2022 has seen the continuation of a 360-degree revolution from the time the COVID pandemic started to where we are now. Employee churn, for example, not only altered the staffing requirements of companies that were banking on massive growth post COVID – it also shed light on people's career aspirations coming out of the crisis.
The outgoing year will be remembered as a year of tidal shifts due to high attrition and employee burnout, low employee engagement, and overall talent scarcity. The average global attrition rate now stands at approximately 23.7%, according to a study by HFS Research.
Taking a cue from history, HR has often worn more than one hat. When organisations are confronting the complex situation of balancing talent supply with demand, highly skilled HR professionals become more critical to business than ever. How can leaders get ahead as a new year dawns?
We bring you 8 New Year's resolutions designed for the modern HR practitioner in this turbulent time.
1. Improve upon the year's teachings
Nothing teaches us more effectively than the hits and misses of the past year. Amid the New Year celebrations, this fresh start we get is a great way to step back, look at the year and evaluate organisational goals and achievements, as well as where we could have done better.
2. Provide a flexible work structure
Today, employees are increasingly looking out for hybrid opportunities or remote work options that enable them to manage personal & work commitments. As the year ends, HR leaders can start devising a clear strategy for flexibility, e.g., allowing flexible start and end times or championing a four-day work week.
3. Leverage the power of positive feedback
Feedback shouldn't be a yearly conversation at the time of appraisals. Employees tend to look for feedback that enables them to close out loopholes in their workflows and to navigate their career paths better. Frequent and regular feedback sessions with employees can spell the difference between an engaged team and one that suffers from low morale.
4. Live and breathe DE&I
HR leaders are torchbearers in the fight for Diversity, Equity & Inclusion. From hiring to onboarding to L&D, HR professionals should focus on making growth opportunities accessible & equitable for all stakeholders.
5. Champion holistic company policies
As business challenges and opportunities evolve, HR should also focus on upgrading company policies in order to achieve tangible results in the interest of their workforce.
6. Enhance employee engagement
Is your workforce motivated to achieve organisational goals? HR should work to build a more communicative culture by initiating activities and surveys that gauge employee feedback and sentiment and make work a more interactive process.
7. Value mental health
Stress and work often intersect with each other. Offering a compulsory duvet leave or some time off for informal catch-ups with peers and superiors often dilutes the anxiety and stress levels involved in the work.
8. Setting the stage for future managers
Employees often leave their jobs not because they are not growing in that role but sometimes because their managers or employers make not much effort to enable them to grow. Organisations and HR leaders should chart a future roadmap to help employees realise their career goals, which will improve their job satisfaction and the rate of talent retention.
It's never too late to introduce impactful change. The important thing is to understand where HR will drive the most benefit in 2023. These 8 New Year's resolutions are meant to be your first step.
2022 brought us chaos, but also the opportunity to review, renew, and advance. Read the end-2022 issue of People Matters Digital Magazine for a look back, and some key takeaways to bring forward.