4 min read December 2023 — In an interview with Invest:, Cheryl Richards, president and CEO of Catapult Employers Association, shared insights on the HR landscape, talent retention, the evolving role of technology and the challenges and opportunities facing the Raleigh-Durham Triangle region in the coming years.
What has been keeping the team busy this past year?
Since its formation in 2021, Catapult has experienced significant changes but has remained committed to serving employers in the Raleigh-Durham Triangle area. As we celebrate our 65th anniversary this year, we honor our legacy as Capital Associated Industries and our commitment to members remains. Today, we serve 2,000 member organizations, primarily small to medium-sized businesses. We support these organizations by either supplementing their HR services to enhance their teams or by serving as the backbone of their HR department if they don’t have one, or have a lean one.
Given the current economic landscape, interest rates and inflation challenges, how do you foresee these factors impacting the HR sector for regional businesses?
Things seem to be stabilizing somewhat in the marketplace. The onset of 2023 brought concerns for employers about finding talent and allocating the necessary resources for compensation as salaries peaked, and talent availability dwindled. This forced many companies to ask how they could afford top-tier talent amongst such scarcity. In response, Catapult spent the first half of the year assisting businesses in devising innovative approaches to attracting and compensating talent. Often, this involved looking beyond mere salaries. We helped craft attractive total rewards packages, which included various benefits, flexible work settings, revisited vacation or sick policies and aided with the introduction of wellness programs. Now, as 2023 progresses, we are seeing the emphasis shift toward retaining talent. Companies are now focusing more on employee engagement and offering flexibility tailored to individual employee needs.
What strategies can organizations employ to enhance retention, particularly in terms of culture and values?
There’s ample evidence suggesting employees stay with organizations when they resonate with the mission, vision and especially the organizational values. We frequently hear about the significance of corporate social responsibility, with younger generations gravitating toward companies that align with their personal values, particularly concerning community impact and resource allocation. Additionally, employees want clear career paths and might consider leaving if they perceive there is better growth potential elsewhere or if their current company doesn’t prioritize their professional development. As we conclude 2023, a focal point for many companies has been crafting clear career pathways, investing in professional development, and emphasizing alignment with socially significant issues. I anticipate this trend will persist into 2024.
How are various generations experiencing the workplace and how can employers adapt to these changes to enhance career opportunities?
The newest generation entering the workforce, often referred to as Generation Z or Generation Alpha has a unique perspective. They prioritize “working to live” rather than “living to work,” marking a significant shift from the baby boomers and Gen Xers. This means managers need to reconsider their engagement programs and offer increased flexibility. The younger generations can be less loyal than their predecessors, attributed to various factors, from changing pension policies to the global nature of today’s work where one can reside anywhere and work for almost any company. Both policy changes and societal shifts are influencing these dynamics. With up to five different generations coexisting in some workplaces, leaders face a significant challenge in catering to the diverse motivations and expectations of each generation.
Given the changes in pension policies and other factors affecting the workforce, what other regulatory or legislative developments in the HR realm are you monitoring?
HR has evolved significantly, not just over the past 50 years but even in the last five months, due to various regulations introduced both at the state and federal levels. Catapult diligently tracks changes related to labor laws, wage and hour regulations and compliance requirements to help small to medium-sized businesses thrive in chaos. We keep members informed about policy changes or regulatory updates by sending out daily or weekly briefs, ensuring that our members stay compliant and follow best practices.
How can companies integrate diversity, equity, inclusion and belonging into their practices?
This ties into our previous discussion about generational shifts. While younger generations bring more diversity demographically, they also expect companies to be proactive in DEI. This expectation is influencing employee engagement programs. Many companies, as part of their retention strategy, are seeking guidance on how to foster a sense of belonging and create inclusive environments to attract a diverse talent pool. Given the ever-evolving demographics of the workforce, this emphasis on diversity, equity, inclusion and belonging (DEIB) is here to stay. We’re actively partnering with companies to develop DEIB strategies tailored for both recruitment and retention.
What is your forecast for Catapult in the Triangle region and how do you view the strength and dynamics of the workforce over the near term?
My perspective suggests that we’ll have to innovate our approach to talent attraction, especially given the declining birth rates that aren’t replenishing the workforce quickly enough. As 2024 approaches, the primary challenge will be how companies adapt to attract and retain top talent, especially as more baby boomers retire, further reducing the talent pool. Another emerging factor to watch is the role of technology, specifically AI, in shaping the workforce. While AI presents numerous advantages, it also poses many challenges. With the tightening labor market, many employers are turning to technology to address gaps that human talent cannot fill. This intersection of technology and labor isn’t exclusive to the Raleigh-Triad area; it’s a global trend worth monitoring.
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