In today's fast-paced society, new recruiting trends seem to emerge left and right. To stay ahead of the competition, talent acquisition professionals need to keep up with the latest news, insights and best practices out there. Otherwise, they risk getting left behind.
Looking ahead to 2023, we've put together a list of the top five talent acquisition trends for the new year and what they mean for your company.
1. Scenario planning in an uncertain economy
According to Forbes, the U.S. is very likely to experience another recession in the near future, perhaps even by late 2023. During the 2008 recession and, more recently, the pandemic, we saw many employers drastically reduce their workforce only to scramble to hire them back a short while later. Scenario planning will help talent acquisition professionals prepare for all manner of economic conditions, from downturn to recovery.
2. Employee compensation will need a review
Between rising inflation and a candidate-driven labor market, employers are quickly realizing that they need to adjust their compensation packages if they want to keep and attract talent. This should come as no surprise, as salary increases experienced the "highest pay bump in decades" of 4.8% in 2020, according to CNBC. While Goldman Sachs expects a significant decline in inflation next year, employers must keep a watchful eye and be prepared to adjust employee compensation.
3. Diversity, equity and inclusion remain pillars of success
Ensuring you have a diverse workforce isn't just the right thing to do — it's also good business practice. When your team is composed of people from all kinds of backgrounds, races, nationalities and gender identities, the different perspectives combine to improve overall innovation and decision making. As a result, diverse companies are 35% more likely to outperform the competition, Forbes writes.
4. Remote work is still on the rise
Employees have long demanded more flexibility in where and when they work, and the pandemic provided that opportunity. While some companies are returning to the office, 58% of Americans still have the opportunity to work from home at least once a week, according to the World Economic Forum. This number is only expected to rise in 2023 as employers attempt to make their workplace more appealing.
5. Continued difficulty finding qualified candidates
The pandemic and the Great Resignation sparked a global skilled talent shortage, the impacts of which we're still feeling. In fact, PwC research indicates that one in five employees will leave their current positions in the next 12 months. As we move into 2023, talent acquisition professionals will have to focus not only on how they will attract top talent, but also how they'll keep it.
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