HR Market Update
Kicking off 2023, macroeconomic forces still loom large as year-over-year inflation remains high although possibly reaching its peak. Unemployment rates continue to trend near record lows even as tech companies in particular continue to downsize. As we start the new year, these are the trends we are seeing in the HR space:
Hitting the Ground Running
Across the board, we are seeing HR departments hitting the ground running, with a quick hard start to the new year. HR teams are inundated with projects and deep in execution mode, and we’ve been asked to help.
Our research partner i4cp asked Chief Human Resource Officers what their top priorities are for 2023 and this is what top HR leaders are focused on:
- Staying on the talent offensive and ensuring tight alignment to organizational strategy
- Refocusing the employee value proposition and reinforcing it via a continually renovated culture
- Avoiding burnout while also building and strengthening HR’s strategic capability 2023
- Building and rewarding ambidextrous leaders
Compensation is a hot topic and our Career Transition and Outplacement services are in high demand. With some organizations running lean and in a seasonally busy time, our HR On-Demand services are also being leveraged to help fill organizational gaps.
The Rise of the CFO
There’s a new major stakeholder in town. In times of uncertainty, risk aversion and mitigation become important. As well, growth at any cost has been replaced with the need for tangible Return on Investment when evaluating projects. Don’t be surprised if your proposal may come across the CFO’s desk or you get a call from the Finance department, just know that being able to answer questions about your projects’ ROI and risk may be needed to get your approvals. This does not mean investing in recruitment or leadership and talent development has been put on hold. In fact, the need to recruit and retain talent is still strong outside of the technology sector.
Quick Takes
- They say that your network is your net worth. We’ve made networking with fellow HR leaders as easy as possible through or Senior HR Peer to Peer networking group on Zoom. Make a commitment to move your career forward this year and if you’re already looking, check out our Senior HR on the Move job search networking meeting on Zoom.
- We’ve just launched our brand new job portal, with jobs you won’t find on job boards.
- Did you know about The Leadership Opportunity? Join us as Dr. Liane Davey is back with our first Top of Mind webinar of the year.
Is your organization hitting the ground running? Are you ready to answer some tough questions from your CFO? Are you ready to deal with The Leadership Crisis? We’re here to help. I invite you to book a quick 15-minute chat and let’s have a sounding-board conversation.
Greg Vertelman, Chief Growth Officer and Career Transition Practice Leader
