Why is Hiring So Hard Right Now?

Why is hiring so hard right now? If you and your team are asking this question, you are not alone. Human resource experts expect hiring to continue shifting and moving in various directions for 2023. Here are some contributing factors:

• a tight labor market with low unemployment rates,??
• changing job requirements due to technological advancements, and
• a shift in job seekers' priorities towards work-life balance and company culture??

Here’s how your company can thrive in the midst of these shifts.

Tight Labor Market

The labor market in 2023 is expected to remain tight due to a combination of factors such as a shrinking workforce, demographic changes, and the increasing demand for skilled workers. This may lead to higher wages and benefits for workers and increased competition among employers to attract and retain talent. How can your company defy the odds? One small tactic that has helped companies keep their competitive edge is adjusting the salary structures to meet or exceed local market averages. Making your employees feel valued will give your company an advantage over others. You will attract the best talent when your salary matches what other companies offer or exceed.

In addition to salary, companies can take advantage of temp-to-hire services. If you need to hire a large volume of workers quickly and cannot afford turnovers, temporary hiring is an excellent option. When working with a staffing agency like WM Recruiting, you receive temp-to-hire solutions, so you and the employee can decide if it is a good fit before committing to a permanent role. Suppose the employee and the client are happy with the relationship after the standard evaluation period. In that case, you can offer the temp employee a full-time role.

Changing job requirements due to technological advancements

The types of skills called for at work are rapidly changing. Technological advancements, as well as cultural shifts, have contributed to this change. For example, in Education, talent managers have started seeking teachers with high-level skills in social, analytical skills and emotional intelligence now more than ever. Hiring for constantly evolving roles is costly. That's why upskilling and internal mobility is the solution. When your employees grow, your company grows. Hiring a new expert for each new piece of technology would cost thousands, but upskilling current employees who already fit the company culture and understand the businesses' standards and procedures saves time and money.

Chief Economist?Karin Kimbrough ?says talent leaders must "continue to understand the skills your employees have and the skills your company needs. That understanding will help you weather economic highs and lows, and labor market volatility." What companies can do, is focus on up-skilling their employees to fill any skills or knowledge gaps.

A Shift in Job Seeker Priorities Towards Work-Life Balance and Company Culture

The mass of employees leaving work in early 2021 offered individuals the time to reevaluate what they wanted from their employers. According to a?survey ?released by Pew Research Center, "majorities of workers who quit a job in 2021 say low pay (63%), no opportunities for advancement (63%) and feeling disrespected at work (57%) were reasons why they quit". There were also a significant amount of complaints about flexibility. Recent trends in job seeking indicate a growing importance placed on achieving a balance between work and personal life and finding a company culture that aligns with one's values and priorities.

Feeling like you don't know what's next?

Give us a call or an email, and we'd love to talk with you about your company goals to understand your staffing demands.

https://www.wmjobs.com/