October 3, 2022
If your fiscal year corresponds to the calendar year, as ours does at KMA, then Q4 is about developing your strategic business plan for the coming year. I like to start with a theme to focus and clarify our goals internally, and to reduce mission creep. In developing a business plan for the year, the first questions to address are: Do you have the necessary resources to accomplish your goals? Do you have the human resources?
To help with your planning, here are some of the key HR trends businesses will need to contend with in 2023. And keep in mind that these trends represent opportunities for your organization as much as they do challenges to solve.
1. Compensation and Benefits Plan and Budget
Does your 2023 budget include a line item for potential pay equity adjustments in addition to annual pay increases?
We project salary increases for next year to grow to just over 4% (that’s less than half of the current inflation rate of 8.5%). 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 in the face of rising inflation to gain a competitive edge
2. The Employee Experience: Engagement and Retention
What plans will you make to reinforce your employee retention?
The great resignation or realignment continues to have a contracting impact on our workforce. The tight labor market means employees have unprecedented leverage, and many are looking for greener pastures. We know that employee engagement and retention can be improved through a variety of initiatives, including:
- Competent, skilled leadership
- 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.
3. Talent Acquisition
How will you attract the talent you need in a crushingly tight labor market?
Attracting the best possible talent is a key driver for growth. Our experienced recruiters take a strategic approach, applying collaborative sourcing methods, technology 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
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 the KMA team 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.
As you prepare for the coming year and set your company (or department) up for success, I hope you will think of KMA as your partner in HR, recruiting and compensation. Wherever you set your course, we can help you get there!
President and CEO
KMA Human Resources
* We are Pleased to Welcome Patty Lyons-Bousquet*
Patty joins our sales and marketing team as Business Development Representative, focusing on Southern New England. Meet Patty
* Recent Blog *
Rewarding Your Employees During a High Inflationary Period
by Kari Meillat