There’s nothing worse than trying to explain what you do to relatives you see once a year during the holidays. Recruiters, if you find yourself having to detail how you’ve been spending your time since the job market has cooled, just point your guests here.

Terry Terhark, CEO of Employ-owned staffing company NXTThing RPO, shares how 2023 has gone, and what recruiters can prepare for in 2024.

Current state. Terhark told HR Brew that 2023 has been “one of the more awkward years [he’s] ever seen in the labor market.” Despite the rounds of layoffs and slowdown in hiring, 70% of TA pros said they’re hiring more now compared to this time last year, according to a report from Employ, which surveyed more than 1,200 HR execs and recruiters in September. And more than one-half (53%) of them told Employ their job is more stressful today than it was this time last year.

The year ahead. One-half of the TA pros Employ surveyed think hiring will be turbulent next year, and 61% anticipate spending more on recruiting efforts. Terhark added that HR pros expect to see “increased budgets next year, increased headcount, because ​​most have tried to hold the line this year and not grow as much as they needed to.”

Keep reading here.—MC

Small businesses generate a whopping 44% of all economic activity in the US,¹ but 66% of them don’t think they can offer a retirement savings benefit.² That leaves a huge portion of the American workforce unprepared for retirement. Fortunately, Fidelity has a new solution that can potentially help.

No more stressing about the cost or administrative burden of a traditional 401(k). With Fidelity Advantage 401(k)^SM, small-business owners can lean on the Fidelity team for the heavy lifting, like recordkeeping, annual filing, and plan disclosures.

The best part? Fidelity Advantage 401(k)^SM is designed specifically for small businesses looking to offer a 401(k) for the first time. The plan offers:

• affordable, transparent pricing
• tax credits for startup costs
• employer matching contributions
• a simplified investment lineup

Help your team prep for retirement without breaking the bank. Get started.

Before the year slips away, let’s reflect on 2023.

Maybe you’ve regretted your RTO mandates or you’re dealing with pay transparency rumblings. Either way, it’s been a busy year for HR. We asked people leaders the lessons they’ve learned along the way.

Connectedness. “One of the challenges we’ve all faced this past year has been around maintaining connection in the workplace, and making sure that employees feel they have the support they need to navigate the challenges of work and the challenges of life. That trend is probably going to continue…As people leaders, how can we provide the right level of support for our staff, as they navigate all of the stuff at work and in the world?”—Mila Singh, VP of people and culture at Catchafire

Mental health. “Because of the last few years, I’ve seen an increase in mental health challenges with employees and how much that has affected them at work, so this year, I was inspired to go back to grad school and study mental health counseling in order to understand better with the lens of what that means for people at work.”—Britta Larsen, VP of people operations and culture at Bespoke Post

Keep reading here.—MC

Today’s top HR reads.

Stat: Nearly two-thirds (63%) of employees check work-related notifications on their own time. (TechRadar)

Quote: “The cost of living crisis had hit…Everyone was worried about what that meant for them going into winter.”—Antonio Wedral, co-founder of employee-owned ecommerce agency Novos, on why employees wanted a holiday bonus, rather than a holiday party last year (Financial Times)

Read: Wage growth among restaurant workers has slowed since December 2021, when employers, struggling with talent shortages, paid average base wage was $12.60. (Axios)

No-sweat savings: Offering a retirement plan just got affordable. With Fidelity Advantage 401(k)^SM, small businesses can offer a savings plan without the stress + costs of a traditional 401(k). Learn more.*

^{*A message from our sponsor.}

¹ U.S. Small Business Administration, Office of Advocacy. Small Businesses Generate 44 Percent Of U.S. Economic Activity. January 2019. https://advocacy.sba.gov/2019/01/30/small-businesses-generate-44-percent-of-u-s-economic-activity/

² Fidelity Small Business Retirement Index. May 2023. https://newsroom.fidelity.com/pressreleases/fidelity-study--despite-concerns-about-the-future--two-thirds-of-small-businesses-do-not-currently-o/s/72432825-233e-4a33-a470-3bed305b2f04

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