The present employment landscape requires nothing less than perseverance, determination, and adaptability from businesses of all sizes. Businesses have never faced a more difficult labour market, with historically low unemployment, record-level turnover, job opportunities exceeding 10 million, and monthly job growth averaging over 400,000 new hires throughout 2022.
As we approach 2023, however, many corporations are planning to reduce operating costs and tighten expenditures in response to inflationary uncertainties, severe interest rate increases, high-profile declines in company valuations, and significant rounds of layoffs.
Employ Provides New Insights and Recruiting Data
The labour market is declining relative to its historical peaks from early 2022. Employ data indicate that firms of all sizes are posting fewer new job openings per month, but the average number of applications per position is rising. Moreover, although 77% of firms have not cut recruiting plans or set hiring restrictions for 2022, 51% of HR decision-makers are concerned that layoffs may occur.
The uncertainty resulting from these variables makes it difficult for companies to determine how to respond in this challenging personnel environment. Companies of all sizes and recruiting complexities must remain steadfast and resilient as they plan for 2023 and beyond, from SMBs to major corporations.
It is tough for businesses to anticipate the upcoming year due to the dichotomy of a weakening hiring environment and a historically tight labour market. The Q4 Employ Quarterly Insights Report “Recruiting Resilience: Embracing a Scalable Recruiting Function for 2023 & Beyond” examines how employers may maintain their resilience as they prepare for 2023. This new research offers insights and actionable takeaways to boost adaptation and scalability in the challenging personnel marketplace.
The Employ Quarterly Insights Report delivers unique insights and in-depth research on hiring trends based on company and job seeker activity across Employ’s 18,000 customers and findings from a survey of over 1,200 HR decision-makers performed by Zogby Analytics in November 2022. The research provides a comprehensive analysis of the current status of recruiting and discusses how businesses may optimise their recruiting efforts in one of the most challenging and competitive situations in history.
A Continual Demand for Employment
Despite rumours of a recession and concerns about possible layoffs, the majority of businesses have not halted their hiring efforts. According to statistics from Employ, 88% of HR decision-makers predict hiring in 2023 would be more challenging or comparable to hiring in 2022. Many firms want to increase recruiting in the coming year. Incredibly, 60% of the HR decision-makers surveyed believe that their company will increase hiring efforts in 2023, while only 8% anticipate a decrease.
Priorities for Recruiters in 2023
As the new year approaches, businesses prepare their recruitment efforts for the coming year. 61% of HR leaders, according to the Q4 Employ Quarterly Insights Report, are focusing their efforts on improving the quality of candidates and applicants they attract. Organizations are not avoiding the fierce competition in the labour market; rather, they are redoubling their efforts to find the greatest personnel.
HR leaders are also evaluating the methods they use to locate and engage applicants, in addition to the quality of candidates. 59% of surveyed firms want to increase expenditure on applicant tracking systems (ATS) in 2023 to boost hiring process efficiency. Since June 2022, this is a huge 17-point gain. In addition, fifty per cent of organisations have active intentions to enhance their CRM spending. In 2023, recruiters will utilise these new tools to create an exceptional applicant experience designed to attract, hire, and retain the market’s most skilled labour.
Read More: 5 Technical Recruiting Challenges
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