2022 in Review and Hiring Predictions for 2023
High-volume recruitment was one of the many trends of 2022, including prioritizing the candidate experience, focusing on employer branding, and appealing to a new generation of candidates. As we look ahead to 2023 here are our predictions for the year ahead.
- A Year in Review
The past year has been an interesting one with competition at an all-time high and remote/hybrid work being one of the most important points for job seekers with over half saying they would forgo higher salaries for more workplace flexibility.
In this candidate-driven market, candidate experience became paramount to organizations and hiring managers. An estimated 49% of job seekers would reject a job offer if they received a bad candidate experience according to a PWC survey. Transparent and personalized communication not only helps your employer brand but can help your candidate experience as well.
Employer branding and reputation have been huge. Organizations with a strong online presence have had a leg up. In addition, keeping your branding consistent and engaging on your social media platforms can help to attract potential candidates. This is also appealing to the younger generation of candidates in the Gen Z and young Millennial categories who sometimes look for jobs via Instagram and Facebook.
- Labor Participation and Wage Inflation
Overall labor participation in the employment market is at an all-time low. In almost every segment of the economy, there are more jobs than people available to do them. Along with rising inflation, the labor imbalance has pushed salaries higher. Even now as we are seeing some layoffs and pullback in large technology companies (Facebook, Twitter, Amazon, ect) the hiring numbers in November beat expectations and in a recent survey 70%+ of companies expect to be adding headcount in 2023.
- Predictions for Next Year
Whether it be on Instagram, Tik Tok or LinkedIn, leveraging social networks for recruiting will only increase. According to a recent study, 73% of millennials found their last job on a social network so being able to leverage these sites for recruiting candidates will help as the world becomes more digital.
Demand for greater salaries or more flexibility is also predicted to continue into 2023 with an average of 22% of organizations already increasing their benefits package according to a recent Pulse of HR survey.
The hiring of remote workers will continue into 2023 as well and continues to place importance on digital hiring trends. The number of companies offering remote/hybrid work has increased by a large margin, and businesses will find it difficult to find high-level talent because more jobs are available than people to fill them.
- Final Thoughts
Top-tier candidates can be hidden in plain sight. Intelligent companies are focusing on their future by using recruiting companies such as Peak Demand for their hiring needs.
If you would like more information about us or you’d like to ask us a question email us at Jon@inpeakdemand.com. Make sure to check out our other blogs on the website.