What a wild journey we’ve been on these last three years. 2020 started with abounding optimism, only to promptly go off the rails when the pandemic hit. Then came 2021, very much in the shadow of COVID, but ultimately bringing optimism with hopes of new vaccines. And then came the ‘Great Resignation’, with rapidly escalating prices and wages leading to endless budget revisions. Finally, in 2022, the Fed brought the hammer in the form of the fastest-ever rise in interest rates, driving the worst combined stock and bond market returns in 90 years. Dare we hope that 2023 might finally offer a semblance of normalcy?
This week brought positive news as the U.S. inflation slowed for the sixth straight month in December. Some economists believe the Covid pandemic-era work-from-home trend may be a contributing factor, as workers opt to accept smaller raises as a tradeoff for working from home. According to Steven J. Davis, an economics professor at the University of Chicago Booth School of Business, “The opportunity to work from home adds to the amenity value of a job. Just like working in a nicer office would make a job more desirable.”
This op-ed by Gleb Tsipursky, CEO of hybrid work consultancy Disaster Avoidance Experts, put it perfectly when referring to Elon’s Musk’s about-face on remote work:
During a recession, executives may need to hunker down, be more disciplined, and rely on data to make decisions that make the most financial sense for the company — like Musk choosing to have Twitter staff work remotely for the sake of cutting costs. This focus on profitability over personal preferences benefits remote work. Evidence shows that remote work is more productive than in-office work, which makes facilitating remote work especially important in a time of cutting costs, since higher productivity means companies need fewer employees to do the same amount of work.
That’s exactly the ‘amenity value’ we strive to support and enhance for customers as they adapt to the new normal of hybrid work.
As I said in our momentum announcement today, we’ve seen productivity and well-being can be sustained when customers have the right visibility and insights to support them. Our goal is to arm leaders for success with workforce analytics they can trust to make strategic business decisions. And that’s what we’ll continue to focus on in 2023, with new investments in workforce planning and optimization capabilities.
As we close the books on 2022, including a fourth year of record-breaking growth, I’d like to highlight some significant accomplishments that set the stage for the year ahead. And in doing so, I’d also like to give a huge shout-out to our supremely talented ActivTrak team, without whom none of this would be possible . . .
Some of the impressive research and innovations we delivered included the introduction of Locations Insights which give leaders visibility into how employee productivity varies by location; integration with Google Workspace that empowers employees to improve digital work habits and wellness as part of daily workflows; and publication of the first annual State of the Workplace report capturing two years of workplace insights across more than 56,000 employees and 73 million work hours.
We’re also especially proud of the numerous high-profile industry awards and accolades we earned, including Deloitte Technology Fast 500 (#299), Inc. 5000 list of fastest-growing private companies (#1344), Inc. 5000 Regionals Southwest list (#51), and Brandon Hall Group Excellence in Technology Award (Gold) for Best Advance for Readapting to the Workplace and Workplace Culture.
A very big deal – and not something many other companies can claim – we were also recognized as a Sample Vendor in four Gartner Hype Cycle reports including the: Hype Cycle for Human Capital Management Technologies, 2022; Hype Cycle for Digital Workplace Infrastructure and Operations, 2022; Hype Cycle for Digital Workplace Applications, 2022; and Hype Cycle for Frontline Worker Technologies, 2022.
And as demonstration of our deep commitment to our customers and their success, the ActivTrak Productivity Lab launched ActivTrak Academy, a learning center to help customers turn workforce insights into action; debuted Productivity Lab assessments that surface insights to drive better decision-making; published Productivity Benchmarks with cross-industry and industry-specific baselines; and introduced the Work Wiser video series featuring thought leader best practices.
I look forward to working with you in 2023 and continuing to develop world-class workforce analytics that deliver value and competitive advantage to your business.