FOTP HR Pulse (3rd wave) – Based on Feedback from More Than 260 HR Professionals!
What’s included in the survey:
FOTP HR Pulse Ratings:
- Workforce changes over the last 12 months
- Anticipated workforce changes over the next 12 months
- Employee retention
- Importance of the HR role
Detailed ratings for each of these Research Areas:
- Staff Retention & Recruitment
- Employee Data & Analytics
- Trust in the Workplace
- Employee Wellbeing
- Hybrid Working
Rich insights, based on the open text comments for the following 3 questions:
- What types of insights, derived from employee data & analytics, would be most beneficial for your business?
- What do you think is the biggest challenge for managing teams with Remote/Hybrid working?
- What do you think will have the biggest impact (positive or negative) on your role as an HR Professional over the next few years?
10 Key Trends:
- A weak score for Employee Retention accurately reflects the well-publicised issues that many businesses/ industries are currently experiencing. If appropriate, flexible hours and flexible working locations are the two key measures used, to improve staff retention.
- If appropriate, offering more flexible working hours and offering hybrid/remote working are also amongst the top 2 “perks” that HR Professional are using to improve recruitment and attract new talent.
- Given the challenges with retention, recruitment and the complexities of managing various working arrangements, business are relying more on HR teams and the importance of the HR role has grown.
- Given the prominence of the ED&I agenda, whilst HR Professionals feel that Senior Management is committed to delivering an ED&I strategy, there is more work to be done to ensure better diversity in the leadership pipeline and to ensure that under-represented talent have clearer career development paths.
- The results confirm the growing importance of using Employee Data & Analytics both today and in the future, for generating actionable insights and informing effective HR strategies.
- Compared to 3 years ago (before the Covid-19 Pandemic), building trust in the workplace has become more important.
- The top 3 initiatives to promote trust in the workplace are: keeping employees informed in a timely manner, ensuring leaders are available and approachable and improving openness and transparency of communication.
- HR Professionals believe that high levels of trust directly contribute to enhanced teamwork/collaboration, increased loyalty and retention rates, improved wellbeing and higher productivity.
- Employee Wellbeing was identified as by far the highest invested in area in the 2022 survey. This has remained the case for the current survey. It is interesting to note that with the backdrop of the cost-of-living crisis, HR Professionals are now seeing more investment in Employee Financial
- Whilst Remote/Hybrid working delivers a number of benefits, the following were identified as the top 3 challenges: identifying wellbeing issues, onboarding and embedding new employees, establishing strong levels of trust. Looking towards the next 12-24 months, HR Professionals anticipate that improving employee engagement, promoting company culture and delivering D&I initiatives will become harder to manage in the Remote/Hybrid environment.
What HR respondents shared about they anticipate to have the biggest impact (positive or negative ) on the HR Role over the next 12 months:
- Recession and cost-of-living crisis have been identified as the biggest concern for HR Professionals when looking at the next few years.
- This was followed, by a particular focus on mental health in terms of identifying any concerns & new expectations, managing them, and providing the necessary support.
- Continuous assessment of the positive and negative impact of Remote/Hybrid working.
- Finally, the role of technology and keeping up with it to streamline processes and workload.
“The cost-of-living crisis – businesses will have to make staffing cuts and HR will be busier.” Large business
“Cost of living and reduced pool of potential employees and how that is managed to ensure employees are financially stable and we can attract talent into the company.” Large business
“Cost of living crisis, inflation outpacing wage growth.” Medium-sized business
“Managing the new generation expectations and developing and changing mindsets.” Large business
“Implementing measures that value employee wellbeing will have the biggest impact.” Small business
“To engage employees who are working from home. Create a sense of community and loyalty among all employees.” Medium-sized business
“The constant evolution of technology will have a major positive impact and we have to keep sure we stay on top of it.” Medium-sized business