Daily News Alerts
Joe Hornyak
Former editor of Benefits and Pensions Monitor and founder of Joe Hornyak Communications
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Employee Experience Emerges As Defining Priority
Innovation at work is gaining greater momentum as employee experience emerges as a defining priority of employers in 2023, says ADP. Work's transformation over the past few years has been marked by speed and urgency, which remain consistent variables influencing the road ahead. Shifts in the labour market and global economy have demanded a level of adaptability that's now become table stakes for employers. Employee expectations have shifted too – permanently – as workers rethink their priorities. Going forward, the tools people use at work will be more personalized, with employers leveraging offerings from personalized pay options like earned wage access to tailored career profiles to enrich the employee experience they deliver and drive talent engagement. People are also providing real-time feedback and expect a real-time response. With the world constantly changing and largely digitalized, people have come to expect immediacy. When issues arise, they expect a swift and thorough response. Employee listening is a rising trend, with companies deploying survey tools and other real-time listening posts to tap into what's on their workers' minds so they can react and address feedback quickly. As well, people are empowered by data and expect transparency. With data readily available, there's greater expectations for companies to leverage it for good. With evolving legislation and compliance considerations around pay transparency and data privacy, employers will need to consider how data can impact their workforce.
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Stocks And Bonds Coming Back
Stocks and bonds should make a comeback this year, says Cambridge Associates. While expectations are for a recession in the months to come, it says it will pay to overweight equities, that’s even though inflation should remain high relative to central bank benchmarks. Since 1970, stock returns in the 12 months after a downturn have shot up between 20 per cent and 54 per cent. This keeps investors who wrongly time rebalancing decisions during downturns to miss out on the returns that tend to follow. And while corporate earnings growth will be below average, equity price levels have tended to bottom before earnings in past downturns. Adding to the reassuring picture is that bonds should reverse their own slump, the firm says. Fixed income this year has suffered an unaccustomed rout amid higher inflation and rising rates. However, investors, particularly institutions, will be attracted to bonds because they have been offering higher yields lately.
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