FEI Daily: Quickly Evolving Workplace Will Challenge Businesses in 2023
G&A Partners' senior strategic HR advisor Monte Farrar shares how adapting to the quickly evolving workplace will be a priority for businesses in 2023 in FEI Daily’s article, “5 HR Trends Financial Executives Need to Know in 2023.”
In the article, Farrar discusses five HR trends for 2023, including data privacy, employee engagement, and managing a complex regulatory world, and what finance executives need to know in preparation.
New and evolving data privacy requirements will go into effect in five states in 2023, which will require the attention of businesses. The California Privacy Rights Act is particularly notable, as it grants privacy rights to employees and some of the data employers collect.
“It’s imperative to devote attention to new requirements such as the CPRA and ensure their organization has the resources to be compliant,” Farrar writes in the article. “That may mean investing in technology if their current systems aren’t capable of data mapping.”
Farrar also notes two key components that are driving the “quiet quitting” trend: lack of employee engagement and dissatisfaction with pay.
“Finance executives can quell this trend by communicating and listening to employees, finding out what matters most to them, and showing them their value within the company,” Farrar writes.
Read about each of the five trends in the FEI Daily article here.