HR Trends in 2023 - TG Singapore

With countries entering the endemic phase, this year was supposed to be resuming normal trading activities for the business fraternity. However, the global trade disruption caused by the Russia-Ukraine War has interrupted the recovery momentum.

Amid economic risks, companies make internal adjustments and review their strategies to prepare for yet another challenging year.

Here are 5 HR Trends in 2023 that businesses should take note of:

Improving the Employee Experience

Employee retention will remain a tricky challenge for organisations, but hiring the brightest talents is no longer sufficient. Companies must deliver a complete employee experience (EX) that ensures employee happiness and well-being.

EX encompasses the complete employee lifecycle from recruitment, onboarding, and talent development to retention. It is a holistic shift from traditional employee engagement.

Leveraging HR Data

Data-driven HR leverages social media, analytics, and cloud technology to improve the efficiency and connectivity of HR operations.

HR processes, including onboarding and performance management, utilise this technology. These platforms help to fuse people analytics with internal and external data to produce business insights.

Organisational Design and Change Management

Companies are seeing the fallout of too much change due to digital transformations, economic uncertainty, and political tensions. Hence, organisational design and change management will be a top priority for HR leaders in 2023.

According to the Gartner Workforce Change Survey, the number of employees willing to change work behaviours to support organisational changes has dropped to 38% in 2022 from 74% in 2016.

Change fatigue has clear ramifications. HR leaders must help employees mitigate the impact that change may have on their work and, more importantly, their well-being.

Employee Well-being is Employer’s Priority

Since the pandemic, employee wellness has become a top priority for employers. More companies are implementing technology and wellness programs to promote a healthy work environment for their employees.

Employee well-being directly impacts team productivity and overall business performance. Hence, it is crucial to change workplace settings to improve employee wellness and work performance.

Rising Urgency to Invest in Cyber Security

There is a rising need for companies to invest in cybersecurity as more of them adopt hybrid work environments.

Therefore, it is crucial that companies critically assess their current level of security, such as password policies, firewall installation, network vulnerability reduction, and employee cybersecurity training.