If the last few years can be summed up in a word, “pivot” just might be the mantra for talent leaders. HR leaders have been under immense pressure to quickly deliver against a mountain of shifting priorities that include virtual work, record hiring demand, growing resignations, promoting well-being, DEI enablement, and so much more.
During several conversations at recent events in New York City, Houston, and Charlotte, N.C., we heard many of the same themes emerge from HR leaders, along with an appreciation that these challenges are proving to be shared experiences among colleagues.
As we enter this year, economic uncertainty requires that HR leaders be ready to pivot again. The current trends most impacting them vary by industry and are shaped by changes emerging from the past two years. These include:
Industries that saw high growth during the pandemic, like online retail, home entertainment, online exercise services, publishing, and digital products, now face workforce reductions due to declining revenue. Financial services companies are cautiously monitoring the economy and taking action to protect their margins with targeted reductions. They are also preparing for several potential economic scenarios. Oil and gas companies are seeing healthy growth and investing in hiring