Remember this time, last year when everyone was preparing for a recession?

Well, feel free to exhale: We may have avoided one (for now), and a report from investment group IG Wealth Management concluded that the likelihood of a recession in 2024 is less than it was in 2023. But the cost-saving measures businesses have taken in anticipation of a potential economic downturn—from cutting benefits to RTO mandates and layoffs—may continue to affect employees in the new year, a recent Glassdoor report found.

“What we’re seeing is both a combination of the consequences of decisions made in 2023 and reality catching up to some of those [recession] fears,” Aaron Terrazas, chief economist at Glassdoor, told us. A few trends, he added, will impact HR teams.

Bad news benefits. Wage growth leveled off in 2023, after inflating in 2021 and 2022 as employers tried to retain workers amid the Great Resignation. Terrazas told HR Brew that wages may not fall in 2024. But employers may continue cutting benefits like tuition reimbursements—a perk, he said, he’s seen declining in recent years—to offset budget constraints leftover from recession worries.

Keep reading here.—MC

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In recent years, the definition of “total rewards” has expanded to include more than just compensation and benefits. Employers surveyed by consulting firm Mercer in April 2023 indicated they planned to make investments not only in compensation, but also mental and emotional wellness, career paths, and training and skill development in the next six to 12 months.

Going into 2024, people leaders told HR Brew they’re planning to roll out a range of new benefits and perks, from enhanced preventative care coverage to sabbaticals.

Citizens Financial Group will offer employees “community sabbaticals,” allowing them to take four to five weeks away from work to invest in their communities, CHRO Susan LaMonica told HR Brew.

Trust & Will, a digital estate-planning company, is expanding its anniversary milestone benefits by offering to “include a 3-month paid sabbatical after 5 years of service and up to $6,000 reimbursed towards a bucket list experience after 6 years,” Head of People Misty Mittelman told HR Brew.

Keep reading here.—CV

Today’s top HR reads.

Stat: Nearly 40% of hiring managers have lied to candidates during interviews. (CNBC Make It)

Quote: “The majority of people know someone who has quit or plans to quit because of RTO plans…Remote work is so critical to job-seekers.”—Keith Spencer, a career expert at FlexJobs, on why employers should embrace remote work (Employee Benefit News)

Read: HR pros can take these steps to ensure employees feel seen, supported, and comfortable addressing their mental health challenges at work. (the HR Digest)

Address the stress: Workplace stress is impacting employees at unprecedented rates—and that’s no way to start a new year. Grab Calm Business’ blueprint for workplace mental health for four ways to maximize mental health benefits.*

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