General Manager of Talent Intelligence
Chief People & Culture Officer
Head of Human Resources
Chief Human Resources Officer
SVP, Head of Talent
In 2023, the talent landscape is not expected to see any relief from the challenges presented in previous years. Economic pressures and constrained budgets are making it increasingly difficult to stay competitive in a climate where employees are burnt out and feel undervalued. According to a 2022 Gartner survey, nearly 60% of employees stated that they are stressed at their jobs every day, and more than half of employees are either seeking new work or open to new opportunities. What can human resources leaders do to support their organization through this time of high turnover?
Recently, Chief Human Resources Officers (CHROs) from the New York Community gathered for a Town Hall to address their top talent challenges and tactics to overcome them. The program was moderated by Somen Mondal, General Manager of Talent Intelligence at Ceridian with the following Governing Body Members as discussion leaders: Deni Stott, Chief People & Culture Officer at Vroom; Ken Cooper, Head of Human Resources at Bloomberg; Lisa Shea, Chief Human Resources Officer at Subway, and Jennifer Moore, SVP, Head of Talent at Standard Industries.
During the interactive conversation, the CHROs in attendance discussed macro trends impacting talent management, their top challenges, talent strategies, and data and intelligence solutions to support the enterprise.
Focus on the 3 R’s: Recruiting, Retaining, Reskilling
Mondal opened the program by discussing the current state of talent and the areas where HR leaders should focus their efforts. As the world of work has changed, he shared that talent strategies must evolve to meet the needs of the “3 R’s” - recruiting, retaining, reskilling:
Recruiting: To enhance recruiting efforts, he expressed that organizations should prioritize hiring faster, as top talent are only on the market for about 10 days. In addition, he provided insight about what candidates look for during the recruitment process, citing 81% prefer constant communication, even through text messaging.
Retaining: To retain quality employees, Mondal shared how an inclusive environment makes a difference, and that employees who feel included at their company show a 56% improvement in job performance, 50% drop in turnover rate and 75% reduction in sick days.
Reskilling: Reskilling has become a buzzword of 2023. According to Ceridian’s research, more than half of employees do not see a path forward from their current role. It’s critical for employees to understand their next steps and have the tools to grow into a position that is both of interest to them and in a high-need area in the business.
Data is instrumental in helping CHROs meet these needs, but Mondal shared that many are not experiencing the value, as they are unable to connect the dots between the vast amounts of data they are collecting. He indicated that organizations utilizing HR platforms that analyze data to make recommendations improve the “3 R’s,” i.e., matching employees eligible for a promotion with job openings or employees interested in acquiring new skills to available opportunities.
Key Takeaways from the Discussion
Members of the New CHRO Community then gathered into small groups to discuss this topic further. Here are the key takeaways from the discussion:
Conflicting Pressures and the Talent Shortage are the Biggest Challenges Facing CHROs Today
A common thread among the group is that there are challenges in all areas of their work today, but one of their greatest challenges is dealing with conflicting pressures from the business and employees. One CHRO mentioned how they are trying to address counter-intuitive notions at the same time, namely trying to improve retainment while cutting costs. They added, “The economic environment doesn’t lend itself to a great message on retention right now.” Another area where this came into discussion is around expectations for the new world of work. Many CHROs have pressure to bring people back into the office, and one HR leader shared that this is causing anxiety among the workforce.
In addition, the talent shortage still presents major challenges for HR leaders. Highly skilled workers, especially in the technology sector, are in short supply, and hybrid/remote environments continue to change the talent landscape in locations where this once was not an issue. One CHRO shared that they need to “level up” the recruitment experience, providing personalization. Another CHRO shared that they added a talent acquisition ambassador to help orchestrate and share internal job openings to help employees move laterally.
CHROs Must Think Outside the Box to Find and Reskill Talent
CHROs are being proactive about their recruiting needs - thinking one to two years in advance - and many shared new ways they are sourcing, obtaining and reskilling talent. With concerns about cost containment, the group discussed revving up their internal hiring as a good way to leverage the skills already within the organization. This is in line with Gartner, as it predicted this “quiet hiring” as the #1 trend for CHROs in 2023.
Many also shared that they are widening their talent pools in untraditional ways. With more employees working hybrid or remotely, they are looking outside their typical locations, as this is no longer a barrier. If location is essential, HR leaders are looking to different industries for universal skills. One CHRO shared that they are now filling customer service roles with those with experience in the hotel and tourism industry, since those roles are typically service oriented.
CHROs Need Better Insights from their Data
CHROs want to use data to inform their decision making, but many mentioned that they are overwhelmed by the amount of data they have access to and they are struggling to make sense of it. One CHRO shared that there is a lack of storytelling in their organization, and they do not have any resources to help them understand what the data means. Another shared that they need to be ardent about learning the key points from the data, so they can share it with the C-suite and get them to take action.
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