HR leaders said they were struggling to attract and retain top talent (37%), reskill their workforce (34%), and keep up with high employee expectations (31%) in the study from software company Oracle.
The majority (70%) said their organisation could do more to improve the employee experience as a result.
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Siobhan Wilson, UK country leader at Oracle, said concerns around the cost of living has added to HR’s challenges.
She said: "It’s a balancing act of supporting ourselves today while preparing for the future - ultimately making sure we’re happy and fulfilled along the way.”
“HR leaders are a huge support when making these decisions, for employees and businesses alike, but they need help too."
Half (50%) of employees in the survey said they were worried about job stability and 61% were afraid they would have to reduce their standard of living.
However, most (89%) employees said they would still leave a job that did not meet their expectations, even during a recession.
Employees said they wanted a pay rise to meet inflation (65%), with 40% seeking flexible work options and a third (34%) looking for more learning and development opportunities.
Wilson said technology can help HR leaders strike the balance between employee expectations and business needed.
She added: "Technology can take away repetitive admin and giving personalised recommendations for career growth so that HR teams can spend their time focused on what matters most.”
Oracle’s survey was based on the opinions of 3,000 working adults, 1,000 in each of the United States, the United Kingdom, and Australia.
The survey was undertaken between March and April 2023 - half of respondents were HR decision makers and half of respondents were employees.
