Charlotte, NC
isolved's Annual HR Trends Report Details Ongoing Recruiting and Retention Challenges as Macro Economic Financial Security Concerns GrowAccording to new survey data from isolved, a recipient of this month’s Technology Excellence Awards from Brandon Hall Group, the Great Resignation may trickle into 2023 with almost half of employees (49 percent) saying they plan to explore their options next year – up 4 percent since last year – but for very different reasons. With the strain of an unstable work environment likely to continue in 2023, the data indicates employers will need to continue to focus on recruitment with shortened timelines, retention strategies that work and reinforcement of a company’s ability to navigate an economic downturn.
isolved's third-annual year-end survey, “Pause, Pivot or Plan: HR Trends of 2023”, includes findings from a timely survey of nearly 1,000 full-time employees in the U.S. Respondents provided insight into their own performance, priorities, plans and pay expectations for the New Year. Unsurprisingly, the number-one reason employees looked for a new job in 2022 was they wanted a higher salary (62 percent) followed by seeking better benefits and more work-life flexibility (e.g., hours, location). It’s external factors, however, that should create immediate concern internally in 2023.
Despite this year’s employee-centric job market, employees see a possible recession as the biggest threat to job security (more than 1 in 4 employees don’t feel secure in their current position). Fears of economic downturn and day-to-day stressors have employees experiencing burnout at an unprecedented rate (69 percent of employees experienced burnout this year). As a result, their job performance is being affected, with 45 percent of respondents noting that they are not as “enthusiastic” as they could be and 26 percent performing their required responsibilities but nothing more indicating Quiet Quitting might continue.
“Gaining human resource efficiencies in areas like compliance and core functions and operations are mission critical in 2023 to address workforce trends that will make or break companies in the New Year,” said James Norwood, EVP and Chief Strategy Officer at isolved. “Data shows employees are more anxious, burnt-out and financial security-driven than ever. To combat these concerns, HR departments of all sizes must evaluate what they can automate and gain efficiencies in, enhance what they can to improve employee experience and extend the impact of their team. Only then, can businesses recruit and retain the people who want to make an impact through the obstacles we may face in 2023 and beyond.”
While there are full-year 2023 trends that should be concerning, the survey data also sheds light on incredible opportunity.
- Nurture Peer Relationships: A third (32 percent) of full-time employees say what they most like about their current job is their relationship with coworkers. As the top answer, this response received nearly double the responses than benefits (17 percent) and their daily work (17 percent).
- Map Employee Careers: Fifty-nine percent of respondents feel their employer could do more to advance their career with nearly a quarter (21 percent) feeling there isn’t room for growth within their company.
- Benchmark Market Value: The top way employers can improve company culture, according to respondents, is to pay market value, followed by improving internal communications – particularly critical with pay-transparency laws taking effect through the U.S. and navigating job-security concerns, respectively.
- Tap Into Data Sources: In a time when efficiencies matter most, HR leaders can take comfort in that most employees (77 percent) are comfortable with their employer examining personal data if it means a better employee experience.
- Create a Better Candidate Experience: Despite the need for shortened recruiting timelines and a tight labor market, nearly half of employers (46 percent) are providing a poor applicant experience.
For more information on employees’ expectations and employers’ opportunities, download “Pause, Pivot or Plan: HR Trends of 2023”.
Media contact: Amberly Dressler, senior director of brand and content • 714-851-5794 • adressler@isolvedhcm.com