Man on chess board  (Photo: Shutterstock)

2023 is shaping up to be another challenging year for HR departments across the country as a recession looms. To start, several high-profile banks intend to lay off thousands of workers in the coming months, and over 100,000 tech sector employees have already been let go. Additionally, hiring freezes are spreading like wildfire, with 23% of CEOs halting their hiring plans, while another 23% consider layoffs.

With fewer workers and limited hiring, it’s vital that employers grant the necessary support to get the best out of the employees they do have this year, and an optimal performance management strategy is critical to that. However, a recent study from Willis Towers Watson highlighted employers consistently missing the mark when it comes to performance management. Specifically, 93% of employers identified improving employee performance as a top goal, but only 44% of those believe their workers achieved performance goals last year. It’s not all doom and gloom, however, as there are a few key strategies employers can leverage to get the most out of their employees while keeping them engaged and happy.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events.
  • Access to other award-winning ALM websites including and

Already have an account?


Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including and
  • Exclusive discounts on and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.