4 benefits that will be vital to HR's success in 2023

These benefits will help HR tackle new (and old) challenges in 2023

December 28, 2022 3:43 PM

From seasonal COVID surges to historic inflation rates, HR teams encountered a sea of external challenges as they fought to keep their top talent in 2022. Are they prepared for even more of the same in the new year?

Mary Alice Vuicic, chief people officer at multimedia company Thomson Reuters, predicts that HR's priorities in 2023 will not look drastically different than they did in 2022, though they will need to respond to a different socioeconomic landscape. Companies will be expected to address economic instability in the wake of inflation and recent increases in borrowing rates, says Vuicic.

"HR continues to be at the forefront of supporting companies and colleagues in navigating uncertainty and ensuring that people feel supported," she says. "The companies that will win in 2023 will deliver flexibility, support well-being and provide accelerated growth opportunities for their people."

Vuicic has watched her workforce rapidly evolve in the last few years, as the pandemic popularized the digital workplace and highlighted the importance of flexibility and wellness in the corporate world. That will continue to be top of mind, but HR will have new hurdles to overcome: COVID is approaching its three-year anniversary, continuing to strain the healthcare system, and aid born from emergency COVID relief is mostly expired. On top of that, the U.S. economy may be headed toward a recession, even as the unemployment rate remains low.

In order for HR teams to keep their top talent, Vuicic shares four benefits HR teams will need to emphasize in 2023, as well as how Thomson Reuters is putting these efforts into practice with their own staff.

Virtual healthcare

Healthcare access will continue to be a top priority for HR teams. And if this winter's tridemic of COVID, flu and RSV proved anything, it's that companies cannot leave the pandemic in the past, regardless of government policies. This means employers need to ensure their workers can visit a doctor without worrying about taking time off or risking exposure to viruses in a hospital setting, says Vuicic.

Read more:

Are we headed toward a recession? What employers should know about the recent interest rate hike

"People are definitely looking for access to virtual care," she says. "It's about whatever makes it easier."

With 25,000 employees worldwide, Vuicic notes that Thomson Reuters' workers have varying healthcare systems to contend with — and yet, ease of access remains a universal concern. Employees want to visit physical and mental healthcare providers from the comfort of their homes or even their offices.

Flexibility

Speaking of offices, Vuicic underlines the importance of maintaining hybrid work policies rather than making a full return to in-person work. HR teams may try to further define what a hybrid structure looks like for their company, but employees will likely want day-to-day flexibility and ultimately choose where and how they show up to work.

The ability to work remotely will continue to give companies a huge leg up in the labor market, says Vuicic. Just this summer, Thomson Reuters expanded its Work from Anywhere policy, allowing workers to work four weeks from anywhere in the world and another four weeks from anywhere in their home country.

PTO and leave

Vuicic points out that flexibility will not be enough to establish an ideal work-life balance or combat burnout. In other words, HR teams cannot forget about paid vacation and leave. In fact, Thomson Reuters just updated their PTO policy, starting January 1.

Read more:

How to build the best wellness package for your workforce

"Instead of putting down a set amount of vacation, they have unlimited vacation," says Vuicic. "Our employees can work with their leaders and across teams to ensure appropriate coverage."

Notably, Thomson Reuters also added 10 days of paid leave for caregivers and a separate 10 days for bereavement leave. Outside of vacation, workers are expected to take time for themselves and loved ones, says Vuicic.

Internal mobility

While HR leaders have emphasized internal upskilling and career advancement opportunities in the past few years, Vuicic believes internal mobility will be more vital than ever to a company's success.

"There is much more pressure on people given inflation and economic uncertainty," she says. "People will have a much higher expectation of growth and development within their own organization."

Read more:

What's a 'quiet promotion,' and why is it bad for business?

In order to combat the rising cost of living, employees will seek the skills and opportunities that bring promotions and a salary raise. If HR teams do not prioritize internal hiring, they may find that talent will look for work elsewhere, explains Vuicic. Thomson Reuters has already set a goal to fill 70% of its opportunities above entry level with internal talent, and with that, making it easier for workers to take a step back from the everyday grind and gain new skills.

"We will be launching dedicated learning days and a new program for leadership development," says Vuicic. "Companies are going to have to up their game substantially on internal talent mobility."