HR Market Update
January 2023

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:

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

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

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