivity paranoia, foster a positive work culture, retain talent, and improve the company’s performance.
5. Quiet firing: From all the business trends and buzzwords we have seen so far, this one is the most damaging to both the employees and the employer. Quiet firing is similar to quiet quitting but from the employers’ perspective. It refers to when an employer decides to terminate employment without prior notice or explanation to the person they are firing.
There are many reasons why employers may choose to quietly fire an employee, such as believing that the performance of their employee is not up to their expectations, or that they are not meeting the company’s objectives. They might also simply not have the required skills to do the job properly. When employers revert to quiet quitting, they usually want to avoid having to face the employee and explain the situation. They might also want to avoid any legal action or negative publicity, which is counterproductive in this situation because quiet firing creates a situation of mistrust and unrest amongst the remaining employees. Quiet firing is not recommended as it affects the morale of the employees, and their performance, and will eventually have repercussions on the company’s reputation.
In conclusion
There have been some positive but also some negative changes in the business world in the past few years, and 2022 has seen a rise in business trends and buzzwords, such as remote work and quiet firing.
Whether you are being affected directly or indirectly by one of the scenarios that I mentioned above, it is important to understand what is happening and then find the appropriate solutions to remedy it on time.
Gayle Terzis, Executive Contributor Brainz Magazine
Gayle Terzis is an Executive & Career Coach and the Founder of Boost Up.
With a background in banking, Gayle spent over ten years in the corporate world working on diverse missions, including the development of the first program dedicated to the financial empowerment of women in the Middle East. However, she started feeling that her job was lacking meaning and purpose, and she was automatically less happy at work. She found coaching to be her calling. She quit her job and got certified by the ICF Executive & Leadership Coaching program.
Today, Gayle helps ambitious career-focused people connect with their better selves in order to reach their full potential and achieve meaningful goals faster; while having a balanced, healthy, happy, and productive life.
