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State of HR – 2023 Business Report

2023 State of HR Colorado Business

October 17th, 2023 – Each year Mineral, Inc produces a report about the state of human resources for small businesses across the country.

Their new report shows that 76% of business leaders are at least somewhat optimistic about the future, but many have conflicting goals.

Most businesses expect to hire more staff in 2024 and almost all want to improve the technology they use for everything from recruiting/application management systems to benefits management systems.  However, many businesses are not allocating budget to purchase tech systems to make that happen and instead continue to rely on spreadsheets and email for their human resources processes.

Why? Not surprisingly, inflation is the chief culprit making managers leery about spending on new tech systems, followed closely by concerns about a recession.

Key Metrics:

  • 87% said retaining their existing employees is a top priority
  • 57% said attracting new employees is a top priority
  • 68% were very concerned about a talent shortage
  • 69% were uncertain of their ability to meet hiring goals in the next 12 months

Staffing Expectations: 

  • 50% expected no staffing changes for salaried employees
  • 39% expected to increase salaried employees
  • 3% expected to decrease salaried employees
  • 8% had no idea.

Source: Mineral, Inc’s 2023 State of HR

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