HR Market Update
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:
Compensation is Hot
We are now in the midst of business planning season for next year. In speaking with HR leaders across our network, compensation is a hot topic. The cost of financial capital has increased and this has knock-on effects on the cost of human capital. This is especially the case with companies in the tech sector, which often rely on outside capital to fund their operations. Our Compensation & Total Rewards team has been busy with clients in helping them to navigate the planning process and making evidence-based decisions in a highly competitive labour market. Along with this, we just launched a complimentary white paper, 10 Critical Questions For Your 2023 Compensation Budget and we have an upcoming webinar very soon in which we host a panel of leaders from Walmart, Elastic and Altus Group on Compensation Strategy in an Uncertain Economy. Tangential to this, we also have an upcoming webinar on Talent Strategy in an Uncertain Economy.
Quiet Quitting is not Quitting
What was once a highly popular topic in the HR world has now hit the mainstream. It’s a discussion that people are fascinated by and we have done a number of things lately to add to the conversation and to help address this issue. We recently polled Senior HR Leaders across the GTA and over 60% say they are aware of quiet quitting happening in their workplace. We also asked them what actions they are considering to address the issue and coaching and training for managers topped the list. Also in our recent webinar on Belonging in the Workplace, speaker Andrea Carter touched upon this subject, linking belonging as a key driver of engagement. Our training programs for Leaders (including Leader as Coach) as well as our coaching programs have been in high demand to help build leadership capacity, enhance team performance and engagement and improve the overall culture of our clients’ organizations, and to great effect, based on satisfaction and feedback surveys. Quiet quitting is a multi-faceted issue that requires a multi-dimensional solution, and we can help.
The Bigger Picture
While our Recruitment practice remains robust, we are hearing rumblings in our network that some companies are pulling back on their recruitment requisitions and/or placing them on hold, not due to poor performance in the here and now, but because of the uncertainty that lies ahead. We are also getting proactive inquiries for our industry-leading Career Transition and Outplacement services as companies want to make sure that should they need to, they can take care of their people and help them land safely and strongly, while protecting their brand and maintaining morale.
Do you have a plan to navigate compensation in this uncertain macroeconomic environment? How ready are you to deal with quiet quitting? Do you have a clear view of the bigger picture? 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
