HR Market Update
September 2023

We’re now almost three-quarters of the way through 2023 and the economic outlook is still uncertain. Inflation has proven to be stubborn, with the Bank of Canada hiking interest rates three times so far this year, but will there be more? Now at 4% and with employment numbers flat for the last half year, the Bank of Canada remains steadfast in its 2% target, so more interest rate hikes ahead could further raise the cost of capital. While a recession has been forecasted all year, the numbers still have not confirmed one. The next series of data points will help determine whether the Bank of Canada pauses or continues to raise rates. In the meantime, we are seeing the effects of macro policy in the HR space.

The Talent Opportunity

While tech layoffs have abated compared to earlier this year, our industry-leading Career Transition and Outplacement practice continues to be in high demand, some organizations are making tough business decisions leading to reductions in workforce but still want to make sure they take care of their people. As well, our HR On-Demand services have surged as our hands-on Consultants are seeing their expertise being leveraged to help fill organizational gaps.

Lean teams must be high performing to achieve their goals. We’re frequently asked to help organizations to quickly level up their talent, proven solutions include: 1. Recruiting top talent. We have top tier candidates especially in HR and Marketing. Reach out to us to find out more, and 2. Optimizing compensation to achieve talent and business goals.

Fostering Accountability Without Fear

In these uncertain times, building high-performing teams is more important than ever. In any high-performing team, achieving goals requires a shared sense of responsibility and a commitment to delivering results. The key to fostering accountability, however, lies in cultivating an environment of proactive accountability rather than resorting to coercion or instilling fear. Which is why we have a complimentary webinar hosted by Dr. Liane Davey on effective strategies to nurture accountability within your team. You’ll learn how to establish clear expectations, maintain focus, and create a safe space for experimentation. Moreover, you’ll explore the power of constructive feedback in accelerating learning and the importance of consequences in upholding accountability. By the end of this session, you’ll be equipped with the knowledge and tools to build a team that willingly embraces their responsibilities and works together toward a common goal.

Internal Mobility

Internal Mobility is a massive focus in HR right now. Successful internal mobility starts with workforce planning and succession planning. With comprehensive plans in place, Many organizations are looking to develop their talent to meet these plans, coaching leaders to have powerful discussions on internal growth and equipping them with the skills and mindset to be effective leaders is critical. With this in mind, our Leadership & Talent Development practice is ready to help, with speakers and workshop facilitators on the cutting edge of the latest trends. Check out our Keynotes and Workshops to see how you can bring something new and exciting to your next team building event or executive retreat.

Is your organization making the most of The Talent Opportunity? Are your leaders able to build high-performing teams and foster accountability without fear? Are you interested in development internal mobility within your organization? 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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