Shannon Chamber seminar hears of key HR insights
HUMAN resource practitioners gathered at a Shannon Chamber seminar in Ei Electronics Centre of Excellence in Shannon to hear the key findings from the latest HR Barometer Report undertaken by Adare Human Resource Management.
The HR Barometer, now in its eight edition, presents key insights and HR trends gathered in October 2022 through surveying 190 Senior HR practitioners and leaders throughout Ireland.
Rising inflation and the buoyancy of the employment market has continued to impact businesses in the Munster region and nationwide, putting additional strains on businesses as they seek to retain and attract key talent.
As the leading priorities for 2023, businesses must now move away from reactionary measures in addressing the areas of retention and recruitment and talent acquisition and shift their focus to more longer-term planning.
Strategic HR plays a pivotal role not only in the day-to-day requirements of a business but in capturing the overarching business goals and ambitions, strengthening the employer value proposition.
Data from the HR Barometer outlined an expected average employee turnover of 11.1% in 2023 demonstrating a return of confidence in the labour market from the upheaval felt in 2022.
Businesses should not be complacent but rather see this as an opportunity to apply long-term retention and talent acquisition strategies that apply workforce modelling and succession plans that will support the practice of agile skills.
Speaking at the seminar, managing director of Adare Human Resource Management and facilitator of Shannon Chamber’s HR Forum, Sarah Fagan said that retention remains a high priority for companies.
"Companies now realise that fostering employee loyalty and engagement involves planning retention strategies and investing in their people in the longer term.
"Being a purposeful organisation is about taking a holistic view on the impact of your business, and your people are the very foundation of creating that culture, so investing in your employees, their experiences and their journeys is a pivotal move to secure your long-term ambitions," she said.
According to the research and findings of the HR Barometer, 58% of organisations plan to increase their spend on learning and development, through allocating 9.04% of overall payroll to skills’ development, a significant increase on previous years.
Shannon Chamber chief executive Helen Downes added: “The uptake in learning and development that we are witnessing through our Skillnet Business network points to an appreciation of the value of employee upskilling, which augurs well for positioning the region as an attractive place to work.
“The HR Barometer offers excellent insights for senior HR practitioners whose organisations’ data was not captured in the survey. It will enable them to benchmark themselves against the findings to ensure that they not only retain staff but remain an attractive employment option for those seeking to work in the region.
“The benefits of investment in the employee experience are not just about balancing employee and organisational preferences but must now focus on key impacts and the return on investment in areas such as learning and development both of which will support future growth and sustainability,” Ms Downes added.