As 2022 comes to a close, reflection on the previous year is inevitable but this season it seems like the staffing market is the topic of the year! After “unprecedented times” for the past two years, the last month of 2022 has stayed true to trend and remained interesting.
We can’t help but to look back on the staffing trends for New England’s labor market from 2022, and what they may indicate as we move into the new year.
Remote in High Demand, but Options Limited
There is still huge demand from applicants for remote opportunities, but employers are largely pushing for hybrid and on-site models. This isn’t exactly breaking news, but here are the important numbers to pay attention to: “50% of applications submitted on LinkedIn are for work-from-home positions, which make up just 15% of listings.”
Over the summer, we reached a point where there were about three job openings for every one candidate. Now the numbers are closer to 1:1, but employers are still struggling to recruit for on-site and hybrid roles due to the numbers above. Remote roles have been and will continue to fill FAST.
Layoffs
Hearing about layoffs in the news is extremely unfortunate, but they should not cause concern about the health of the overall job market. Keep in mind, layoffs are largely concentrated in specific industries: Tech, Talent Acquisition, Marketing, etc. However, there are still options for these candidates! Smart and proactive employers are scooping up these talented professionals and making use of them in their competitive organizations.
Hiring Solutions
Temporary or contract hiring has seen an increase in past months. This is a great strategy for employers who are hesitant about the impact of a possible recession. Work still needs to be done, but it may make more sense to hire temps or temp-to-perm candidates through a staffing firm like BANKW Staffing if you can’t commit to a full-time permanent hire.
Staffing Trends for Early 2023
As we think ahead to the new year, we can draw certain conclusions about what trends are most important to keep in mind in the early months of 2023:
- Competitive Compensation and Benefits
Organizations that offer attractive compensation and benefits packages are significantly more desirable in the current market. Reports throughout 2022 have revealed that employees report greater overall satisfaction with their roles and companies when offered compensation that reflects the value of their skills and experience, as well as robust benefits packages and policies. In 2023, it is likely that more companies will continue to invest in high salaries and attractive benefits packages to attract and retain talent in 2023 and beyond.
- Flexibility
It’s impossible for every position to offer top dollar or a fully remote schedule, but it became abundantly clear in 2022 that candidates want flexibility, and companies who offer it have far more success in their recruiting efforts. Whether it’s a hybrid schedule, flexible hours, generous PTO, location flexibility, or other creative options – employees report greater satisfaction and organizations enjoy improved retention in flexible environments.
- Cultivating Diverse and Inclusive Environments
Diversity, equity, inclusion, and belonging (D.E.I.B) initiatives will continue to be a highly valued aspect of organizations that want to attract top talent. In numerous employee surveys throughout 2021 and into 2022, employees and job seekers alike made their desire for companies that value diversity and inclusion clear. To stay relevant in 2023, companies will have to actively demonstrate their commitment to cultivating diverse and inclusive environments and opportunities for all. - Rise in Temporary Employees
Employees who excel in temporary or contract work are commonly highly skilled, mission-oriented, project-based individuals who adapt quickly into new environments. They provide unique skill sets and experiences needed for a variety of scenarios including mergers and acquisitions, short-term projects, or simply to temporarily fill roles during a scheduled leave of absence. 2023 will see a rise in organizations seeking talented temporary or temp-to-perm employees to fill vacancies.
Make no mistake, businesses will continue to face plenty of “unprecedented times” in 2023. Identifying past and future staffing trends will aid them in hiring the right talent to capitalize on the opportunities 2023 will present. Cultivating diverse and inclusive workplaces that offer flexibility, competitive salaries, and improved benefits will be the among the staffing trends that carry us into the new year.
About BANKW Staffing
Through its portfolio companies, KBW Financial Staffing & Recruiting, Alexander Technology Group, The Nagler Group, Sales Search Partners, and KNF&T Staffing Resources, BANKW Staffing, LLC is the leading regional provider of temporary and direct-hire staffing services in the areas of finance, accounting, information technology, office and administration, legal, human resources, and sales.
BANKW Staffing companies have received over 100 awards for rapid growth, business excellence, and workplace quality. Recognition includes Inc. 500, Boston Business Journal’s “Best Places to Work” and Business NH Magazine’s “Business of the Year”.
Learn More – https://develop.bankwstaffing.com
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