June 22, 2023
Use Cases For HR Executives
Achieving Success Through Innovative Workforce Development
HR Executives are currently facing a range of challenges in their organizations including dealing with turnover and retention, tight budgets, keeping their organization diverse, and adapting to change. As a result, finding innovative solutions that address these challenges while balancing the needs of the organization is always top of mind.
Challenge – Dealing With Turnover & Retention
There are countless factors that contribute to a risk of lower retention rates – burnout, stress, layoffs, the uncertain economic environment and more. With all of this in mind, HR Executives are struggling to keep morale high and turnover low. There is a constant need to show employees why staying loyal to their organization will pay off in the long run despite current challenges.
According to The Work Institute’s 2020 Retention Report:
Challenge – Tight Budgets
On top of HR Executives’ normal budget constraints, today’s current economic conditions create even more challenges. The Great Resignation has created a need for organizations to offer even further competitive compensation and benefit offerings to hire and retain top talent, while balancing leaner budgets. Many companies have invested in multiple point solutions to address larger needs and different options to employees but the more offerings end up quickly adding up to bottom line costs.
Challenge – Creating Diverse and Inclusive Organizations
Today’s workforce continues to become more diverse over time, and HR executives need to prioritize making the workplace as inclusive as possible. Creating a workplace culture that values diversity and respects differences not only helps employees feel welcome but also helps with attracting new talent.
Challenge – Adapting To Change
The workplace has been no stranger to change over the past few years and it will keep evolving as time goes on. HR Executives often struggle with keeping up-to-date with it all and make sure they’re attune to the latest trends in the industry. The rise of remote work is a prime example of this, and not all industries have the ability to adopt this as easily as others. HR Executives as a result need to figure out how to appease these work/life balance desires from their employees.
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