Over the course of the 2022 so far, HR professionals have faced many challenges, including the health impacts of COVID-19 on workers and ongoing attraction and retention challenges.
Here are some trends to monitor for the latter-half of the year:
High Inflation Rates
According to the Bureau of Labor Statistics’ consumer price index, inflation in the United States has increased to 9.1% in the past 12 months. This is its largest increase since 1981. As a result, workers desire competitive compensation during this time. In turn, employers are exploring strategies such as reevaluating employee benefits, continuing remote work, increasing compensation and offering improved retirement benefits.
Continued Tight Labor Markets
The labor market is expected to remain competitive in the second half of 2022. While employee quit rates remain high, unemployment rates keep trending down as employers struggle to fill open positions and keep valuable talent. Many workers realize their priorities have changed, and this has kickstarted their desire to move more readily between different jobs to find ones that align with their values.
Employee Mental Health and Well-being
Health and wellness have been ongoing challenges for workers during the COVID-19 pandemic. Studies show the impact the pandemic has had on mental health, such as higher numbers of people reporting symptoms of anxiety and depression. As a result, employers are exploring options, such as programs that incentivize employees to be healthy, and offering additional mental health resources.
Employers should continue to monitor workplace trends, which may inform strategies to better attract and retain workers, and bolster employee health and wellness. Contact us today via the form below for resources on any of these topics. And be sure to follow us on LinkedIn and like us on Facebook for more industry news and tips!