7 hot HR trends you should know about in 2023
The cost-of-living crisis, impending recession and ongoing talent shortages have created a daunting economic climate for most businesses. Healthy company culture and employee satisfaction are undoubtedly key to success through this turbulent period. Here we look at 7 hot HR trends for 2023 and some top tips to help keep your employees engaged and improve their productivity this year.
1. 4-day week
Paying employees 100% of their wage for 80% work is a phenomenon that fights against traditional thinking that fewer hours mean less work. In June 2022 70 UK companies took part in a pilot to test the 4-day working week. This wasn’t cramming 5 days’ worth of work into 4 days. It was to work fewer hours for the same amount of pay, with ‘working smarter not harder’ being the underpinning strategy.
Although the completed results are not expected to be published until February, at the halfway point in September, 86% of companies taking part said the four-day week was working well and they were likely to keep it. Results show an increase in productivity, employee satisfaction, increased retention and a higher number of applicants applying to work within these companies.
2. Internal mobility
Consider investing in reskilling and upskilling employees to prepare them for more challenging or more senior roles. This not only ensures you have greater flexibility to cover staff shortages, but it also improves job satisfaction.
Identifying individual aspirations and training needs to help employees reach their full potential will help to boost their confidence, their commitment to the company and their overall performance at work.
3. Praise your employees
Not getting adequate recognition is the most common reason leavers give for seeking alternative employment. Ensure you are aware of how your employees are performing and reward them for their achievements. Rewards don’t have to be extravagant. Small tokens such as a shout-out at a team meeting, a bottle of wine or vouchers etc, encourage employees to continue to do their best and inspires others to work towards the same goals.
4. Wellbeing checks
It’s now reported that one in four people will suffer from a mental health issue at some point in their lives. Showing your employees that you genuinely care for them goes a long way. Simply enquiring about their welfare or making small changes to staff facilities shows you’re taking positive action towards providing a better work experience making them feel more valued. This leads to employees feeling motivated to perform at a higher level and will make them less likely to seek employment elsewhere.
5. Engagement surveys
Employee surveys are a great way to gauge how your employees are feeling. Allowing them to provide anonymous feedback will reveal any underlying issues, enabling you to address them and put measures in places to rectify them.
6. Financial support
Managing money is at the forefront of most employees’ minds. Letting your workforce know where they can access free, confidential and independent money advice could help some of them make savings and better long-term decisions.
There isn’t a one-size fits all solution here, either on an organisational or individual level, and some workers who might benefit could be reluctant to join a workshop type format. Remember, personal financial advice is a regulated activity. However, your finance team or an outside professional may be able to put together a general session and provide written information on cash and debt management, including how to find help for those in difficulty.
7. Consider employee benefits and discounts schemes
Diverse workforces and hybrid working are impacting how rewards and benefits are now viewed by employees and candidates. By signing up with a benefits and discounts provider, your employees will have access to desirable perks and make considerable financial savings. A comprehensive benefits package is not only cost effective for employers but in a competitive labour market, it can help you to stand out as an employer of choice.
A benefits package can include things like:
- Health screening
- Life insurance
- Dental cover
- Eye care vouchers
- Occupational sick pay
- Free flu vaccinations
- Employee Assistance Programme
Thousands of discounts are also on offer including:
- Restaurant vouchers
- Gym discounts
- 20% off and 2 for 1 offers
- Loaded gift cards and cashback for popular retailers and services
Further advice and support
If you’re a Moorepay customer and you’d like further assistance on implementing enhanced benefits or retaining your employees, please call our Advice Line on 0345 073 0240 (selecting option 2) for more specific guidance, tailored to your individual company.