2022 was a volatile year for HR & workforce
We have seen a volatile global economy in 2022, with the impact differing from industry to industry. In my view, a couple of factors led to the ‘Great Resignation’, as we call it. First, we saw a huge growth in digital and ecommerce businesses, spurred by the pandemic. Then there was a resurgence of demand in many sectors as the economy opened up post pandemic. Easy availability of funding bankrolled many startups and businesses. Lastly, there was a talent supply – demand mismatch caused by a slowdown in hiring in the early months of the pandemic. Additionally, some people chose to withdraw from the talent market due to personal choices.
We are all so connected to the global economy that we have to plan for the crests and the troughs
During the middle of 2022, some businesses were somewhat impacted as the overall economy showed signs of high inflation, leading to increase in interest rates and some recessionary trends. The layoffs are not seen all across, but only in those businesses, which have witnessed a sharp change in demand. In a way, that is the reality of business today. We are all so connected to the global economy that we have to plan for the crests and the troughs.
2023: Will it be a turmoil again or peace?
Over the last three years, we have all been through a rapid disruption cycle — pandemic, recovery, spike in growth, talent/skill shortage, and so on. Therefore, we should now be ready for any kind of change. Again, let’s not paint with a broad brush, as this may differ from one sector to the other. With that caveat, I would hope for some stability compared to the roller-coaster of the last two years — at least in the early part of 2023. How it changes in a few months is anybody’s guess, but by now I think we in HR should be used to adapting to any changes, which are Inevitable.
Easy availability of funding bankrolled many startups and businesses
Investing in metaverse for workplace learning and training
The metaverse is evolving and everyone is testing out use cases. Of course, it can be employed in certain kinds of training, but not all. Yes, I guess companies will be investing in it.
33 leaders predict the upcoming trends for 2023. To find out more click here.
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