With the effects of the economic recession, major tech firms are announcing layoffs. Attrition rates are on the rise. Things in talent acquisition are a little uncertain right now. In this situation, looking to the future can be difficult. Yet, HR teams must prepare themselves for what this year brings. They need to improve their strategies. They should provide the best possible results in 2023.
Six best talent acquisition trends of 2023:
Although we cannot see the future, we must look for information and try to understand it. But before heading further, it’s crucial to mention one critical thing: pay stub generation. Recently, it’s mandatory to automate business procedures using tools. It will help us to get a better understanding of what the next twelve months will lead to. This article will look at six key trends influencing talent acquisition in 2023.
|Plan workforce for recession||Concentrate on recession||Shift from work-life integration to work-life balance|
|Prefer diversity & inclusion||Work from home||Rising internal mobility|
Plan Your Workforce for A Recession:
We will likely enter an economic recession in 2023. Many businesses’ initial reaction to these conditions is to stop hiring. They tend to cut costs and even consider layoffs. But taking this approach will limit the chance of recovery. Instead, HR teams should approach workforce planning with a good strategy.
The best teams will create plans for the best, average, and worst-case situations. You need to watch the market conditions. It’s important to understand that whatever economic storm is coming will pass by. Businesses need the plan to have the best chance of surviving the recession. They need to increase hiring once the recession is over. This will allow them to recover.
Concentrate on Retention:
According to the most recent SHRM data, hiring a new employee costs $4,700. As businesses prepare for a possible recession, this is one cost many cannot afford. Because of fewer budgets, many businesses will focus on employee retention. In 2023, the primary trend for talent acquisition will be to keep current employees. It will be less expensive for the company than hiring a new employee. HR will need to use aggressive headhunting to reduce recruiting costs. The development of a collaborative approach is one such process. In this, the HR department and all employees participate in the search. Also, referral programs that reward the employees can be helpful.
Shifting from work-life integration to work-life balance
Remote work has made it even more complicated in recent years. Many employees are now taking a different approach. It’s time to forego the traditional 9-to-5 schedule in favor of a more flexible schedule. In 2023, more candidates will look for companies and jobs that can provide work-life integration. Such as the ability to work when it is most convenient and to take care of personal responsibilities. For instance, working a few hours in the morning. Also, taking an afternoon break for an appointment, picked up the kids, then returned to work in the evening. Watching the clock will become less critical. Managers will check success based on employee output. They won’t consider the length of the workday.
Preferring diversity and inclusion:
In the business world, diversity is no longer a new concept. Companies’ attitudes toward diversity and inclusion will shape global talent acquisition trends. This could include removing potential sources of bias in the hiring process, also, developing strategies to integrate domestic and international teams. Companies have globally expanded their operations. They know the distinct benefits of diversifying a team. Workers from various cultures and backgrounds can provide the team with fresh perspectives. They will also provide valuable insights.
A well-balanced diversity of ages, genders, experience levels, and beliefs is helpful. Diversity and inclusion benefit your company and improves job satisfaction. If your current workforce is homogeneous, you should look for a diverse workforce. Diversity arises as a top global talent acquisition trend.
Working from Home:
Following the COVID-19 pandemic, many employers have struggled. They find it difficult to decide whether to offer remote work or bring employees into the office. Many employers want to return their employees to work, but the employees do not want to return. Companies that offer remote work will receive more applications for open job postings. They will be able to hire from a qualified talent pool. As a result, employers will have to reconsider allowing remote work. The ease with which people have become used to remote work is not expected to change soon.
Rising Internal Mobility & Boomerang Employee:
Many employees choose to take on a new function inside their present organization. Many companies wish to reduce their high attrition rates in 2023. They may consider implementing an internal mobility plan. It generates an easy supply of talent while also improving retention. Another trend we may expect to see more of in 2023 is an increase in so-called “boomerang” companies. As the name implies, they are those who left the organization but would want to return. The recruiters and hiring managers should take notice of this vital group of applicants. After all, they already know the organization and can fit in with the slightest training.
These are only a few talent acquisition trends that we elaborated on in this writing. However, forecasting the economy may take a lot of work. It is vital to consider worldwide personnel trends. Keep connected and involved with your employees and understand what they value most. The year 2023 is shaping up a candidate-driven market. Here candidates have the upper hand and may bargain for a higher salary. They will have benefits since firms must compete for top-tier talent. If you’re one of the firms hoping to hire these sought-after talents, you should know the job market this year.