Survey: Despite Improved Hiring Outlook, HR Leaders' Expectations Worsen
NEW YORK, Dec. 12, 2023 /PRNewswire/ -- In recent months, America's red-hot post-pandemic labor market has finally begun to cool, though substantial labor shortages remain as a long-feared recession failed to materialize for 2023. Under these more balanced conditions, a new survey of Chief Human Resources Officers finds CHROs are increasingly confident about expanding their companies' workforces: 44% expect to increase their hiring over the next six months—up from 38% in Q3.
- Despite the improved outlook on hiring, expectations in the Index's other two component areas—retention and employee engagement—continued to slide in Q4, driving down headline CHRO confidence.
- "HR leaders' optimism is waning as recession remains on the horizon to start 2024," said Diana Scott, Leader of The Conference Board US Human Capital Center.
- Key findings include:
The CHRO Confidence Index: Hiring component rose to 55 in Q4 2023—up slightly from 53 in Q3. - On average, CHROs' workforce expansion plans improved in Q4:
44% of CHROs expect to increase their hiring over the next six months—up from 38% in Q3.