HR leaders are optimistic about hiring and retaining workers over the next few months. And that confidence comes despite expectations of a recession in 2023 and news of layoffs. According to The Conference Board CHRO Confidence Index for the first quarter of 2023, three-quarters of Chief Human Resource Officers (CHROs) expect hiring to stay steady or even ramp up over the next six months.
The survey also found that while nearly half (45 percent) of CHROs expect more employees to stay at their current companies, many are concerned about workers jumping ship. Indeed, 19 percent are expecting more workers to leave. To attract and keep workers, CHROs say they are prioritizing the strengthening of culture and the development of the workforce this year.
Overall, CHRO confidence in Q1 stands at 57 (a reading of more than 50 points reflects more positive than negative responses). The index tracks CHROs’ sentiment surrounding workforce growth, stability, and stress by focusing on hiring, retention, and engagement.
This marks the first quarterly measure of CHRO Confidence from The Conference Board. A total of 172 CHROs participated in the survey, which was fielded from January 16 through February 10. Key findings include:
- Despite recent news of layoffs in some sectors, 3 in 4 CHROs expect hiring to remain unchanged or increase: 76 percent of CHROs expect hiring to remain unchanged or increase within the next six months.
- The Great Resignation hasn’t ended: 1 in 5 CHROs expect a decrease in retention. Nineteen percent of CHROs expect retention to decrease in the next 6 months while 45 percent expect employee retention to increase, and 36 percent expect no change.
- Nearly half of CHROs say employee engagement is increasing: 45 percent of CHROs report that employee engagement has increased in the last 6 months while 14 percent report a decrease. In a September 2022 survey of 1,600 employees, 27 percent reported an increase in employee engagement and 30 percent reported a decrease.
Source: The Conference Board.
From WCI's HR Answers Now ©2023 CCH Incorporated and its affiliates. All rights reserved.
Tags: Employers' Blog Posts