Manage HR Magazine | Friday, January 28, 2022
FREMONT, CA: At the beginning of 2021, many of us expected the world to return to normalcy. Vaccines were beginning to become available, and many executives believed it would only be a matter of months until we all returned to work. However, 2021 proved to be more turbulent than anticipated, with the introduction of new Covid variations, a big talent battle, record-high leave rates, and the greatest inflation levels in a generation.
In 2022, the amount of volatility would only escalate. New variants of the pandemic are coming up and workplaces may once again become remote and hybrid. Hybrid work has brought in increased inconsistency in terms of where, when and how many hours each employee works. As annual pay increases fall behind inflation, many employees are witnessing real wage losses. Longer-term technology transformation, sustained DE&I journeys, and persistent political unrest and unpredictability are most likely to be stacked on top of these realities.
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Fairness and equity have become the defining issues for organisations. Whether it is about race, climate change, or the distribution of Covid vaccines, debates over justice have become flashpoints in society. Analysis shows that of S&P 500 earnings calls, the number of times CEOs discuss themes of equity, justice, and inclusion has climbed by 658 per cent since 2018.
Despite the Biden administration's vigorous effort, a large percentage of companies are likely to opt-out of a vaccine mandate in favour of testing to keep their workplaces safe. Less than 2 percent of firms planned to implement a Covid vaccination obligation in January 2021. This number progressively increased throughout the year until holding steady at less than 50 percent by the end of 2021. Even with the rise of the Omicron variant, the number of enterprises implementing a requirement is less likely to increase by 2022. In order to comply with the Biden administration's standards, nearly half of large businesses are planning to maintain a testing option.
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