The economy is revealed to be among the most pressing business concerns in 2022 by CEOS
Right now, all around the country, executives are waking up in the night with concerns. These aren’t the regular day-to-day concerns, they are specific worries following a pandemic that completely changed the landscape of work as we knew it. Every year, the Predictive Index surveys 200+ executives on their hiring and retention strategies as well as their most pressing business concerns. In today’s turbulent economic climate, the most pressing business concerns for 2022 are revealed by CEOs in the 2022 CEO Benchmarking Report. Some issues rose to the top, and some stayed the same.
“If 2021 was marked by mass attrition (The Great Resignation), then 2022 could be characterized by employee empowerment.”-2022 CEO Benchmarking Report, The Predictive Index
54% of executives cited the economy as one of the most pressing business concerns for 2022 (1)
- The Economy: Most CEOs expect a recession in the next year according to a Conference Board business research group (5). Whether it happens or not, it’s clear that executives are considering how to future-proof their business for whatever might come next. Companies with sound talent strategies are often more sustainable (1). When considering the uncertainty of the economy, leaders are finding stability in hiring the right employees and keeping them engaged to ensure they have the people they need to do the job and that their talent will be productive, high-performers in their role.
Right behind the economy, 51% said hiring the right people was a top current concern (1)
- Hiring the Right People: Companies are looking, not just for people who are right for the role and qualified, but also right for the broader organization. They’re looking to hire employees who will stay (1). 84% of organizations reported labor shortage challenges in 2021-2022, this has likely shed light on the importance of retaining talent long-term (2). Organizations need to consider that people have different needs and drives in the workplace. Some roles will really be remote friendly for the right persona, however, other personas might need an in-person role to thrive long-term (4). There isn’t a one-size-fits all approach and looking to behavioral data can ensure job fit.
For 70% of respondents, attracting the most qualified candidates is the biggest hiring priority while 49% of respondents also said that was a pressing hiring concern (1)
- Attracting Qualified Candidates: When recruiting talent, it’s important not to be vague or play games with candidates. With demand where it’s at, candidates will appreciate clarity in your offerings and expectations. Provide a clear salary range and communicate clearly and frequently (1). When qualified candidates are in short demand, there’s always the option to upskill. Many have the right behavioral fit for a role, and soft skills needed, but could benefit from some training in hard skills to do the job at hand. Investing in upskilling, reskilling and drawing on the “gig economy” of flexible workers are ways executives are overcoming the challenge of lack of qualified candidates, but the share of companies pursuing upskilling is still low. Only 40% of employees said their company is upskilling (3).
- The Predictive Index. (2022). 2022 CEO Benchmarking Report. Westwood, MA: The Predictive Index.
- SHRM. (2021-2022). State of the Workplace Study. SHRM.
- PwC Global. (2022). PwC’s Global Workplace Hopes and Fears Survey 2022. PwC.
- KornFerry. (2022). Future of work trends 2022: A new era of humanity. KornFerry.
- Saul, D. (2022, June 17). Most CEOs Expect a Recession in Next Year, Survey Says. Retrieved from Forbes.