COMP NEWS – As the new year approaches, it’s time for HR departments to reexamine the trends facing employers and employees to better prepare for the future of their business.

In 2023 it’s time for HR to break boundaries

• Your organisation needs it
• Your people need it
• Your communities need it
• And our planet needs it

We’re facing big challenges across society – the cost-of-living crisis, the war in Ukraine, business complexity, skill shortages, hybrid working and, of course, perhaps the most significant challenge – the need to fight climate change.

To respond to and help solve these complex problems, HR needs to work in multi-functional ways, collaborate and break down boundaries.

• Personal boundaries
• Functional boundaries
• And organisational boundaries

The pandemic has blurred the traditional boundaries separating our working lives from our personal, home, and social lives. We’re seeing a renegotiation of the employee-employer relationship. Increasingly, people seek a more human employment deal that requires a more holistic approach to the employee experience.  

One of the most impactful HR trends in 2023? The cost-of-living crisis everyday employees are facing.

Most people now have less in their pocket after spending more of their salary on energy bills and putting food on the table. The cost-of-living crisis is also unequal, affecting people with lower wages disproportionately. HR plays a crucial role in helping organisations be proactive in keeping people healthy and productive during these challenging times.

For example, 83% of large employers in the UK are taking action to help employees by giving targeted pay increases, one-off bonuses and discounted shopping vouchers.

Here are some ways for HR departments to address the current cost-of-living crisis while engaging employees:

• Bring the cost-of-living crisis to the attention of executive leaders and explore methods to help people most in need.
• Assess your monthly payroll schedule, and where possible, consider paying salaries a week or two early or change the pay cycle to be more frequent, such as every two weeks.
• Consider one-off bonuses, support payments or progressive and targeted pay rises for lower salaries.
• Provide access to financial planning tools, budgeting tips and financial counselling.
• Seek out better pension schemes to take advantage of high-interest rates or lower deductions.
• Offer shopping vouchers or emergency care packages containing essential items, food and toiletries.

To read more about the HR trends you need to know for 2023, click here.

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