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What’s Ahead for 2023: Human Resources Toolkit

ICC January 24, 2023 0 Comments

By: Shawna Simcik

The Conference Board just released its C-Suite Outlook* report, and their report highlights the challenges forecasted to impact businesses in 2023. The immediate global economic downturn, among other key economic factors, including inflation, lingering disruptions from the pandemic, an unstable geopolitical environment, supply chain issues, and labor shortages, continue to plague businesses.

This report discusses that even though businesses face slower growth and recession risks, talent retention concerns persist, labor markets remain exceptionally tight, and companies plan for higher wages and benefits cost increases in 2023.

Even though businesses face slower growth and recession risks, talent retention concerns persist, labor markets remain exceptionally tight, and companies plan for higher wages and benefits cost increases in 2023.

So, given the CEO outlook for the year, what should human resources have in their toolkit to meet these challenges? Here are our top three recommendations.

  1. Fighting for headcount will be challenging, so human resources must get creative. The best HR leaders will focus on internal talent mobility to ensure employees are deployed to the priorities that matter most to the business’s success.
  1. Low and mid-level managers have a more critical role to play than ever better, with 60% of employees saying their direct manager is the most influential person they interact with in terms of connecting to their company’s culture**. Yet, managers feel sandwiched between implementing corporate strategy dictated by senior leaders and their direct reports expecting to provide a sense of purpose, flexibility, and career opportunities. In 2023, the best organizations will take two key actions to relieve the pressure on managers. First, provide support and training to mitigate the widening managerial skills gap. The same traditional training will not be suited for the workforce of 2023. Second, clarification of manager priorities will be essential. It must be clear how managers should allocate their time when responsibilities increase dramatically.
  1. As global companies continue to navigate the impact of the pandemic and the destruction of the employee experience revealing greater employee burnout, lower engagement, and a rise in “quiet quitting.” Great businesses and HR leaders will double down on building stronger cultures of resilience, innovation, and inclusiveness to attract and retain key talent.

Low and mid-level managers have a more critical role to play than ever better, with 60% of employees saying their direct manager is the most influential person they interact with in terms of connecting to their company’s culture.**

Connect with us as you work to tackle your biggest people-related challenges and deliver on your mission-critical strategic priorities.

References:

* 2023 The Conference Board C-Suite Outlook 2023: On the Edge: Driving Growth and Mitigating Risk Amid Extreme Volatility 

** 2022 Gartner Culture in a Hybrid World Employee Survey, n = 3,876

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