Despite stable workforce expansion plans this quarter, fewer chief human resource officers expect to increase hiring over the next six months, according to The Conference Board CHRO Confidence Index for the first quarter. The organization found that 36% of CHROs expect to increase their hiring over the next six months, down from 44% in the fourth quarter of 2023, while 13% expect to decrease hiring over the next six months, down from 19%.
However, The Conference Board CHRO Confidence Index ticked upward to 54 in the first quarter from 53 in the prior quarter. Readings of more than 50 points reflect more positive than negative responses. In addition, the report found that businesses are stepping up as mental health concerns continue to take a toll on workers; 42% of surveyed companies plan to offer new well-being benefits this year.
“Taking a holistic view of worker well-being can not only improve employee engagement and productivity but also retain your talent — a top focus of both CEOs and CHROs this year,” Diana Scott, leader of The Conference Board US Human Capital Center, said in a press statement.
Other findings in the report include:
- 29% of CHROs expect their employee retention levels to improve over the next six months, up slightly from 28% in the fourth quarter.
- 19% expect employee retention to decrease over the next six months, down from 22%.
- 35% expect engagement levels to increase, down slightly from 37% in the fourth quarter.
- 20% expect engagement levels to decrease, down significantly from 31%.
The quarterly index includes responses from 150 CHROs.