5 Predictions On The Future Of HR | Small Business HR TipsOct 12, 2022
The role of HR is evolving rapidly. From managing hiring challenges to combating "quiet quitting," companies and employees are placing new demands and expectations on HR leaders, requiring new skills and an agile approach to work.
Let's look at one specific area small businesses should be paying attention to - inflation's influence on employee retention.
Long story short, it's going to get even more expensive to live. Before the COVID-19 pandemic, inflation was around 2%, and right now we are around 8.3%.
Now, that might not seem much of a difference, but your employee's financial picture will become increasingly uncomfortable as the cost of living keeps rising. You don't want your best and brightest employees leaving to find another job, so you might need to adjust to support them.
In this case, the best employee retention strategy from an HR standpoint is to consider bonuses, raises, and other types of compensation for top-performing employees. The best approach depends mainly on context; you might be proactive about raising their pay or wait for them to bring up the conversation about compensation.
The bottom line is that with the economic volatility we're experiencing right now - unless you're an employer of choice - you're at risk of losing your best talent. So, creating an effective employee retention strategy is the best way to navigate the current financial landscape.
If you want to learn more predictions on the future of HR, don't miss this week's episode of 'While We Were Working'!
Joey shares his top five predictions on the future of human resources. You'll learn how training and development techniques are expected to change, the future of workplace flexibility, inflation's influence on retention, and more!
Joey also discusses the best end-of-year employee appreciation ideas. Showing gratitude to your employees is essential to building a solid workplace culture and improving employee retention. However, taking the easy way out in this scenario can do more harm than good. Fortunately, there are some simple yet creative employee appreciation ideas that your team will love. Tune in to find out more!
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