Leaders Are Optimistic for 2023 Business and Economic Outlook, Survey Shows
Kathryn Klopfer
Media Contact: Kathryn Klopfer, Marketing Communications & PR Manager
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Leaders Are Optimistic for 2023 Business and Economic Outlook, Survey Shows
MILWAUKEE, WI (February 23, 2023) — MRA’s latest Hot Topic Survey shows business leaders feel optimistic heading into 2023. MRA conducted this survey to help remove some of the uncertainty employers face post-pandemic.
More than half of survey respondents are concerned about the economy but are also optimistic about the outlook for 2023.
“Organizations are facing considerable uncertainty in today’s economic and political environment,” said Jim Morgan, Vice President of Workforce Strategies at MRA. “But those are things they can’t control, so they focus where they will have greater success — on their employees, competitive pay, and building a strong culture.”
According to survey responses, top concerns include:
- Economy (91%)
- Talent pipeline (83%)
- Unpredictable supply chain (68%)
- Government policies (63%)
- Tied: Meeting customer demands and Cyber security (61%)
Survey results also show that respondents are optimistic:
- 65% project a slight to significant increase in revenue.
- 87% of organizations believe they are in excellent shape, growing, or doing well to turn a profit.
According to the survey, the organizations that are doing well incorporate the following top three actions to ensure they have key components in place to support their business:
- Hiring employees (79%)
- Providing training/development opportunities (72%)
- Increasing employee pay (64%)
While turnover is easing, recruiting is still top of mind for organizations. Eighty-eight percent are concerned about recruiting enough qualified candidates, and 81% said they are concerned about retaining their employees.
“We still have a talent shortage out there,” said Morgan. “Organizations may want to reevaluate their criteria for ‘qualified’ candidates. Consider candidates with related knowledge and skills that can be applied to the current position. Then take a look at what you can do to train or provide the needed resources to fill in any gaps.”
In addition to retention, 71% of respondents are concerned about employee engagement—the degree to which employees find the work valuable and feel valued doing it.
“Leaders can help increase employee engagement when they provide development opportunities and recognize employees for their contributions to the organization,” said Kristie Haase, SPHR, SHRM-SCP, MRA Employee Engagement Survey Director.
To see the full survey results or more MRA Hot Topic Surveys, visit the MRA website. Methodology for this Hot Topic Survey: 254 organizations participated in the 14-question survey conducted in January 2023.
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About MRA—The Management Association: Founded in 1901, MRA is a nonprofit employer association that serves 4,000 employers, covering more than 1 million employees worldwide. As one of the largest employer associations in the nation, MRA helps its members thrive by offering comprehensive HR services, talent management, learning, and organization development opportunities, and total rewards planning. MRA helps organizations build a successful workplace and a powerful workforce. Headquartered in Wisconsin, MRA has regional offices in Iowa, Illinois, and Minnesota. To learn more about MRA, visit www.mranet.org.
