With the after math of Covid and the fluctuating economy, there has been a dramatic shift in our labor force. There is a growing desire among Americans for jobs that better fit their personal lives than fitting their personal lives into their work schedule. This shift has led to over 47 million jobs being abandoned voluntarily since 2021. As you look at this change and your work environment, below are some things to consider:
The Top Desires of the 2023 Workforce
- A work environment that emphasizes learning, development & culture
- Flexible schedules: hybrid or remote work
- Support from management & HR to address employee needs
In order to adapt to these changing desires, it’s important to gain understanding of your team’s specific needs and desires. This data is general, so the easiest way to have a clear understanding of your team is to ask them directly (feedback & surveys).
The Benefits of Stay Interviews
Stay interviews give you the opportunity to assess job satisfaction, as well as other areas that the company does well and areas the company can grow in to attract and retain key team members. They also help:
- Build trust within your team
- Increase communication and reduce barriers
- Provide key information to create change in the workplace environment and culture
- Identify motivators and pain points
Recalibrating Wages
Many companies are using a “recalibration” pay strategy versus a straight merit increase to even the playing field internally, and adapt to the 2023 labor market. With rising inflation and more open jobs than there are people to fill those, setting a compensation strategy that fits your business and your market is going to be key in 2023.
Not sure where to start? HRC is Here for You! We provide up to date market data by position, as well as where people should fall within the range based on their background, experience, and performance. We can also facilitate or provide the tools that you need to customize your stay interviews to your business, values & team priorities.
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Due to the talent shortage and the “Great Reshuffle”, companies are refocusing on tracking people results and analytics. This is a valuable tool for HR department to gain insights into employee performance, engagement, and retention. This data can also be helpful for...