Looking Back at the 2022 Job Market Helpful to Predict Market Trends for 2023

So, what did we learn about the job market in 2022?

The employee matters. Top companies recognize this and understand finding talented people isn’t as hard as retaining them in a candidate-driven market. Salary, benefits beyond the typical, with a focus on wellness, for example, and career growth are increasingly important to candidates looking to make a change. It’s more important for companies to live their core values. Today’s most in-demand candidate has choices and aligning with a company that shares the same values ranks high when evaluating multiple offers.

The rise of remote and hybrid work will continue. Companies have become more accepting of allowing their employees to work remotely most if not all of the time. Top employers recognize the need to be flexible with more employees. Many companies realize to retain their employees they need to be more accommodating; the overall employee experience must be desirable. Diversity and inclusion are no longer buzz words, either. They are priorities for today’s successful employers.

More companies are open to unlimited paid time off, a huge benefit to entry-level employees who used to be limited to a one-week vacation after a year on the job.

The forecast for 2023 calls for salaries to increase even more due to a labor market with more vacancies than bodies to fill them. Rather than waiting for new hires, companies are likely to turn to their existing talent to fill new positions. The use of contract workers hired on an as-needed basis will continue.

More businesses will turn to artificial intelligence to increase productivity. Human resource departments are expected to rely more on artificial intelligence for onboarding, training and performance management.

The U.S. Bureau of Labor Statistics predicts the leisure and hospitality sectors will have the fastest employment growth; healthcare and social assistance will continue to be strong.

The most successful companies will get out in front of these trends and be prepared to meet the challenges head on. Partnering with a recruitment firm like The Lee Group can help your company be proactive rather than reactive to market trends.

The Lee Group works alongside employers as a partner; the collaborative relationship doesn’t end once a hire is made. That means when the next opening occurs, the client company isn’t starting from zero. The best recruiters have potential employees in the pipeline. The Lee Group has a track record of building relationships with hiring managers.

Working in partnership with a recruiting firm also means the client company is more in tune with its own culture. Outside professional eyes are more privy to authentic evaluations from employees and transitioning employees about what’s happening internally. With demand exceeding supply when it comes to top talent, employer branding and company values have never been more front and center.