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Although society is debating the pros and cons of artificial intelligence, at least one group is ready to put it to work – HR professionals. Nearly two-thirds of chief human resource officers expect AI to have a positive impact on the HR function over the next two years, according to The Conference Board's CHRO Confidence Index for the second quarter of 2023.
The survey also found that CHROs are increasingly confident about hiring. Just more than half expect hiring to increase in the next six month, up from 42% in the first quarter. Despite the economic downturn, only 15% expect layoffs in the next six months. Instead, they are taking short-term measures to address the slower-growth environment.
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The survey also found that:
- Overall confidence remains relatively unchanged at 58%, up slightly from 57% in the first quarter.
- Fifty-one percent expect hiring to increase within the next six months, up from 42% in the first quarter.
- CHROs expect difficulty in retaining staff. Only 34% expect employee retention to increase over the next six months, down from 45% in the first quarter.
- Nearly half say employee engagement is increasing. As in the first quarter, 45% report that employee engagement has increased in the last six months, while 14% report a decrease. In a February survey of 1,600 employees, however, 30% reported a decrease in employee engagement.
- More than one-third believe employee trust in leadership is increasing.
- CHROs are taking short-term measures to address the economic downturn. Forty-two percent are eliminating non-business-critical travel; 36% are freezing all but critical- position hiring; 22% are reducing or delaying employee development opportunities; and 15% are conducting layoffs.
Related: Attracting and retaining employees in today's job market with voluntary benefits
"Over the past few years, acute labor shortages have taken the challenge of hiring workers to a whole new level," says Rebecca Ray, Ph.D., executive vice president, human capital, for The Conference Board. "This may be why, despite a weakening economic environment, CHROs are thinking twice before resorting to layoffs. Indeed, our survey results reveal that CHROs are focused on shorter-term actions to address the economic downturn, which also reflects our forecast that the recession will be short and shallow."
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Alan Goforth
Alan Goforth is a freelance writer in suburban Kansas City. In addition to freelancing for several publications, he has written a dozen books about sports and other topics.
