In these uncertain times, organizations need strong leaders now more than ever. Trends such as increased complexity in the business environment, a shortage of leadership capacity and the pending exodus of the baby boom generation presents a real challenge.
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The economy was the main story for this year, with the triple effect of record inflation, record interest rate hikes yet at the same time, record low unemployment rates. These macroeconomic forces resulted in knock-on effects in the HR space, with some sectors like tech coping with high-profile layoffs, usually with quality Career Transition and Outplacement programs included as part of the package, while other sectors struggle to find good people.
The uncertain economy continues to be uncertain. The unemployment rate remains near historical lows at 5.2% and it appears that we are starting to see inflation numbers beginning to cool. In the meantime, the Tech industry is seeing hiring freezes and layoffs. Amazon, Apple, Lyft, Meta, Microsoft, Snap, Twitter, Stripe and many more tech stalwarts have announced layoffs or hiring freezes to prepare for a coming recession. Here in Canada, Hootsuite, Dapper Labs and Dye and Durham have cut staff.
We are living and working through an unprecedented period of economic uncertainty. We continue to experience the impacts of global pandemics, economic resurgence, supply chain challenges, record low unemployment, and high inflation. As an HR and business leader, how do you craft compensation strategies when circumstances are uncertain or ambiguous?
Winter is coming, and it may not just be the change of season. With persistent inflation, continued central bank tightening of interest rates, currency fluctuations and slowing growth and turmoil in other parts of the world, our economy continues to be uncertain as businesses are planning for the year ahead. These are some of the major trends we are seeing this month: