5 HR Priorities for 2023
Is an economic downturn looming over our heads in 2023? Will there be layoffs, downsizing, reduced consumer spending or maybe more inflation? Who knows! No matter what direction the country heads, it’s certain there that small business will need to build the best workforce possible to weather any storm.
As small business owners, we can put our finger to the wind, and watch what larger businesses are doing right now. They are already making moves Forbes 12/24/2022 in anticipation of this potential downturn, so what can we learn from them and what should we be focused on in 2023?
Here are 5 priorities that really work anytime, but especially during a downturn:
Automate and Improve the Employee Experience
Nobody likes paperwork or manual processes if there are suitable options. By streamlining your employee experience at every level of their employment, you eliminate the drudgery of overwhelming administration. Automation might include your onboarding process, timekeeping, time-off requests, learning opportunities, using advanced CRMs to manage clients to ensure your employees have the best a most high performing equipment or computers available.
Improve Company Culture and Engagement
Although we just talked about technology, as managers and business owners, we need to remain connected to our workforce and empathetic to their situation, their needs, and their concerns. Encourage regular feedback and recognition which can help build relationships with employees and ensure they feel heard and appreciated for their contributions. When employees feel valued, it helps create a strong culture of belonging within an organization.
Focus on Employee Wellness
Employee wellness should be a concern of every manager and business owner. A healthy workforce is a much happier workforce. You can encourage employee’s well being by creating a healthy workplace, whether that includes helping them manage stress effectively, providing healthy snack alternatives, enabling flexible work hours, encouraging paid time off or by providing perks that make their home life easier to manage. Businesses that create a healthy environment will experience higher productivity and employee retention.
Build a More Talented Workforce
Should the economy tighten, getting the most out of your existing workforce will be key. Think in terms of employee upskilling and reskilling – or providing existing staff with better training and development to enhance their current skillsets or learn new ones. This is a great way to help employees realize personal growth and help your business at the same time. Think in terms of maximizing the potential of key employees to handle more critical functions of your business, whether that is a lateral move (reskill) or a vertical move (upskill). It’s easier and usually more effective to train committed staff than to hire new staff from the outside.
Employee Retention
Much of what is suggested in the post will improve employee retention but having a deliberate focus on retaining your best employees will help you weather any downturn. With all the unfortunate results of the “Quiet Quitting” trend, where employees slowly decrease their motivation and performance, ensuring you retain your top performers is critical. Staying close to your employees and being open and transparent about the company, where they fit in and how everyone benefits is a great place to start. Ensure pay, benefits and opportunity for advancement are all at their best will help ensure you keep your best.
Storms or Sunshine?
Whether the economy has storms or sunshine in the future, investing in your workforce will always bring a positive ROI. Talk to the experts at Infinium HR if you need help making substantive improvements in 2023.