HR responsibilities continue to be reimagined, and employers should expect changes to continue in the new year. Here are three HR trends to follow in 2023.
1. Increased Wages
There are more open jobs than people to fill them, and high inflation rates are impacting employees’ pay expectations. Numerous reports show that companies are budgeting significant increases in wages in 2023. To compete, organizations are finding ways to offer more competitive compensation to meet employee demands.
2. Pay Transparency
An increasing number of states and localities have passed pay transparency requirements. In some cases, these require organizations to disclose salary amounts in job postings, but others require it only upon request. Although conditions will vary, many municipalities and states are poised to join the growing nationwide pay transparency movement. As a result, many U.S. employers feel pressured to provide salary information even when they are not required to do so. In 2023, more and more workers are likely to expect pay transparency, and this trend is top of mind for many organizations.
3. Well-being Focus
Between the pandemic, inflation and job duties, organizations are expected to take more responsibility for workers’ well-being and help employees on a personal level. More employers will be considering a proactive approach. Benefits, perks and wellness programs may shift to being more holistic to account for mental, physical and financial well-being.
Summary
Employers can get ahead of the game by monitoring the trends that will impact the workplace and resonate with the current workforce. Other HR trends to monitor in 2023 include skills-based hiring, a renewed focus on upskilling and advancements in HR technology. Reach out to Seubert & Associates, Inc. to learn more about any of these HR trends.