The economy and job market continue to evolve, and businesses remain challenged when finding new talent and retaining top performers. We are experiencing low unemployment figures, and as a result, the bulk of professionals are gainfully employed, leaving hiring managers scrambling to win over competitor talent.
Further, with the rise of technology, shifts in workforce demographics and changing expectations from job seekers, employers must stay current with the latest hiring trends to attract and retain top talent.
So, what areas should employers focus on for the remainder of the year?
As the labor market shifts, the economic outlook remains unclear. However, businesses need the strength of talented team members to forge ahead and adjust strategy whenever and wherever needed.
Specialty skills such as accounting, finance and tech are in high demand. Therefore, businesses must think outside the box to attract and retain these quality professionals.
From our proprietary research and other industry sources, we’ve encountered several trends integral to your talent acquisition and retention planning.
See 5 Trends to Help Employers Strategize the Remainder of the Year below.
- Internal mobility is getting more popular. Consider moving an individual into another role, department or location within your organization instead of arranging an exit. If someone is a good performer but is burnt out or hit the ceiling with their skill set, look for other areas within the business where they may thrive. Could they be a trainer or mentor? Could they support the accounting function at the headquarters or another location? Addressing internal mobility in a positive light could help with business churn, ramp-up time and even morale. Instead of moving someone out, take a moment to see if keeping them in is worth it.
- Contract resources are good solutions. Contract or temporary resources are an excellent way to manage projects or workload when your team is lean, overworked or out of the office. We see plans to hire contract professionals increasing over the next 12 months. A recent Brilliant® study found that over the next year, more than a third of the businesses surveyed (38%) planned to hire at the contract/project level for accounting, finance and tech. A staffing or consulting firm can help you onboard contract resources to cover maternity leaves for your employees, PTO or simply at points when the workload rises.
- Boomerang employees are bouncing back. Sometimes the grass isn’t always greener on the other side. We see more professionals returning to their previous employers after resigning for a new role outside the firm, retiring early or switching careers entirely. As the economic outlook becomes uncertain, more professionals are making their way back to the company they left and asking to return. This can be a positive for the employer as the returning employee will require less ramp-up time, and they already have a proven skill set.
- Hybrid work models are here to stay. One of the most significant hiring trends in recent years is the increased acceptance and adoption of the hybrid work model. Job seekers now prioritize flexibility and work-life balance, and remote work options are viewed as the expectation. In fact, employers who require their workforce to go into the office five days a week should expect to pay a hefty premium. A hybrid model allows team members to reap the benefits of WFH and in-office experiences. This trend is not going away anytime soon. So, businesses should continue to offer remote work options and create policies and infrastructure that support remote or hybrid work arrangements.
- AI is a game changer. With the release of ChatGPT, Google AI, chatbots and other branches of artificial intelligence (AI), it’s safe to say as more professionals become familiar with these new tools, the more they’ll understand the potential to automate much of their existing work functions. Not to mention the tech professionals with expertise in building said systems who are even more in demand. This dynamic is interesting because the more you consider hiring, firing and retaining, the more you’ll need to factor in other required skill sets—such as soft skills including adaptability, communication, leadership, etc.—and in what areas of the business. This may change over the next 12 months as AI and advanced analytics make their way into everyday work even more.
What are some other hiring trends you’re seeing or can expect? Let us know in the comments.
Have a hiring need? Contact Brilliant, and we can help provide you with the right contract or direct-hire solutions.