Disruption – to our economy, workforce, society and politics – has been the hallmark of 2021. And while we don’t yet know how long the effects of this disruption will last, in planning for the next twelve months, we do see a number of indicators we are urging business leaders to pay close attention to. Here are four HR trends to prepare for in your 2022 strategic business planning. And keep in mind these trends represent opportunities for your organization as much as they do challenges to solve!
1. Compensation and Benefits Plan and Budget
Does your 2022 budget include a line item for potential pay equity adjustments in addition to annual pay increases?
We expect salary increases for next year to be in the 3-3.25% range. Is your pay in alignment? KMA can help you:
- Determine where you are with your total rewards compared to the market
- Evaluate your organization’s pay equity and transparency
- Determine what changes you might make in compensation and benefits to gain that critical competitive edge
“Employees are your most important asset. Think of the base salary as an investment in the employee and the company, rather than another (and likely largest) item in the expense column.”
– Kari Meillat, Compensation Manager
2. Employee Retention
What plans will you make to support employee retention?
We’ve been hearing much about the great resignation, the great reshuffling, and expedited retirement timelines. The current tight labor market means employees have new leverage, and many are looking for greener pastures. We know that employee engagement and retention can be improved through a variety of initiatives, including:
- Mental health support
- Employee training and development
- Internal advancement opportunities
- Regular performance and merit reviews
- Work scheduling/location flexibility
- Alignment with corporate values, including DEI commitments
- A feeling of belonging and connection at work
- A sense of purpose and meaning in the work
KMA’s consultants can help you evaluate the culture you have, and implement programs that will enrich the overall employee experience.
“Organizations can improve their culture by empowering their employees to make decisions and to be themselves. When employees feel a sense of purpose and connection to the company’s goals, the culture reflects it.”
– Janyce Volodkevich, HR Consultant
3. Talent Recruitment and Acquisition
How will you attract the talent you need in a crushingly tight labor market?
Attracting and acquiring the best possible talent is a key driver for growth, and is one of the most urgent challenges businesses face today. Our experienced recruiters take a strategic approach, applying collaborative sourcing methods, technology resources and expert insights to connect you with the talent that’s right for the job, and right for your organization. We take the time to understand your business, culture and what separates you from your competitors. We can help identify the skills, competencies and aptitudes that will make for the best match, and contribute to your organizational success. We will project-manage the whole process – or any part of it that you need us to take on, including:
- Candidate assessment
- Job description and posting strategy
- Compensation analysis for your market
- Candidate sourcing
- Candidate screening and interviewing
- Offer letter and negotiation
- Onboarding
“Employers are offering a range of incentives like signing bonuses, referral programs, childcare assistance, help with college debt, or continuing education. In today’s climate, we recommend tightening up the whole recruiting timeline, from interviewing rounds, to decision making, to the offer. Anything you can do to remove friction from the process can help.”
– Kate Rogers, Recruiting Operations Manager
4. Federal and State Regulatory Compliance
How will you ensure that you’re up to date and compliant with regulatory changes?
Staying current with all the employment regulations can be a full-time job and is a major challenge for many businesses. KMA’s compliance experts can assess your areas of risk, and provide you with a prioritized list of recommendations on:
- Wages, benefits and leave
- Interviewing and hiring
- Workplace safety
- Discrimination and harassment
- Laws related to the post-pandemic workplace
With KMA on your side, you can be confident the policies and practices are in place to mitigate risk – protecting your employees, your reputation and your business.
“Compliance may not be the most exciting aspect to the HR role, but the importance of having a full understanding of the regulatory environment cannot be overstated. Developing and documenting HR processes provides a foundation for efficiency, compliance and consistency.”
– Anita Krieg, Resources Director
As leadership solidifies the business goals and strategies for your organization in 2022, make sure that your HR plan and budget is in alignment. To set up a complimentary, one-on-one discovery appointment with a KMA representative, just reach out to us at info@kmahr.com.