Description:

In this episode, join us for an insightful conversation with Susan Fronk, President and CEO of MRA. Get ready to kick-start your new year, as we explore trends, strategies, and expert insights that will define success in 2024. Whether you're a professional, entrepreneur, or anyone seeking to thrive in the fast-paced future, Susan shares invaluable advice for making 2024 your best year yet. 

Resources:

2024 National Business Trends Survey 

MRA Hot Topic Surveys 

MRA Membership 

About MRA 

Let's Connect:

Guest Bio - Susan Fronk 

Guest LinkedIn Profile - Susan Fronk 

Host Bio - Sophie Boler 

Host LinkedIn Profile - Sophie Boler 

Transcript:

Transcripts are computer generated -- not 100% accurate word-for-word.

00:00:00 :00 - 00:00:21 :04

Unknown

Hello everybody and welcome to 30 minute Thrive, your go to podcast for anything and everything HR, powered by MRA, the Management Association. Looking to stay on top of the ever changing world of HR? MRA has got you covered. We'll be the first to tell you what's hot and what's not. I'm your host, Sophie Boler, and we are so glad you're here.

00:00:21 :05 - 00:00:41 :11

Unknown

Now it's time to thrive. Well, hello, everybody, and thank you for joining us and happy New Year. And welcome back, Susan. Hey. Well, Susan, since your New Year podcast from last year is actually in our top ten podcasts of all time, we thought it would be great to really bring you back this year and share your insights for the coming year of 2024.

00:00:41 :12 - 00:01:04 :09

Unknown

Yeah, I saw that, that it was in the top ten, but you know, sort of thing too much credit because I was one of the first podcasts. So it's top ten for a still call me season, right? Okay. But for those of you who may not know, Susan Fronk is MRA's president and CEO. And you're really here today to help you get your new year off to a great start, really help you and your business thrive.

00:01:04 :11 - 00:01:31 :17

Unknown

So speaking of where to start, Susan, let's take a look at a recent national Business Trends survey from the Employers Association of America, the EAA. I know, Susan, you always talk about using data THRIVEn decisions and using those for results. So let's take a look at the results that we're seeing from the 2024 National Business Trends Survey. We know that the economy impacts everything every day, life in work.

00:01:31 :19 - 00:01:58 :05

Unknown

So let's talk about the numbers for this year specifically. According to the survey, 67% of organizations say the economy will improve or stay the same. And that's an 18% increase from last year's report. So we're really seeing greater confidence in this year's economy. So my first question to you is, with business leaders feeling more confident, how will that impact employers for this year?

00:01:58 :11 - 00:02:28 :12

Unknown

Sure. Well, first, a word about the National Business Trends survey and how relevant it is for our members. The EAA, the Employer Associations of America. Organizations like us across the country. So employers of all sizes in all industries and tens of thousands of employers. So this survey is really reflective of kind of coast to coast thinking in how they're planning for the next year.

00:02:28 :14 - 00:03:14 :14

Unknown

And you're right, there is a greater confidence that business will at least stay the same or improve in the year ahead. And that's great because where confidence goes, usually production follows, sales follow and hiring follows. So I know we're going to get into that, but that's kind of a mixed blessing. So hiring is still really tough. When you look at the comfort index in production and sales and where companies are going, that means there will be investments, investments made in their companies, in mergers and acquisitions, plant expansions, maybe more experimentation and innovation as well as additional hiring.

00:03:14 :16 - 00:03:45 :17

Unknown

Yeah, absolutely. And according to the business Trends survey, 52% of employers here in the Midwest are looking to hire permanent staff. So when it comes to hiring and recruiting for 2024, what suggestions do you have for employers out there? Really? Sure. Generally, when I'm talking with members, whether those are our constituents or the C-suite, they are still having great difficulty finding qualified experience hires.

00:03:45 :19 - 00:04:23 :03

Unknown

So if you think of hiring as filling positions and not just hiring somebody from outside the organization and bringing them in, it may make a little more sense. And that's some of the creative D that I see. Employers are not necessarily looking for that needle in a haystack. Well, they certainly are, but they're also saying, who in my organization may have the ambition and the skills and characteristics to move up and what kind of development most training and professional experiences would I need to give them to grow them into that position?

00:04:23 :05 - 00:04:53 :00

Unknown

If you can't buy it, meaning hire, you've got to make it and that'll develop. Yeah, absolutely. And we'll talk a little bit more later, especially on emerging leaders and from a CEO perspective, what qualities and characteristics do you specifically look for in those emerging leaders? We'll talk more later. But Susan Talent acquisition TA has been a serious challenge for employer employers in the past year and this year looking ahead.

00:04:53 :01 - 00:05:26 :10

Unknown

So let's talk about what executives identified as some other top challenges of this year. Talent acquisition was top at 50 to 2%, but also making the top five list was cybersecurity at 44%. Talent retention also at 44%, inflation coming in at 41%. And then developing future leaders, as you've mentioned, at 34%. Looking at that, cyber security is new on this list for this year and really an issue top of mind for executives And, you know, all employers.

00:05:26 :12 - 00:05:52 :00

Unknown

What are you hearing from other organizations in business leaders overall on how what they are doing to increase cybersecurity? Sure. And it's coming up in many business conversations. Before we move to that with your commission, Sophie, could I circle back to the talent, get perhaps a lesson? Because the survey did highlight some things that I think are worth underscoring in this conversation.

00:05:52 :01 - 00:06:28 :21

Unknown

One is that compensation, as a starting wage went up. No surprise there, but also that the ranges of the jobs themselves have been adjusted upward in the majority of organizations. And again, no surprise with inflation being kind of break away in 2022 and maybe moderating a bit in 2023, just that those are table stakes. Right. We all know that compensation alone isn't a satisfying necessarily, but it's a dissatisfying.

00:06:28 :23 - 00:06:47 :04

Unknown

So what I mean by that is if you don't get it right, people will leave. But even if you have it right, meaning that you pay competitively and you know what the market pay is and your benefits are appropriate, the right amount of paid time off, just the fact that you get that right, those are table stakes. That doesn't mean people won't leave.

00:06:47 :06 - 00:07:09 :20

Unknown

You have to have culture and environment and professional growth and development opportunities as well. The innovation is just the doubling down on the fact that it is a total package and human resources is right at the center of that and leadership conversation to say, here's here's how we have to touch all those bases. So pay alone will get you there.

00:07:09 :22 - 00:07:34 :02

Unknown

But you do have to know how your jobs stack up to off. And I think business leaders may say this job title and what does this job title pay? That almost doesn't matter because titles are just that. You have to really look at the responsibilities and the role itself and the job duties to make sure that you're comparing apples to.

00:07:34 :04 - 00:08:02 :14

Unknown

Absolutely. Thank you for circling back. Sure. Yeah. I think that was an important point, and I neglected to say that originally. Absolutely. If you asked me about cybersecurity. Yes. Well, I think it is a big question. It's like describing the you and I am no cybersecurity expert, but I do have the catbird seat, I guess I would say, and I always feel honored to have those conversations with so many business leaders.

00:08:02 :16 - 00:08:26 :23

Unknown

But our members do share confidential information with us, and cybersecurity is keeping people up at night. It can ruin a business in the blink of an eye. Before I get to a couple of recommendations that I would make as a layperson, not as a cybersecurity expert, but as a business leader, that that does have this advantage of talking with a lot of other smart