2023 HR Trends: Financial Wellness, Employee Morale, and Know-How

Signs of inflation and higher costs are generating greater financial stress for businesses, employees, and their families. These stressors have led some organizations to enact hiring slowdowns, hiring freezes, and even workforce reductions. For employees, including those in HR, financial stress can lead to decreased job performance, burnout, quiet quitting, and even actively seeking new employment. In fact, according to the recent HRE survey ‘What’s Keeping HR Up at Night?’, more than 76% of HR professionals said their stress levels had increased dramatically or somewhat in the last year.

With such great challenges and potential dips in employee morale, 2023 will be asking us to be mindful of the humanity of our co-workers. It is calling us to put greater focus on the full employee experience, from recruitment to retirement. Employees who feel listened to, respected, and fulfilled tend to be more loyal, engaged, and productive. So, while you are working to attract and recruit the right new talent, you will also want to be listening to your current employees to help cultivate the right blend of culture and compensation to better retain them.

Great challenges can sometimes bring great opportunities for us to learn, re-evaluate, and improve. Download this Perspective to learn why some of the people-first HR trends are hot right now and why renewed focus on the employee experience could help your company develop more organizational efficiencies, improve employee engagement, and better attract and retain talent. 

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