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It may seem like ages ago, but 2020 ushered in historically low unemployment rates. As HR leaders, you were thriving and had no shortage of talent from which to choose. Income was rising – but so was debt. Despite a rosy economic outlook, US workers were facing unmanageable debt. Nearly 8 in 10 US workers were living paycheck. Four out of 10 adults would struggle to cover an unexpected expense of $400.
And then we hit March – and the problems facing US workers accelerated.
Layoffs, work furloughs, and uncertainty accompanied the global COVID-19 pandemic. Once drowning in open headcounts, your focus shifted from hiring to ensuring you were taking the best possible care of your employees.
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