The Conference Board, the think tank that provides insights into what’s to come, has released the Confidence Index for Hiring Managers (CHROs) for the first quarter of 2023. In it HR leaders were optimistic about hiring and retaining workers over the next few months despite expectations of a 2023 recession and news of layoffs.
According to the report, the three-quarters of managers expect hiring to hold steady or even increase over the next 6 months.
The survey revealed that nearly half (45%) of CHROs expect more employees to stay at their current companies, but many are concerned that workers will jump ship. In fact, 19% expect more workers to leave.
To attract and keep workers, CHROs say they are prioritizing strengthening culture and developing the workforce this year.
In general, CHRO confidence in Q1 is 57 (a reading of more than 50 points reflects more positive responses than negative ones). The index tracks CHRO sentiment around workforce growth, stability and stress with a focus on hiring, retention and engagement.
45% of CHROs report that employee engagement has increased in the last 6 months, but 14% reported a decrease. The figure contrasts with a September 2022 survey, in which 27% reported an increase in employee engagement and 30% reported a decrease.
“While both CEOs and CHROs are concerned about the ability to hire workers, CHROs are acutely aware of the workforce strengths and weaknesses and the challenges of finding and retaining talentsaid Rebecca Ray, Executive Vice President of Human Capital at The Conference Board.
“In fact, CHROs know how much time and effort it now takes to successfully recruit someone. They also worry that critical talent, if not developed in-house, may be hard to find in today’s job market.… Norm, organizational agility, resilience and innovation will be key to a thriving business,” added Ray.
This is the first quarterly confidence measure of The Conference Board’s CHRO. A total of 172 CHROs participated in the survey, which was conducted from January 16 to February 10.
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