The beginning of every year, for me, is a time to consider what the coming year forecasts for the economy and the talent market in Human Resources. I have spent the past few weeks gathering both real and anecdotal data of what might be ahead for 2023. The following represents what we have heard and are seeing in the market:
• Impact of the Pandemic/struggles to balance working arrangements; what these policies mean for employees at all levels. Many of my clients with hybrid or remote work schedules are concerned about employee morale, lack of exposure to senior leaders, limited feedback, digital overload and the absence of clear objectives. Few companies have developed playbooks on how to manage in this environment.
• Opportunistic hiring (Quiet Hiring) in areas that will grow in 2023 – specifically in the talent management/acquisitions and employee experience functions. We believe and have seen that organizations with more enlightened talent management approaches/practices have higher returns, sales and productivity. To take it a step further, our thinking is that the quality of executive leadership directly correlates to organizational productivity, retention and employee engagement.
• There are worrisome implications on the exodus of mid to senior level women from the workforce. This exit stems from many factors including a perception that woman face greater headwinds within certain organizations, a need for more flexibility to juggle home and office responsibilities, the 24/7 cycle of information and demands to respond, and for some, an interest in working in smaller, more entrepreneurial companies. Organizations need to focus on providing more flexibility, when needed, making women executives feel more valued, and regardless of demographic group, offering a commitment to well-being and DEI.
• An emphasis on using the right assessment tools to identify talent for our clients. They are seeking approaches and tools that will give a higher probability of fit (cultural, behavioral), increase retention, and identify areas that will help with transition and on-boarding.
• Companies continue to hire talent to elevate and transform HR deliverables. These hires often come with new ideas and backgrounds; to ensure retention, organizations need be aligned on outcomes at every step of the hiring and on-boarding process. Effective Team Management has become one of the top competencies for leaders at all levels especially for the C-Suite.
• Diversity & Inclusion is still a major focus but there is concern that the diverse hires that have been made over the past 3 years, have either left these companies or have been disproportionally affected by current RIF’s. A Chief Diversity Officer shared that the metrics for 2023 will bear this out and that there will be long-term effects on metrics and initiatives. There is a call for Human Resource leadership to recognize this and be part of the strategic discussions for long term workforce planning.
I look forward to being in touch and an advisor to you in 2023. Eileen Finn & Associates will celebrate a milestone on February 23rd of this year: 25 years of searching & placing talent that has transformed and grown businesses.
Thank you for inspiring me to always do my best work.
Although a bit of a cliché, this is a quote from Mark Twain that has resonated with me throughout my career:
“Find a job that you enjoy doing, and you will never have to work another day in your life!”
Sending best wishes for a healthy & prosperous 2023!
Eileen Finn & Associates
100 Park Avenue, 16th Floor
New York, New York 10017