The last few years have had no shortage of unprecedented moments. But as inflation hits record highs and with the labor market still historically tight, we are facing yet another bumpy ride: The very real possibility of an economic downturn. Many HR professionals who have spent the majority of their careers in times of economic growth now find themselves without any kind of playbook to navigate this confluence of pressures on compensation and benefits.

What's more, this potential downturn comes fast on the heels of a peak in employee empowerment – one that our recent research shows has left employee expectations high regarding what it will take for them to feel that their hard work is valued.

So how can HR leaders get ahead of this? There are many scenarios and directions the next year could take, but here are some central considerations that will help to keep your employee engagement ship steady in uncharted waters.