Maintaining a high-performing workforce is the goal of every employer and HR leader. While CEOs and CFOs are currently focused on delivering the financial goals of the organization amid instability of the macro environment — including growing economic pressures from inflation, slow job growth and continually rising interest rates — CHROs face challenges that may not quantify as easily but also directly influence costs. From increasing employee retention and engagement in healthcare benefits to fostering workforce performance and productivity, CHROs must balance qualitative and quantitative factors that have far-reaching impacts on an organization and its employees.
For CHROs, these current and persistent macro trends, coupled with changing employee expectations, can make improving productivity and the bottom line a moving target. Case in point: By some estimates, workplace productivity has decreased 3%-6% in recent years due to decreases in employee engagement, inefficiencies and lackluster collaboration. Meanwhile, absenteeism and presenteeism continue to increase even beyond pandemic rates, ultimately costing employers an estimated $2,945 per employee, per year.
