isolved's Annual HR Trends Report Details Ongoing Recruiting and Retention Challenges as Macro Economic Financial Security Concerns Grow
CHARLOTTE, N.C., Dec. 14, 2022 /PRNewswire/ -- According 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 i 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.
For more information on employees' expectations and employers' opportunities, download "Pause, Pivot or Plan: HR Trends of 2023".
isolved is an employee experience leader, providing intuitive, people-first HCM technology. Our solutions are delivered directly or through our HRO partner network to more than five million employees and 145,000 employers across all 50 States — who use them every day to boost performance, increase productivity, and accelerate results while reducing risk. Our HCM platform, isolved People Cloud, intelligently connects and manages the employee journey across talent acquisition, HR, payroll & benefits, workforce management and talent management functions. No matter the industry, we help high-growth organizations employ, enable and empower their workforce by transforming employee experience for a better today and a better tomorrow.
Media ContactAmberly Dressler, Sr. Director of Brand & Content Strategy[email protected]
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