“Pay transparency will take more years to reach maturity,” Anil Mohanty


2022 was a volatile year for HR & workforce

Everyone says the first half of the year 2022 was volatile, however I would term it as an opportunity and market correction. Great Resignation was an opportunity for many candidates who earlier were not able to clear interviews in spite of having all skills and who now got a chance to secure a job. Companies also got the opportunity to attract new talent who would bring new ideas and perspectives to the organisations. Secondly, the massive layoffs can be termed as market corrections. With the kind of tech hiring that happened haphazardly, without thinking about costs, P&L, and other factors, this was bound to happen. Also, many candidates negotiated pay hikes on offers, asking for 100% to 200% hike and even after getting that did not honour their commitment. They wanted to be rich overnight. They were living in a bubble which would burst anytime.

2023: Will it be a turmoil again or peace?

I’m super positive about 2023 being more or less peaceful. The economy will grow in a positive direction – more FDIs, favourable policies, and more job opportunities with key focus areas being engagement, flexibility, employee experience, and change management.

Balance between rising inflation and changing employee expectations

An HR job is extremely critical. HRleaders have to play a well-balanced role in any organisation, from listening to employees and understanding their needs, to keeping a watch on inflation or any external condition which might impact the business.

For Gen Z, flexibility, freedom, and appreciation has more value than the brand

They have to carefully assess costs and management expectations and then take decisions which are beneficial to all.

Pay transparency or staying discreet?

Pay transparency has a long way to go, it will take more years to come to a maturity level.

Employee loyalty, a thing of the distant past

Generation Z lacks emotions as far as organisation is concerned, They are inclined towards the place where they get better treatment. For them flexibility, freedom, and appreciation has more value than the brand. They are super intelligent, and will give their best only if they are able to achieve what they desire.

33 leaders predict the upcoming trends for 2023. To find out more click here

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