As any skilled recruiter knows, you must stay on top of industry trends to remain competitive with hiring. Especially since the market volatility that came about with COVID-19, HR departments and recruiters have had to change direction to attract top talent.
Looking at recruiting trends in 2023, all indicators show that we are again facing a candidate-driven job market. As such, candidates with in-demand skill sets will have the bargaining power that they can leverage during the hiring process.
To recruit in a candidate-driven market, it’s critical that you stand out from competitors in your field. Moreover, it’s more important than ever to assess your hiring pipeline to ensure that your processes are streamlined and smooth.
How Have Hiring Trends Changed in Recent Years?
As seen with nearly every facet of the business world, hiring trends have undergone major upheavals in the past 3 years. While everyone would like to think COVID-19 is in the past, there is no denying that the pandemic and resultant political volatility are still influencing the global market.
While the shift to remote work was a necessity in the early days of COVID-19, this change pushed people to radically reassess their relationships with their jobs. Once employees got used to working from home, many top candidates are now reluctant to return to the office.
In 2022, the United States experienced some of the worst inflation in history. As the cost of living rose to unprecedented heights across the country, employers are forced to compensate with increased salaries. In the end, there must be a way for people to pay for rising rent, gas, and grocery expenses.
Increase in Employee Compensation
Skyrocketing inflation and a candidate-driven job market have led to an overall increase in employee compensation packages. According to CNBC, “Amid record inflation and a labor market with two open positions for every worker, the average annual salary increase reached 4.8% [in 2022], the highest pay bump in decades for employees.”
In response to this rapidly changing economic climate, hiring parties have had to pivot and reassess their compensation packages. Aside from pay bumps to help cover increased living expenses, many companies are also incentivizing new hires with better benefits packages.
Shift to Remote Work
While remote work was a necessity at the height of the pandemic, it has forever altered how people view their jobs. As Forbes explains, “Data scientists predict that 25% of all professional jobs in North America will be remote by the end of … .” With such startling statistics its safe to assume that remote work is here to stay.
Ask any recruiter and they will tell you that remote work comes up in just about every offer negotiation in today’s market. Especially in fields like sales and information technology (IT), you will likely need to devise a hybrid office or full-remote model to attract quality candidates.
Difficulty Finding Qualified Candidates
Due to a combination of different pressures related to the pandemic and inflation, businesses are simply having a harder time than ever finding qualified candidates. As we look into 2023, you should anticipate putting more time and resources into the recruitment process than you have in the past.
Things to consider for recruiting in 2023 are more aggressive outreach strategies – such as partnering with 3rd party staffing agencies like CulverCareers. Also, you will likely have to spend more money marketing your jobs. Finally, you should really focus-in on creating the best possible candidate experience for recruiting and interviewing.
Another important issue for recruiters and HR departments in 2023 is diversity training. With a volatile political environment in the U.S., employees and candidates alike are more cognisant than ever of potential workplace discrimination.
At CulverCareers, we recommend getting up-to-speed on the latest diversity training for both managing employees and recruiting new team members. Going the extra mile to employ diversity training will ensure that you don’t ask any inappropriate or offensive questions during the recruitment process.
Advice for Talent Acquisition in 2023
While there is no cookie-cutter approach to recruiting in 2023, you should always remember that it is a candidate-driven market. As such, recruiting quality candidates takes more care and finesse than simply posting a job and hiring people. Therefore, you will likely have to spend more time and effort attracting candidates who really appeal to you.
The candidate experience during recruitment process is critical in today’s market. That being said, your recruiting process shouldn’t be too short or too long. When you get things done too quickly, candidates sometimes fear they will be let go that fast. If it takes too long to hire someone, they might lose interest and move on to a different opportunity.
How Can CulverCareers Help?
While current recruiting trends are not without their challenges, CulverCareers has to skills and network to locate top talent.
Aside from increasing your bench of qualified candidates, CulverCareers will help you increase the overall efficiency of your hiring process. This means not only advising your team on compensation packages that align with people’s backgrounds, but also matching your values with theirs. Our team will also help you create an efficient hiring pipeline that gets people onboard in just 2 weeks. Have additional questions about talent acquisition in 2023? Contact Us to learn more