HR Market Update
December 2023

This has been a year of uncertainty for the economy and for many people in the world of work. Interest rate increases and tightened money supply resulted in layoffs and cautious business activity. And while an anticipated recession has yet to materialize, central banks are signalling that the next move in interest rates will likely be cuts. As 2023 draws to a close, these are the trends we are seeing in the HR space:

Training and Development a Top Q1 2024 Priority

Typically in the new year, HR departments are busy with performance and compensation reviews. This coming year, there is also a focus on Training and Development programs. The trend in 2023 towards promoting from within means that there are new leaders within organizations that need help in developing and enhancing core leadership skills including leading teams, providing feedback and collaboration. As well, the desire to retain top talent. Our signature Leadership Development programs have been in high demand, for Managers and New Managers and for High Potentials. To learn more, reach out to Richard Antosik.

Team Effectiveness is also a high priority and in January of 2024, we have a complimentary webinar, featuring “teamwork doctor” Liane Davey called How To Reset Your Team. In today’s ever-evolving work landscape where remote and hybrid work arrangements have become the norm, teams often find themselves in need of course corrections, even in calm waters. This webinar serves as a compass, guiding participants through an exploration of strategies to re-vitalize and re-align their teams.

The Digital eLearning Opportunity

According to the World Economic Forum’s “The Future of Jobs Report”, 40% of the core skills required to do a particular job will change by 2025. This is due to emerging technologies and issues rapidly on the rise, including Artificial Intelligence, Cybersecurity, Privacy Risk Management, Sustainability and the continued evolution of Cloud Platforms. What’s more, two-thirds of surveyed employers expect to see a positive ROI from upskilling and reskilling employees within one year. Still, the window of time for employers to educate their employees is closing. Given the uncertainty of the economy and the labor market, as well as the significant skills gaps between redundant jobs and in-demand jobs, it’s in the best interest of employers to start developing their employee education programs as quickly as possible, eDigital eLearning represents an opportunity to deploy these programs at scale. As a people company enabled by technology, The Talent Company now offers personalized solutions designed to bring the best of both worlds, layering individualized 1:1 coaching and in-person workshops with state-of-the-art technology platforms so that you get the scale of digital platforms with the individualized attention and interaction with top experts in the field. Learn more about our Digital eLearning solutions.

Happy Holidays

Finally, the holiday season is here. This is a time for family, friends, festivities or even just taking time by ourselves to switch off and relax. We at The Talent Company want to wish you Happy Holidays. Stay safe, be well, and we look forward to seeing you in 2024.

Happy Holidays 2023

Does your organization have a strong Training and Development plan? Are you prepared for the Digital eLearning opportunity? We’re here to help. I invite you to book a quick 15-minute chat and let’s have a conversation.

Greg Vertelman, Chief Growth Officer and Career Transition Practice Leader

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