2023 Recruitment and Retention Trends: Article I
The year of 2022 was characterized by exponential growth in the recruitment and retention industry. The troubles and developed solutions businesses implemented in 2020 and 2021 had their repercussions this year, resulting in a high unemployment rate and difficulty in finding skilled talent. As we move into 2023, companies will continue to find it increasingly difficult to attract qualified candidates from a sparse marketplace. Human resource departments have had to adapt the ways in which they approach the recruitment process to develop a more efficient and proactive system. In this two-part article series, we will learn from this past year’s trends and adapt our efforts in the direction that effective employee hiring and retention is headed. Today, we will focus on the recruiting aspect.
Recruitment is morphing into a more proactive process compared to the traditionally reactive methodologies. Human resources have turned to locating talent before the demand to fill a particular position becomes critical. Recruiting firms now create pools of potential applicants prior to a position being available, allowing them to fill client roles quicker. Proactive recruiters make an effort to build relationships with their talent pools and stay on top of emerging positions.
In the past, the subject of compensation and salary range has been a taboo topic, however an increasingly competitive hiring market has resulted in recruiters being more transparent about pay. This past September, California became the fourth state in the United States to require more transparency regarding the availability of pay range data on a job listing. Being upfront and informative in a job description is likely to attract the type of talent that would be the best fit for the role, making it a highly competitive position. Candidates are applying for multiple jobs at a time and if they aren’t told the compensation until the second or third interview, they may be inclined to commit to another position who did share that information with them earlier on. More companies are finding that becoming more blatant about and investing in higher salaries and enticing benefits packages will be the leading way to attract and retain talent in 2023.
In the past, social media has been a tool for recruiters to use in identifying potential candidates. Although platforms like LinkedIn are still used in this way, the role of a company’s social media has become more focused on driving an attractive employer brand. Displaying both an informative and personable front to the company profile is attractive to both those actively and passively looking for a job. A study by MRINetwork revealed that 69% of job seekers would refuse to work for a company with a negative reputation, so maintaining a positive image should be one of the highest priorities.