As economic pressures rise alongside hypercompetition for talent, HR leaders now work with unprecedented levels of uncertainty. Very few C-suite or business leaders have experienced this unique combination of factors before. Uncertainty will likely continue to increase as geopolitical and socioeconomic tensions grow.
Today's economic pressures are complicated by a so-called “triple squeeze”:
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Persistent, high inflation that creates challenges around salaries.
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A highly competitive labor market and low unemployment: More organizations (57%) expect increased talent competition over the next six months as of August 2022, compared to 50% in July 2022, according to a recent Gartner survey.
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Strained global supply chains.