WORK LIFE» Whitepaper
TEN RECRUITMENT TRENDS TO KEEP AN EYE ON IN 2023
United States – iHire recently surveyed 3,668 jobseekers and 539 employers in the US to take a look at how employers are recruiting and retaining top talent amid the talent shortage, and what jobseekers are on the lookout for. While the survey was conducted in the US, HRO believes the content remains relevant to our readers in Asia. Priya Sunil compiles 10 trends derived from the survey findings, which employers and HR leaders can keep an eye on in the coming year. #1 Employers are anticipating a continued talent shortage For the fourth straight year, employers surveyed cited finding qualified candidates among their top hiring challenges. In 2022, nearly seven in 10 said they receive too few applicants, and a similar percentage said the applicants they receive are unqualified. #2 A gap between the skills employers desire and the ones candidates actually possess While companies said they cannot easily find qualified talent, 38.5% of jobseekers believe employers have unrealistic or overly specific requirements. Additionally, a group of candidates said they have recently applied for a job even though they didn’t meet the requirements. #3 The Great Resignation isn’t slowing down More than half (57.3%) of the candidates in the survey were employed and seeking a job actively or passively, suggesting the Great Resignation may persist. #4 Economic uncertainties will impact hiring As a possible recession looms and inflation rises, candidates and employers said economic uncertainty will impact their ability to find work and hire, respectively. Nearly seven in 10 jobseekers said they would be more likely to apply for a job if the ad included the position’s salary range. #5 Job boards will remain a key tool in recruitment About six in 10 employers said they have increased their reliance on job boards in the past year, with a significant number using them for either “most” or “all of their hiring. Among jobseekers, 66.3% said they would go to a job board if they needed to find work immediately. 8
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#6 Both jobseekers and employers fear “ghosting” A little over half of the employers in the survey said they were frustrated by unresponsive applicants, while at the same time, just over four in 10 jobseekers said getting ghosted by employers was their chief job search challenge. Evidently, there is a need for clearer communication between both parties. #7 Candidates still want remote work, but say it is getting harder to find Jobseekers are struggling to find remote work, and employers are anticipating that candidates’ preference for remote work will continue to hinder their ability to hire in the next year, per the survey. #8 Time will be of the essence to snag top talent A number of candidates said they would be more likely to apply for a job if the employer shortened the time it takes to complete an application. Moreover, nearly 20% mentioned “long application processes” as a top job search challenge, and 26% want optional cover letters. #9 Candidates’ reasons for searching for work will vary dramatically General unhappiness with one’s current role was the main reason for searching for a new job, but one in five respondents selected “other” and wrote in their response. Reasons under “other” included searching for a second or part-time job, returning to the workforce after taking care of children or elderly family members, coming out of retirement, leaving a business that is closing, and needing more flexibility. #10 Retirees are re-entering the workforce About 7.5% of jobseekers said they were retired and looking for a job – a 2.9% year-over-year increase. This underscores the upward trend of “unretirement” due to declining retirement funds and the increasing cost of living, the survey noted.