2023 has been a rollercoaster ride for the current labor market. The ups and downs of the market and unpredictability have had a significant impact on our economy and the way businesses hire their employees. So what are the current hiring trends to keep up with the constant changing labor market?
Talent Focused ROI
Employers are now looking at their employees as more than just a warm body who can complete tasks; they are viewing them as an investment. Companies have been looking to hire new talent for valued roles such as chief revenue officers and chief operating officers. Many companies are hiring for these positions and promoting mid-senior level employees with extensive knowledge of the company. Employers are finding that this is a great strategy for getting maximum ROI on their talent.
Return to Office Policies
Although work from home positions are still very much in demand, employers are taking their return to office policies more seriously in 2023. Many are trying to meet the demands of a better work life balance for employees by offering hybrid work schedules, but there is still a majority that are requiring employees to return to the office full time. Productivity seems to be of high value in the state of the current labor market.
Companies have the Power
Since the pandemic it was clear that employees held the power in the hiring dynamic, but now employers are the one with the upper hand. It’s a buyer’s market, and with thousands of applicants from all over the word, the competition is steep for job seekers. Recruiting teams are overwhelmed with the amount of applicants, so they are using every tool available to them to ensure they find the perfect fit for their vacancies.
One way that recruiters can prevent getting overwhelmed by applicants is utilizing paid HR data via WageScape. You can gain valuable insights on salary data, benefits, and workplace flexibility with WageScape! Join us and learn more about our forward-looking HR technology at HR Tech 2023. WageScape will be in attendance showcasing the largest labor market intelligence platform available. Visit our booth to see live demos of WageScape, and quickly assess the labor market and your competition with real-time, forward-looking compensation information. See you there!